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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 Exam, available 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
- People studying for the CLM exam recall vocabulary terms related to financial management.
- Learners recall the finance equations and ratios appearing in the Study Guide.
- Learners distinguish situations in which it is advantageous to lease from those in which it is better to buy an asset.
- Learners create an original expense budget.
- Learners solve an equation to determine law firm billing hour targets for varying expenses.
- Learners apply the correct finance equation or ratio in appropriate real world scenarios.
- 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
Viktor P. Kaufmann joined HMB Legal Counsel in July 2019. As the Manager of Analytics, he is responsible for analytics, forecasting, and pricing. He has held management positions in IT and finance in multiple industries including legal, manufacturing, telecommunications, and medical research. He received his undergraduate degree from the University of Chicago and his MBA from the University of Chicago Booth School of Business.
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