CLM e-Learning Financial Management

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Are you falling asleep reading while studying for the Certified Legal Manager (CLM)® exam? Turn to the CLM e-Learning supplement for an interactive way to study!

We surveyed CLMs to find the most challenging topics in each of the subject areas: Finance, Human Resources, Legal Industry/Business Management and Operations. Each component of the e-Learning supplement focuses on the topic(s) your peers could have used more assistance with. 

Finance was the most commonly cited topic overall. Within this subject, the most requested topic is understanding, calculating and interpreting accounting equations. Understanding leasing vs. buying and budgeting also ranked high. Here you will find six components: 

  • Finance vocabulary memorization flashcards
  • Short videos introducing and explaining the accounting concepts and equations
  • Jigsaws to recreate the accounting equations
  • A tool to explore what factors affect whether to buy or lease an asset
  • An exercise to create your own budget and conduct a break even analysis
  • An extended scenario to apply and draw conclusions from financial information across time

This material is a supplement to the Study Guide for the CLM Examavailable in ALA's bookstore. For the best experience, first read the material in the Finance section of the Study Guide. Then, come here to practice using the information.

$119 for members and $149 for nonmembers

Learning Objectives

  1. People studying for the CLM exam recall vocabulary terms related to financial management.
  2. Learners recall the finance equations and ratios appearing in the Study Guide.
  3. Learners distinguish situations in which it is advantageous to lease from those in which it is better to buy an asset.
  4. Learners create an original expense budget.
  5. Learners solve an equation to determine law firm billing hour targets for varying expenses.
  6. Learners apply the correct finance equation or ratio in appropriate real world scenarios.
  7. Learners synthesize a conclusion about financial health from multiple data points in financial reports.

Successful completion of this course provides 2 hours of credit for the CLM. It can be applied in any of the following ways:

2-hour CLM application credit in Organizational Development
2-hour CLM application credit for functional specialists in FM
2-hour CLM recertification credit for FM

Dan McCormack, MBA, CLM, ACC

Dan is a seasoned leader andexecutive coach with experience that includes twenty-one years as the leadadministrator at Skadden Arps Boson Office with operating results consistentlyat the forefront of the firm’s standards. Achievements include successfullymentoring staff into effective managers while motivating others to achievetheir career goals.  Dan’s leadership andcommunication skills coupled with his operational knowledge, were instrumentalin overseeing a three year, $75 million relocation to smaller and modern officespace. At the time, the relocation was viewed as the firm’s most successfuloffice relocation including design concepts with improvements in employeemorale and engagement.

Stacey Ransleben, CLM

Stacey Ransleben is the Director of Office Operations atThompson & Horton LLP and manages all three of the firm’s offices. She has worked in the legal field for 36 years in small and mid-sized law firm.

Stacey has been a member of ALA since 2000 and is affiliatedwith the Houston, Dallas, Austin, and Cyber Chapters. She has held variouspositions on the Houston board and is a past president of the HoustonChapter.  Stacey has also held various committee positions in Houston andon the State level.  She served on the Association Nominating Committeeand the Chapter Resource Team (CRT).  Stacey is currently a member of theMembership and Development Committee (MDC).

Viktor P. Kaufmann, CLM

Viktoras P. Kaufmann, CLM, MBA is the Senior Financial Analyst at HMB Legal Counsel. He is a finance professional who understands how information technology can help achieve business goals and add to profitability. He has been a member of ALA since 2016 and earned the CLM credential in 2018.

Key:

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Finance Vocabulary Flashcards
Select the "Access" button to begin.
Select the "Access" button to begin. Use these flashcards to learn, practice and review financial management vocabulary.
Fundamental Financial Equations and Statements Video
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin. Watch this 5 minute video introducing three financial statements and the fundamental equations underpinning them. Follow along on the finance statements handout.
Introduction to Financial Ratios Video
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin. This 1 minute video covers the purpose of using ratios to understand your firm's finances.
Essential Ratios Video
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin. This 5 minute video names the ratios common to see in financial reports. There are two groupings: profitability ratios and activity ratios. Follow along on the finance statements handout.
Advanced Ratios Video
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin. This 5 minute video names financial ratios which may be required by third parties to evaluate the viability of a firm. There are two groupings: liquidity and debt ratios. Follow along on the finance statements handout.
Accounting Equation Jigsaw
Select the "Access" button to begin.
Select the "Access" button to begin. Arrange the provided components to create these accounting equations and ratios.
Finance Leasing Decision Maker-o-matic
Select the "Access" button to begin.
Select the "Access" button to begin. Deepen your understanding of the factors determining when leasing or buying is the best move for a law firm by experimenting with the Leasing Decision Maker-o-matic!
Budget Creation and Analysis
Select the "Access" button to begin.
Select the "Access" button to begin. After several years in legal management at a firm, you are starting a new law firm! Now it's time to reconfigure your list of expenses into a budget. Then, follow up by figuring out what the monthly hourly target will be for each attorney.
Manual Annual Report Scenario
Select the "Access" button to begin.
Select the "Access" button to begin. It is time for the annual financial report to the partners and the accounting system has gone offline! Happily, you already have the key financial statements downloaded to your computer. The annual financial report cannot be delayed, so you will just have to figure out the values on your own. Your goal is to successfully complete the financial report to your managing partners' satisfaction within the day, requiring you to use the essential financial equations, calculate ratios and analyze trends across multiple years.
Credit
2.00 CLM credit units credits  |  Certificate available
2.00 CLM credit units credits  |  Certificate available