Page 2 - Law Society of Hong Kong MPMC Manual v8 - With checklists (1 March 2018)

Practice Management Course | Contents

Contents

INTRODUCTION .................................................................................................. 1

What this course is about ..................................................................................... 1

Objectives ............................................................................................................ 1

Topics ................................................................................................................... 1

UNIT 1: PRACTICE STRUCTURES ......................................................................... 2

Sole practice ......................................................................................................... 2

General partnership .............................................................................................. 3

Limited liability partnership .................................................................................. 4
Establishing a solicitors’ practice.......................................................................... 4

Reflection questions ............................................................................................. 5

UNIT 2: FINANCIAL MANAGEMENT ..................................................................... 6

Introduction ......................................................................................................... 6

Exploring criteria to evaluate new business ......................................................... 6

Building a fee budget ............................................................................................ 7
Tracking and planning .......................................................................................... 8
Time recording ..................................................................................................... 8
Work in progress (WIP) ......................................................................................... 9

Pricing strategies ............................................................................................... 12
Costs of running a file ......................................................................................... 12
Scoping ............................................................................................................. 13

Managing client expectations ............................................................................. 14
Revising costs .................................................................................................... 14
Impact of leverage and growth on financial performance .................................. 15

Anti-competitive behaviour ................................................................................ 16

Reflection questions ........................................................................................... 16

UNIT 3: TALENT MANAGEMENT ......................................................................... 18

Creating effective work environments and fostering teamwork ......................... 18
Maximising open and honest communication .......................................................... 18
Engaging in constructive conflict ........................................................................... 19
Expanding leadership and collaboration ................................................................. 20
How to fit in and boost your contribution to the team and practice group................... 22

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