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.

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.

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.