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Law Firm Accounting Terms You Want to Know
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Law Firm Accounting Terms You Want to Know presented by Lisa Waligorski

9/16/2020
When: Wednesday, September 16, 2020
12:00 PM
Where: Hosted via Zoom
United States
Contact: Andew McPhee


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Title:  Law Firm Accounting Terms You Want to Know

 

Session Description:

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

 

 

 

Lisa Waligorski, CLM

Executive Director  |  lisa.waligorski@ndlf.com

Lisa Waligorski joined Newmeyer Dillion as Director of Finance in 2015, bringing more than 20 years of law firm leadership experience to her position and the Firm. In 2017, she became the firm’s Executive Director. Lisa works closely with the Firm’s Managing Partner and Executive Committee. Her education and background provide experience and knowledge in developing and implementing strategic initiatives, and overseeing organizational operations, finance, human resources, facilities, information technology, and marketing & business development. Lisa believes in innovation and change. She recently introduced a firm wide legal process improvement initiative that has resulted in numerous process improvements at all levels. Her goal is to help ensure we are always providing the highest quality service to our clients. 

  
  • CLM® Application Credit for Functional Specialists: 1 hour in the subject area of Financial Management towards the additional hours required of some Functional Specialists to fulfill the CLM application requirements.
  • CLM® Recertification Credit: 1 hour in the subject area of Financial Management.

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