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All Practice Management Courses
SRA account rules - a refresher and update

Objectives and Content

This course is a refresher course and is aimed at senior members of the internal account team, COFAs and any fee earner who requires an update on the SRA account rules. 4 key areas of the rules will be examined by considering the most common rule breaches. The course will also review current SRA announcements on compliance with the financial aspects of Outcomes Focused Regulation.
 

  • Brief overview of the main elements of the SRA account rules
  • Common breaches for 4 key areas
  • Responsibilities of the fee earner and the internal accounts team
  • Outcomes Focused Regulation on financial management and indicative behaviours
  • Recent SRA updates and releases

Who should attend

All fee earners and senior members of the internal accounts team requiring an update on the SRA account rules

Duration

3 hours

Course Types

In house courseIn house
Face to Face courseFace to Face
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Financial management of the legal practice

Objectives and Content

Have you ever wondered how and why a cost budget is produced? Do you appreciate the need for income projections? Why is a cash flow forecast an essential business tool? What is the difference between profit and cash? This course will provide guidance on these and other skills required for the effective financial management of a business.
 

  • Financial action plan for future stability and growth
  • Income projections and tracking forecasts to actuals
  • Capacity and resource planning
  • The cost budget and variance analysis
  • Profit targets and drivers
  • Income v profit v cash
  • Cash flow forecasts and internal financing solutions

Who should attend

The COFA and Partners on the management team

Duration

6 hours

Course Types

In house courseIn house
Face to Face courseFace to Face
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Management Course Stage One - an integrated approach

Objectives and Content

Delivering high client service levels, leading an effective team and controlling the finances for maximum profitability, are key requirements of all senior lawyers. This course will examine and review the management skills required in these areas but will use an integrated approach. The focus will be on the relevant stage of a matter and the combined elements of client, people and financial management skills that are essential at that time. This realistic insight into matter management will provide delegates with an understanding of the challenges faced in meeting each responsibility at every phase of the client relationship. The course is aimed at qualified solicitors in their first 3 years who are required to do this compulsory course and anyone needing to improve their integrated management skills.

Stage 1 – Pre-empt
 

  • Finance – budgeting, gearing, pricing
  • Client – the value cycle, managing expectations, establishing needs
  • People – recruiting, planning work, giving clear instructions

Stage 2 - Evolve

 
  • Finance – utilisation, WIP control, managing scope creep
  • Client – developing a service strategy, communicating, understanding common failings
  • People – building a successful team, coaching, delegating
 

Stage 3 – Complete

 
  • Finance – recoverability, billing, understanding financial information
  • Client – asking for and responding to feedback from clients, identifying growth opportunities
  • People – giving and receiving feedback, guiding future staff development

Who should attend

Solicitors in their first 3 years post qualification needing to do this complusory course and anyone wanting to improve their client, people and financial management skills.

Duration

7 hours

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Financial management of the business in the commercial and not-for-profit sectors

Objectives and Content

Have you ever wondered how and why a cost budget is produced? Do you appreciate the need for income projections? Why is a cash flow forecast an essential business tool? What is the difference between profit and cash? This course will provide guidance on these and other skills required for the effective financial management of a business.

  • Financial action plan for future stability and growth
  • Income projections and tracking forecasts to actuals
  • Capacity and resource planning
  • The cost budget and variance analysis
  • Profit targets and drivers
  • Income v profit v cash
  • Cash flow forecasts and internal financing solutions

Who should attend

Anyone who is interested in the financial management of the business in either the commercial or not-for-profit sector

Duration

6 hours

Course Types

In house courseIn house
Face to Face courseFace to Face
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SRA accounts rules - detailed guidance

Objectives and Content

This course is intended for members of the internal accounts team of a law firm. A practical approach is used throughout, from the examination of daily tasks required to comply with the rules, to the development of a system of checks and controls. Case studies and examples will be used to examine each section of the rules in detail. Delegates will increase their understanding of the rules and learn how to avoid the most common breaches. The course will include:
 

  • Setting up a new client
  • Receipt of client money
  • Disbursements
  • Withdrawals from the client account
  • Raising a bill and earmarking funds
  • Ledger balances and reconciliations
  • Bank reconciliations
  • Year end compliance

Who should attend

Members of the internal accounts team, including cashiers, who require detailed guidance on the SRA account rules

Duration

6 hours

Course Types

In house courseIn house
Face to Face courseFace to Face
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Pricing and quoting

