Workshop schedule and outcomes Welcome and Introduction Practice Structures At the end of this unit you will be able to: •  compare and contrast the different possible legal practice structures. •  evaluate the capacity of the different structures to meet client, staffing and the practising goals and needs of principals.  •  analyse how various components of particular practice structures should best be set up and implemented. Financial Management At the end of this unit you will be able to: •  explore criteria to evaluate new business. •  discuss the budgeting process and different methods of building a budget. •  evaluate time recording as a profit lever. •  compare different pricing strategies and calculate their impact on profitability. •  analyse how leverage and growth will impact on the practice’s financial performance. •  understand the impact of WIP and review WIP reports for recoverability. •  optimise WIP and debtor conversion in various areas of law and examine how both profit and cash are affected. •  develop ‘rules’ to account for and minimise doubtful debts and write offs. •  relate cash flow to profit distribution and drawings. •  estimate the costs of running a file, including how to scope initially.  •  calculate the ‘cost to finish’ if something triggers further costs, including how to talk to a client about that. •  analyse the costs of production of legal services.  •  manipulate different financial scenarios to predict profitability. •  plan key ‘profit improvement’ strategies that can be effectively implemented. •  calculate the practice’s net profitability and project the impact of changes to revenue. Trust Accounting At the end of this unit you will be able to: •  outline the provisions governing the responsibilities of principal lawyers regarding trust monies. •  identify ways in which trust account provisions can inadvertently be breached and strategies to prevent these breaches. •  analyse current practices with respect to the maintenance of trust and office account records. •  implement any necessary policies and procedures to rectify poor practices. DAY 1 7