Show Me the Money! How Can We Get Our Lawyers to Embrace Good Fiscal Hygiene, Especially in Light of COVID-19 and Remote Working?

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Recorded On: 10/14/2020

The rapid and pervasive onset of COVID-19 led many law firm leaders to implement emergency austerity measures. Six months after the pandemic, many law firms are on track to meet budget, though the full financial impact remains to be seen, But just as a drought can reveal discarded refuse in a dry lake bed, the pandemic exposed some of the inherent weaknesses in the current law firm financial model. In this session, we'll identify some of the poor fiscal hygiene that economic shocks tend to surface within law firms. We'll also discuss what law firm leaders can do to change course, both to safeguard against future economic shocks, and to put the firm on a better financial footing. 

Objectives

  • Review the elements of poor fiscal hygiene that we can ignore in good times but must address in tough economic times 
  • Discuss how alternative approaches to fiscal hygiene can provide more predictability and economic safety 
  • Prepare attendees to spearhead or participate in these discussions in their own firm 

CLM® Recertification Credit: 1 hour in the subject area of Financial Management (FM)

Tim Corcoran

Over 25 years of experience in law firm and law department management, compensation, marketing, business development, strategy, product management, legal technology, and sales

Former CEO and senior executive of several multi-national corporations

Trustee & Fellow, College of Law Practice Management

Former President, Hall of Fame Member, Legal Marketing Association

Faculty & Adjunct Consultant, Legal Lean Sigma Institute®

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Recorded 10/14/2020
Recorded 10/14/2020