Do the complexities of financial information and analysis keep you up at night? This interactive, online program will focus on the budgeting, financial reporting, analysis of cash flow, model building, and variance within a law firm. You will be guided to apply the skills gained in the course by interpreting financial statements, calculating and interpreting various financial ratios, conducting profit analyses, and analyzing comparative financial information across fiscal years. Case studies, lectures, videos, readings, and assessments will be used. Topics include automated financial management systems, alternative fee arrangements, financial controls, computer-based tools for financial analysis and management, client matter budgeting, and electronic billing. The following is an outline of the topics:
- Week 1: Automated Systems
- Week 2: Financial Methods & Investments
- Week 3: Financial Analysis Methods
- Week 4: Budgeting & Variance Analysis
- Week 5: AFAs
- Week 6: e-Tools & Billing
Audience Level
Intermediate
Course Textbook
A textbook is NOT required for this course. All reading materials will be provided.
Key:
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FM 2 Week 1 Readings
Open to download resource.
Open to download resource.
First, read this Financial System Selection Series from ILTA: https://www.iltanet.org/blogs/jarmila-pencikova/2016/05/12/financial-system-selection?ssopc=1 Then, read "Accelerating Receivables for Greater Profitability," attached.
FM 2 Week 1: Automated Systems
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on automated systems, including the capabilities, features and customization of legal accounting systems.
FM 2 Week 1 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 2 Week 2 Reading
Open to download resource.
Open to download resource.
Read "Law Firm Marketing: What’s the ROI?"
FM 2 Week 2: Financial Methods & Investments
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on financing methods and investments, including depreciation, leasing vs. buying, lines of credit and return on investment (ROI) analysis.
FM 2 Week 2 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 2 Week 3 Readings
Open to download resource.
Open to download resource.
First, read Law Firm Invoices Model Mobile Phone Billing Plan: http://businessoflawblog.com/2015/05/law-firms-billing-plans/ Then, read Essential Practices Management Reports for Small Law Firms: http://businessoflawblog.com/2015/01/practice-management-reports/ Finally, read "Calculating Profitability," attached here.
FM 2 Week 3: Financial Analysis Methods
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on financial analysis methods, including profitability calculations and analysis, cost accounting, operating efficiency, contribution to overhead and profit.
FM 2 Week 3 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 2 Week 4: Budgeting & Variance Analysis
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on budgeting and variance analysis, including financial reporting, steps to determine profit/loss, assets vs. liabilities, capital and cash flow analysis.
FM 2 Week 4 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 2 Week 5 Reading 1
Open to download resource.
Open to download resource.
Read "Legal Lean - The Eight Wastes"
FM 2 Week 5 Reading 2
Open to download resource.
Open to download resource.
Read "Ethical Principles AFAs"
FM 2 Week 5: Alternate Fee Arrangements (AFAs)
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus AFAs, including types of AFAs, hourly fees, realization analysis and repetitive legal transactions.
FM 2 Week 5 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 2 Week 6 Reading
Open to download resource.
Open to download resource.
Read "Key Performance Indicators (KPIs)"
FM 2 Week 6: e-Tools & Billing
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on electronic tools and billing, including financial, analytical and reporting software, cost allocation methods, LEDES industry standardized activity, task structure and electronic billing and policies.
FM 2 Week 6 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
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Lisa A. Waligorski, CLM, PHRca, SPHR (Moderator)
Lisa Waligorski, CLM, PHRca, SPHR, serves as the Executive Director at Newmeyer & Dillion, LLP. Commencing her professional journey in a legal assistant/paralegal capacity, she has dedicated the last 25 years to fulfilling roles as an Executive Director and Director of Finance/Controller. Waligorski is an accomplished speaker, sharing insights on law firm accounting and human resources topics. With an abundance of expertise, she has been an respected instructor for ALA e-learning programs in Law Firm Accounting and Financial Information & Analysis for nine years. Actively engaged in the legal community, she has played a pivotal role in ALA chapters, notably Gateway and Orange County. Her contributions extend to serving on committees, occupying various board positions, and assuming the role of President for both chapters.
