Essential Financial Skills

Running on 14th and 15th February 2023 from 9.15am-12.30pm

Utilising an in-depth case study of a law firm encountering trading difficulties, this new virtual classroom, tailored for trainee lawyers, delves deep into the financial trading of a law firm, looking at the challenges faced and more importantly what steps stakeholders/the management board might want to take to improve trading performance.

During this virtual classroom you will:

learn how to interpret accounts, profit and loss statements and balance sheets
learn how to break down the financial jargon in the numbers
identify what numbers in accounts you should query, challenge, interrogate & discuss
learn about variance analysis and what causes variance on the profit and loss account
understand what differentiates fixed costs and variable costs in a business
look at the composition of the balance sheet
look at WIP & debtors in the accounts and UITF40
understand lockup and cash flow impact
learn what KPIs firms focus on and why
understand how KPIs are calculated and monitored
be able to prepare for growth, investment and mergers

Session One will focus on: understanding company/LLP accounts; profit and loss; balance sheets; and cash flow statements. Session Two will deal with: budgetary control and forecasting; building a case for growth; and investments.

After attending this virtual classroom you will:

have a deeper understanding of the make up of the profit and loss and balance sheet
appreciate why variances occur in practices of differing size and scale
understand the key working capital relationship between WIP and fees and cash
appreciate the importance of cash flow management and the impact of UITF40
recognise when cost constraints are essential

Type	Public Course
CPD	6 Hours

Did you know? Trainee solicitors can receive packages from £30/hour
Click here to find out more >

View Details

View dates / prices

Available dates (0)