FM 1: Law Firm Accounting (July 8 - August 12, 2025)

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Includes Multiple Live Events. The next is on 07/08/2025 at 1:30 PM (CDT)

Course Summary and Learning Objectives

Session 1: Financial Management — Law Firm Accounting

Expand your knowledge of the basic functions of accounting and financial management in this facilitated online program. This course will help you gain an objective approach in addressing financial challenges in Law Firms. Through case studies, lectures, videos, readings, and assessments, you will evaluate resources in relation to your professional experience and apply effective financial decision-making skills.

In this first session, you will gain a deeper understanding of Law Firm finance and develop a blueprint for effective financial management.

 

Week 1: Law Firm Accounting and Finance — Roles and Responsibilities

Managing a Law Firm’s financial operations requires a clear grasp of key roles and responsibilities. Many legal administrators feel overwhelmed because they take on financial responsibilities without fully knowing what they entail.

By the end of this class, you will be able to:

  • Identify key roles in Law Firm Accounting and Finance.
  • Distinguish the responsibilities associated with each role.
  • Apply best practices for each function.
  • Develop a plan to manage financial responsibilities as your practice grows.

 

Week 2: Financial Statements

When it comes to accounting and finance, the financial statements are basically the primary output of all the work performed. Think of them as the ultimate "book report", summarizing everything that has happened in the business. However, it does take some skill to comprehend what the summary is trying to communicate. 

By the end of this class, you will be able to:

  • Describe your practice’s accounting system.
  • Identify key financial statements.
  • Recognize the essential financial reports that require your attention.

 

Week 3: The Compliance Blueprint — Trust Accounting and Compliance

Ensuring compliance with state bar regulations, payroll requirements, and tax laws is a critical function of law firm accounting.

By the end of this class, you will be able to:

  • Explain Trust Accounting and its related state bar regulations.
  • Ensure compliance in Payroll Accounting.
  • Ensure compliance in Taxation and Filings.

 

Week 4: Security Policies and Procedures

The accounting and finance team ensures that there are rules in place to properly safeguard the financial resources of the firm. 

By the end of this class, you will be able to:

  • Implement cash controls.
  • Conduct vendor reviews and approvals.
  • Perform client/customer reviews and approvals.

 

Week 5: Pricing and Billing

Proper pricing and billing practices impact a law firm’s profitability and operational efficiency.

By the end of this class, you will be able to:

  • Describe law firm pricing strategies.
  • Implement billing best practices, including electronic billing.
  • Outline collection procedures.

 

Week 6: Introduction to Advanced Reporting

Interpreting financial reports and effectively communicating results are essential skills for firm leadership.

By the end of this class, you will be able to:

  • Analyze the relationship between cash flow and cash timing.
  • Define law firm productivity metrics.
  • Communicate financial results to leadership.

 

Additional Information

The live lessons will be held on Tuesdays from 1:30–2:30 p.m. Central Time. These lessons will also be recorded for on-demand access.

The course is offered at $549 for ALA members and $679 for nonmembers, and is available at a discounted rate as a part of a package.

 

Audience Level

Basic-Intermediate

 

Course Textbook

A textbook is NOT required for this course. All reading materials will be provided.

 

Cancellation Policy

All cancellations must be made in writing and submitted via email to elearning@alanet.org. The following cancellation fee scales will apply:

  • After registration but prior to 50% penalty date: $125 fee
  • Four weeks before start of the course: 50% of fee paid
  • Two weeks before the start of the course and thereafter: No refund

 

Key:

Complete
Failed
Available
Locked
Week 1
Week 1 Live Session: Law Firm Finance Roles and Responsibilities
07/08/2025 at 1:30 PM (CDT)  |  60 minutes
07/08/2025 at 1:30 PM (CDT)  |  60 minutes Law Firm Finance Roles and Responsibilities
Week 1 Quiz
13 Questions  |  Unlimited attempts  |  8/13 points to pass
13 Questions  |  Unlimited attempts  |  8/13 points to pass Please be sure to read the assignment linked in the Handouts section before completing this quiz.
Week 2
Week 2 Live Session: Understanding Financial Statements for Law Firm Administrators
07/15/2025 at 1:30 PM (CDT)  |  60 minutes
07/15/2025 at 1:30 PM (CDT)  |  60 minutes Understanding Financial Statements for Law Firm Administrators
Week 2 Quiz
13 Questions  |  Unlimited attempts  |  8/13 points to pass
13 Questions  |  Unlimited attempts  |  8/13 points to pass Please be sure to complete the Week 2 assignment linked in the Handouts section before completing this quiz.
Week 3
Week 3 Live Session: The Compliance Blueprint
07/22/2025 at 1:30 PM (CDT)  |  60 minutes
07/22/2025 at 1:30 PM (CDT)  |  60 minutes The Compliance Blueprint
Week 3 Quiz
10 Questions  |  Unlimited attempts  |  8/10 points to pass
10 Questions  |  Unlimited attempts  |  8/10 points to pass Please be sure to complete the Week 3 reading linked in the Handouts section before completing this quiz.
Week 4
Week 4 Live Session: Pricing and Billing for Law Firms
07/29/2025 at 1:30 PM (CDT)  |  60 minutes
07/29/2025 at 1:30 PM (CDT)  |  60 minutes Pricing and Billing for Law Firms
Week 4 Quiz
10 Questions  |  Unlimited attempts  |  8/10 points to pass
10 Questions  |  Unlimited attempts  |  8/10 points to pass Please be sure to complete the Week 4 reading linked in the Handouts section before taking this quiz.
Week 5
Week 5 Live Session: Introduction to Advanced Reporting
08/05/2025 at 1:30 PM (CDT)  |  60 minutes
08/05/2025 at 1:30 PM (CDT)  |  60 minutes Introduction to Advanced Reporting
Week 6
Week 6 Live Session: Special Accounting Issues
08/12/2025 at 1:30 PM (CDT)  |  60 minutes
08/12/2025 at 1:30 PM (CDT)  |  60 minutes Special Accounting Issues
Credit
6.00 CLM credit units credits  |  Certificate available
6.00 CLM credit units credits  |  Certificate available
Week 5 Quiz
1 Question  |  1 attempt  |  0/1 points to pass
1 Question  |  1 attempt  |  0/1 points to pass Please be sure to complete the Week 5 reading linked in the Handouts section before completing this quiz.

Completing both FM 1 and FM 2 courses gives you access to the Legal Management Finance Specialist Certificate Program.

CLM Credits

Meet minimum course requirements and earn 6 hours of CLM credit. This can take the following forms.

  • CLM Application Credit: Organizational Development
  • CLM Functional Specialist Credit: Financial Management
  • CLM Recertification: Financial Management

Course Requirements

Each course has a start and end date. To receive the course completion certificate and CLM credits, all weekly assignments must be completed and quizzes passed with a score of 70% or higher by the last day of the course.

Terrell A. Turner, CPA (Moderator)

Founder

TLTurner Group

Terrell A. Turner, CPA, is a 40 under 40 Black CPA, 40 under 40 Global Finance leader, and two-time Top 20 Global Finance Influencer. In 2020, he founded the TLTurner Group, which gained recognition from The New York Times for the bookkeeping and fractional chief financial officer work that they provide for law firms and small businesses. Outside of running a finance firm, Turner is dedicated to helping more leaders make finance less complicated by serving as the chair of the Law Firm Finance Committee with the LP division of the American Bar Association. He hosts multiple podcasts. including Law Firms+Finance, Stuff Your Accountant Isn’t Telling You and the Law Practice Today Podcast.