Tuesday, July 19, 2022 at 2 p.m. (Eastern)

Law firms face unique financial and budgeting considerations. If you have never worked directly in law firm accounting or focus your energy in other areas of law firm management, this session will examine essential accounting and financial management concepts in the legal professional. This presentation will navigate the murky waters of the unique components of law firm accounting, how to easily understand financial statements, the function of trust accounting, the importance of having a budget and understanding how it compares to actual dollars spent, and the significance of alternative fee arrangements. The session will also demonstrate the relevance of legal process improvements and legal project management in law firms today.

Objectives:
• Define the specific concepts associated with law firm accounting methods and terminology.
• Examine and articulate financial statement information.
• Discuss rules related to client trust accounts.
• Discuss the importance of budgeting and variances.
• Discuss the use of alternative fee arrangements and how legal process improvement and project management are becoming more crucial.

CLMSM App Credit for Functional Specialists: 1 hour in the subject area of Financial Management (FM) towards the additional hours required of some Functional Specialists to fulfill the CLM application.
CLMSM Recertification Credit: 1 hour in the subject area of Financial Management (FM). 

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