The rapid and pervasive onset of COVID-19 led many law firm leaders to implement emergency austerity measures. Six months after the pandemic, many law firms are on track to meet budget, though the full financial impact remains to be seen, But just as a drought can reveal discarded refuse in a dry lake bed, the pandemic exposed some of the inherent weaknesses in the current law firm financial model. In this session, we'll identify some of the poor fiscal hygiene that economic shocks tend to surface within law firms. We'll also discuss what law firm leaders can do to change course, both to safeguard against future economic shocks, and to put the firm on a better financial footing.

 

Learning objectives:

  • Review the elements of poor fiscal hygiene that we can ignore in good times but must address in tough economic times
  • Discuss how alternative approaches to fiscal hygiene can provide more predictability and economic safety
  • Prepare attendees to spearhead or participate in these discussions in their own firm

CLM® Recertification Credit: 1 hour in the subject area of Financial Management (FM) 

Speaker Bio

Tim Corcoran is a former CEO who now guides law firm and law department leaders through the profitable disruption of outdated business models. Tim is a Trustee and Fellow of the College of Law Practice Management, former President of the Legal Marketing Association and a member of its Hall of Fame, an American Lawyer Fellow, a frequent presenter at lawyer retreats and legal conferences, and a writer whose articles are published regularly in leading publications. He also authors the widely read Corcoran’s Business of Law blog.

Seminar Information
Date Presented:
October 14, 2020 3:00 PM Eastern
Length:
1 hour
ALA Member Price:
$29.00
Non-Member Price:
$79.00
Show Me the Money! How Can We Get Our Lawyers to Embrace Good Fiscal
Individual topic purchase: Selected
Association of Legal Administrators
CLMSM App Credit for Functional Specialists: 0.00
For other credit opportunities, please check the program description or email certification@alanet.org
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Products
On-Demand(Recording)
ALA Member Price:$29.00
Non-Member Price:$79.00