Objectives and Content

Setting the right price to maximise profitability and satisfy the client’s perceived value is a challenge. The session will cover:
 

  • The initial quote and estimate
  • The hourly rate basis – by level and blended rate
  • The effect of discounting rates
  • Alternatives to the hourly rate

Who should attend

All qualified lawyers would benefit from this individusl aspect of the Financial Matter Management programme

Duration

1.5 hours

 

Course Types

In house courseIn house
Face to Face courseFace to Face
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Financial Matter Management - Stage 1 Pre-empt

Objectives and content

Inadequate attention at the planning stage can result in problems which are difficult to manage as a matter progresses. This course will focus on the skills required to ensure that a matter is correctly priced, resourced and budgeted for maximum profit. It will cover all the financial aspects of the matter that should be agreed and documented to manage client expectations.
 

  • The initial quote
  • Agreeing the scope
  • Pricing – the hourly rate and its alternatives
  • The effect of discounting rates
  • Resourcing and budgeting
  • Documenting the agreed plan

Duration

3 hours

Who should attend

All qualified lawyers would benefit

Course Types

In house courseIn house
Face to Face courseFace to Face
Public coursePublic
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Planning, budgeting and resourcing

Objectives and Content

It is essential that time is taken at the initial stages of a matter to plan, budget and resource effectively in order to avoid issues later with the financial aspects of the client relationship. Pre-emptive action would include:
 

  • Agreeing the scope of a matter
  • Planning efficient use of resources
  • Successful budgeting
  • Documentation of the agreed plan

Who should attend

All qualified lawyers would benefit from this individusl aspect of the Financial Matter Management programme

Duration

1.5 hours

Course Types

In house courseIn house
Face to Face courseFace to Face
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Financial Matter Management - Stage 2 Evolve

Objectives and Content

Inaccurate time recording, over-servicing and losing control of WIP, adversely affect the profit of a client matter. This course will provide delegates with the financial management tools to control issues as they arise throughout the duration of a project. This will lead to more effective financial control, greater transparency for the client and ultimately improving the recoverability rate for each project.
 

  • Time recording – the 4 main challenges
  • Tracking time inputs to matter outputs
  • Reasons and consequences of poor WIP control
  • Over-servicing and client perceptions
  • Managing scope creep

Duration

3 hours

Who should attend

 All qualified lawyers would benefit
 

Course Types

In house courseIn house
Face to Face courseFace to Face
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Financial Matter Management - Stage 3 Complete

Objectives and Content

Efficient conversion of all the work done on a matter into hard cash, through reducing time write-offs and improving cash collection, will be a key focus of this session. Delegates will also understand the need to analyse and communicate the financial performance of a matter. This will enable them to review the client relationship and to identify opportunities for future growth.
 

  • Writing off time – effect on profit
  • Reducing lock up and releasing cash
  • Cash collection  – the fee earner’s role
  • Financial performance review of a matter
  • Sharing experience of financial successes and challenges
  • Cross-selling and growth opportunities

Duration

3 hours

Who should attend

All qualified lawyers would benefit

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WIP control

Objectives and Content

Maintaining tight control of the finances of a matter throughout its duration is a key skill for a lawyer. This session will demonstrate that dealing with issues as they arise, such as over-servicing and scope creep, increases profit and leads to a more transparent client relationship. Areas that will be covered:
 

  • Reasons for time exceeding quote
  • Effect on profit of poor WIP control
  • Over-servicing and adding value
  • Scope creep

Who should attend

All qualified lawyers would benefit from this individusl aspect of the Financial Matter Management programme

Duration

1.5 hours


 

Course Types

In house courseIn house
Face to Face courseFace to Face
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Lock up and cash management

Objectives and Content

Reducing time write offs and improving lock up directly affect the profitability and cash flow of a matter and the practice as a whole. This session will review the consequences of cash deficits and the need for a strong cash management approach.
 

  • Time write offs – reasons and effect
  • Sending the final bill
  • Lock up and its consequences
  • Efficient cash collection

Who should attend

All qualified lawyers would benefit from this individusl aspect of the Financial Matter Management programme

Duration

1.5 hours

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CONTACT

All courses tailored to your individual needs

We can deliver courses:

  • Face to faceFace to face
  • Face to faceWebinars
  • Face to faceIn-house
  • Face to faceOnline
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