Finance Module Part I: Managing yourself and gaining financial awareness

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  • 1hr
  • All Levels
  • Released 22nd Jan 2024
  • Andy Poole
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This is the first of two finance modules which forms part of the PathToPartner training programme for lawyers on the cusp of partnership or newly appointed partners.

PathToPartner is a comprehensive programme of non-technical skills to help lawyers with BD, Finance, and HR/People issues.

This is a shortened version of the programme that we run in person in-house at law firms.

Learning objectives:

  • Understanding the firm’s various financial statements - what does a balance sheet show and profit and loss account show?
  • How any investment made in the practice is represented in the financial statements
  • Key performance indicators for the practice
  • Benchmarks
  • How profits and cash are generated in a law firm
  • Understanding financial targets and approaches to achieving them
  • Getting the basics right – the importance of getting bills raised and paid, and the difference between profit and cash
  • Cash flow and Lock up – how long does it take to bill clients and get paid, why it is important and strategies to reduce it



Your CPD Certificate can be found in your Account.

Andy Poole

Legal Sector Partner • Armstrong Watson

Andy is the Legal Sector Partner at Armstrong Watson, a top 30 UK firm of Chartered Accountants and Financial Advisers. Andy heads the firm’s nationwide services to the legal sector, covering all of the firm’s 18 offices. He has specialised exclusively in the legal sector since 2004. Andy helps firms to improve by providing valuations, merger and acquisition advice, benchmarking, strategic consultancy and training courses. He understands and proactively informs law firms on issues that may impact on them. Andy speaks at national solicitors’ conferences and is a regular contributor to the legal press. Andy is co-author of the Law Society’s toolkit on financial stability and also co-author of Adjusting the Numbers: The Future of Finance in Law Firms, published by ARK Group. Andy works with law firms throughout the UK.

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