Finance Fundamentals for Lawyers

Overview

Often those working closely with finance professionals feel exposed and not confident in discussing matters of accounting. Building on the skills developed in Finance for Non-Finance Managers half-day Module 1 and Module 2, this course introduces analysis and interpretation of a set of accounts. This course covers some more advanced topics such as provisions and consolidation as well as considering some of the terms associated with shareholder financing. It also includes looking at a number of basic ratios to helps analyse and interpret sets of accounts. The course also looks at the potential pitfalls and limitations in using incomparable information.The course is highly practical with several case studies and exercises to bring the theory to life.

Who is this for?

This course will benefit all lawyers and managers within the legal industry - whatever their field and number of years PQE - who may have to analyse and interpret accounting information, whether in relation to client activity, or to feel more confident in analysing their own practice’s financial performance and risk. This course assumes that you are already comfortable with the key concepts covered in Finance for Non-Financial Managers half day Modules 1 and 2 and accordingly we highly recommended that you attend those modules before attending this course, if you do not already have this knowledge already.

What will you learn?

By the end of this course you will be able to:

• Understand how to analyse and interpret a set of accounts
• Appreciate the subjective nature of a set of accounts and be able to explore some of the more judgemental areas such as provisions
• Understand equity and some of the terminology surrounding shareholder funding
• Explain Intangible assets and how they are accounted for
• Explain what a provision is, how it is accounted for and what it means in a set of accounts
• Explain at a high level the different methods of consolidation and terms surrounding it such as Goodwill and Non-controlling interest
• Use key ratios to help with analysis
• Recognise indicators of company distress
• Appreciate that there are different accounting regulations that affect companies depending on their size and whether they are listed or not

How does the course help your career?

A basic understanding of finance and financial statements will benefit most professionals working in any industry. This course should therefore benefit any professional whether they see their long term career path in the legal profession or not.

PSC Elective

This course may be taken as a PSC elective, although it may also be attended by non-trainees.

SRA competencies

B, C

Related courses

BPP’s full Finance for Non-Financial Managers programme consists of 8 half day modules. The courses are designed to be stand alone but, as a programme, provide a comprehensive understanding of key finance concepts for non-finance managers from accounts production and interpretation to budgeting and forecasting. The courses in the programme are:

• Finance for Non-Finance Managers Module 1 - The Statements
• Finance for Non-Finance Managers Module 2 - The Principles
• Finance for Non-Finance Managers Module 3 - Company Accounts and The Annual Report
• Finance for Non-Finance Managers Module 4 - Introduction to Control and Audit
• Finance for Non-Finance Managers Module 5 - Introduction to Strategy and the Business Case
• Finance for Non-Finance Managers Module 6 - Introduction to Investment Appraisal
• Finance for Non-Finance Managers Module 7 - Introduction to Budgeting
• Finance for Non-Finance Managers Module 8 - Introduction to Forecasting & Reporting