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Profit Planning and Cost Accounting for Law Firms
Profit Planning and Cost Accounting for Law Firms
Most law firms do not believe that cost accounting applies to them, that it applies only to other industries like manufacturing. However, it is crucial for all law firms to implement a cost accounting system to understand their own business. How can you tell if a client, producer, division or office is profitable? Cost accounting can provide you with the answers to those questions. Many law firms face the same challenges when making management decisions, such as allocating overhead and establishing billing rates. These challenges can be overcome by understanding the costs associated with each producer. After understanding your firm's costs, all law firms should establish a profit plan. In this workshop, you'll get a hands-on learning experience that will teach you the fundamentals of understanding cost accounting as it relates to law firms. You'll also learn the practical steps it takes to create a profit plan that works toward your firm's revenue goals.

Objectives:
  • Illustrate how to implement a cost accounting system.
  • Show how to establish cost-per-hour for each producer.
  • Identify profitability by producer, client, division and office.
  • Examine how to establish a profit plan for a law firm.

Other Information:
Audience Level: Intermediate
CLM® Application Management Category -FS: Financial Management
(Date of webinar: 5/22/2019)
Discounted member price: 39.00
99.00
You could save: 60.6%

Please note: Members need to be logged in to receive discounted member pricing.
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