Law Firm Accounting Terms You Want to Know

Aug 16, 2020
Orange County ALA Webinar

Management personnel should have a general appreciation of basic accounting in order to successfully evaluate their company from a management perspective.  It seems every industry has its own secret language and knowing the lingo is a huge part of being successful in your position.  Law firm employees use a number of legal specific accounting terms on a daily basis.  In fact, you may be part of several conversations at your firm which contain legal accounting terms.  Maybe you don’t work directly with the financial aspect of the firm, but it’s smart to be proactive and familiarize yourself with the financial language that is being spoken.  If you are familiar with the finances, a reiteration of what you know or a different perspectives regarding what you already know, can be extremely helpful.  This session will focus on accounting terms that are used in law firms every day.  Are you ready to learn how to “talk the talk?”

  • To define the accounting terms used in legal financial statements
  • To compare and contrast the accounting terms in a way that demonstrates the differences between an operating account and a trust account
  • To define and compare the different types of AFAs (alternative fee arrangements) and illustrate where they might be most commonly used
  • To identify the terms used for timekeeping and billing methods
  • To breakdown the methods used to increase profitability
  • To compare and contrast the differences between Legal Project Management and Legal Process Efficiencies