(0)1483 283040 tkennie@ranmore.co.uk

developing financial skills

case 1: develop partners’ financial skills

client:

Large West London Law Firm


aim:

To build Partners’ knowledge of the firm’s finances and their own contribution to profitability.


task:

  • Agreeing objectives and process with HR director.
  • Briefing meeting with Partners.
  • Working with Finance Director to produce financial model of the firm.
  • Course design.
  • Production of department profitability model for Partners to take from course.
course:

Half day course exploring the financial dynamics of the practice and the factors influencing profitability. Use of the financial model to show real impacts.


the story:

This very successful niche market law firm had come to realize that its existing leaders were all within five years of retirement, and that the next cadre of partners had insufficiently developed their general management skills. As part of a well-rounded program of skills development, the finance course was designed to demonstrate the key drivers of profitability in the firm and the importance of good working capital control.


At the core of the course was an interactive financial model which closely replicated the structure and finances of the real firm. In pairs, participants were able to experiment with the model during a structured plenary session which looked at how good practice could improve profitability.


At the end of the course, participants were given a financial model for them to simulate their own department to assist them in their post course assignment, the production of a business plan.