What is LEGAL ProfitAbility®?

LEGAL ProfitAbility® is a board-based simulation that has been specifically developed to increase the financial understanding of people in law firms.

This engaging and challenging business simulation is for people at all levels within a law firm: trainees, new bar members, assistants, associates and partners alike. This novel training method will help every person to understand the business issues that drive a law firm to success, together with accounting concepts leading to increased commercial awareness.

LEGAL ProfitAbility® will allow every member of your firm to add to the framework of legal and technical skills in order to develop commercial awareness. Using a unique, board-based simulation – which represents a law firm – participants learn how money moves through their business with every decision they make. The game enhances team building and encapsulates both strategic and detailed operational issues. It is a unique vehicle for delivering key messages, involving a high degree of participation. It is an essential first step towards up-skilling within your organisation, resulting in measurable improvements in your firm’s performance.

Experiential learning – or ‘learning by doing’ – enables your people to absorb essential concepts and transfer them directly to their workplace in the form of changed behavior. Knowledge and business acumen are not only increased, but — vitally — they are also retained.

Each participant is part of a 3 or 4 person team, in competition with 5 other teams. Each team will make the strategic, operational and financial decisions involved in setting up, running and expanding a legal practice. The simulation is run over 4 to 6 business cycles. The goal is to outperform your competitors by creating more profit and value than them, while maintaining cash flow that is critical to the business. After each period of activity, short presentations are given on the following topics, followed by immediate application exercises:

The learning outcomes are:

• Improved understanding of how a law firm works, from a business and commercial viewpoint
  
• Knowledge of where to improve efficiency, through decreasing non-billable time
  
• Motivation to improve client management, by improving cash collection and cash flow
  
• Methods of increasing effectiveness through increased flexibility and leveraging each person’s skills
  
• Understanding how:
  • to add value to the business
    
  • to improve the financial management of individual matters and case loads
    
  • best to increase profit per partner

None. Just bring a calculator, sharp mind and pencil! Prior to the program you may be asked to do a web-based questionnaire, the Business SAVVY Survey. This 15-minute exercise will let you know the level of your business financial acumen. The result you get is virtually instantaneous, is only sent to you and is confidential to you. Furthermore, you can take the test anytime after the ProfitAbility® program to record exactly how much and where you have improved.

Who should attend: 
People of all levels within a law firm
Class size:
12–24
Duration: 
1-2 days (can be flexed to suit your needs)

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