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

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

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.