Historical FM Package
This Historical FM Package contains the Legal Management Financial Specialization exam. In addition, you have access to study with the live session recordings, quizzes, and some readings from the Financial Management courses.
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Contains 25 Component(s)
Previously took FM 1? Use this record of the quizzes and presentations to study for the exam.
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.
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.
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Contains 18 Component(s)
Previously took FM 2? Use this record of the quizzes and presentations to study for the exam.
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.
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
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.
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Contains 2 Component(s)
Completing the FM 1 and FM 2 courses and passing the certificate exam will help you deepen your knowledge about law firm finances, ensure your achievement of the learning objectives, and give you a credential that sets you apart.
Completing the FM 1 and FM 2 courses and passing the certificate exam will help you deepen your knowledge about law firm finances, ensure your achievement of the learning objectives, and give you a credential that sets you apart. Learn more about the Legal Management Specialist Certificates here.
Instructions
- Pass this exam with a 70% or higher in order to receive the Legal Management FM Specialist Certificate.
- While you are not timed, the exam must be completed in a single sitting. If your computer times out from inactivity, your responses will not be saved.
- Correct answers will not be shared afterward. You will only be able to view your score.
- If you do not pass the exam, a page will display with directions describing how to retake the exam. Since the exam can only be retaken once, please take time to review the materials from both FM courses as the questions on this exam are only based on items covered in those courses.
