Historical FM 1: Law Firm Accounting

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Expand your knowledge of the basic functions of accounting and financial management in this facilitated online program where you will objectively approach and address financial problems. Through case studies, lectures, videos, readings, and exams, you will be guided to evaluate presented resources in relation to your professional experiences and apply effective financial decision-making skills. Topics include types of accounts, federal payroll and employee benefit procedures, tax and reporting requirements, and general accounting procedures, laws, and regulations. The following is an outline of the topics:

Week 1: General Accounting
Week 2: Banking & Investment
Week 3: Trust Accounting
Week 4: Payroll, Taxes, & Reporting
Week 5: Legal Organization Structures
Week 6: Special Accounting Issues

Audience Level

Basic-Intermediate

Course Textbook

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

Key:

Complete

Failed

Available

Locked

FM 1 Week 1 Worksheet of Terms

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Open to download resource. Complete the attached Week 1 Worksheet of Terms for your reference.

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FM 1 Week 1 Reading 1

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FM 1 Week 1 Reading 2

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FM 1 Week 1 Reading 3

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FM 1 Week 1: General Accounting

Select the "View On-Demand Recording" button to begin.

Select the "View On-Demand Recording" button to begin. This lesson will focus on general accounting duties and general accounting terms. Will include a breakdown of the basic account types, fixed asset management, and description of cash and accrual accounting.

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FM 1 Week 1 Quiz

10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass

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FM 1 Week 2 Worksheet of Terms

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Open to download resource. Download and complete the Week 2 Worksheet of Terms.

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FM 1 Week 2 Worksheet

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FM 1 Week 2: Banking & Investment

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Select the "View On-Demand Recording" button to begin. This lesson will focus on banking and investment. Will include a breakdown of the different type of bank/investment accounts, bank security features for accounts, deposited fund regulations and bank rules, federal wire and ACH fund transfer information, and short-term investment alternatives.

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FM 1 Week 2 Quiz

10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass

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FM 1 Week 3 Reading 1

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Open to download resource. Read the ABA Model Rule

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FM 1 Week 3 Reading 2

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Open to download resource. Read the 7-Point Plan for Trust Account Management

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FM 1 Week 3: Trust Accounting

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Select the "View On-Demand Recording" button to begin. This lesson will focus on an in-depth analysis of client trust accounting. Will include discussion of three-part reconciliations, ABA Model Rules, retainer vs. advanced fee payments, and real estate settlement provisions.

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FM 1 Week 3 Quiz

10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass

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FM 1 Week 4 Worksheet of Terms

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Open to download resource. Complete the Week 4 Worksheet of Terms

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FM 1 Week 4 Reading 1

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Open to download resource. Open the “How Am I Taxed On My Payroll Check” Worksheet. You will use it to complete this week's assignment.

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FM 1 Week 4 Reading 2

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Open to download resource. Read the Circular E Pages

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FM 1 Week 4: Payroll, Taxes, & Reporting

Select the "View On-Demand Recording" button to begin.

Select the "View On-Demand Recording" button to begin. This lesson will focus on payroll, payroll taxes and reporting. Will include dissecting a payroll check and W-2. This lesson will contain a breakdown of payroll tax types, ERISA rules, Affordable Care Act (ACA) provisions, self-employment for owners, and depository and tax return deadlines.

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FM 1 Week 4 Quiz

10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass

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FM 1 Week 5 Reading

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Open to download resource. Read the Chart of Business Entity Structures

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FM 1 Week 5: Legal Organization Structures

Select the "View On-Demand Recording" button to begin.

Select the "View On-Demand Recording" button to begin. This lesson will focus on legal organization structures. Will include characteristics, advantages, disadvantages and tax implications for sole proprietors, partnerships, LLP/LLCs, C-Corporations and S-Corporations.

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FM 1 Week 5 Quiz

10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass

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FM 1 Week 6 Reading & Worksheet

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Open to download resource. First, read this article, "The Nine Most Common Types of Alternative Fees:" https://www.lexisnexis.com/LegalNewsRoom/legal-business/b/finance/posts/the-nine-most-common-types-of-alternative-fees Then, please download the "What's That AFA" handout.

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FM 1 Week 6: Special Accounting Issues

Select the "View On-Demand Recording" button to begin.

Select the "View On-Demand Recording" button to begin. This lesson will focus on special accounting issues. Will include pricing and billing method alternatives (AFAs), general timekeeping and billing systems, electronic billing, recovery of direct an indirect costs from clients, and management of collections.

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FM 1 Week 6 Quiz

10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass

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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 credits towards your CLM application or recertification requirements:

Functional Specialists: 18 hours in Financial Management
CLM Recertification: 18 hours in Financial Management, includes 2 hours of Ethics

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.

Lisa A. Waligorski, CLM, PHRca, SPHR (Moderator)

Lisa A. Waligorski, CLM, PHRca, SPHR, is the Executive Director at Newmeyer & Dillion, LLP. With over 25 years of leadership experience in law firm management, she has held key roles as an Executive Director and Director of Finance/Controller. Lisa began her career as a legal assistant and paralegal, gaining firsthand insight into law firm operations before transitioning into executive leadership. She is a recognized speaker on law firm accounting and human resources and has spent the past decade as an instructor for ALA’s web-based courses. A dedicated member of the legal management community, Lisa has been actively involved in ALA’s Gateway and Orange County Chapters, serving in multiple leadership roles, including Chapter President. She will serve on the ALA Board of Directors from 2025 to 2028.