Page 2 - Law Society of Hong Kong MPMC Manual v6 - With checklists (May 2017)

Practice Management Course | Contents

Contents

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

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

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

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

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

Sole practice ......................................................................................................... 1

General partnership .............................................................................................. 2

Limited liability partnership .................................................................................. 3
Establishing a solicitors’ practice.......................................................................... 3

Reflection questions ............................................................................................. 4

UNIT 2: FINANCIAL MANAGEMENT ..................................................................... 5

Introduction ......................................................................................................... 5

Exploring criteria to evaluate new business ......................................................... 5

Building a fee budget ............................................................................................ 6
Tracking and planning .......................................................................................... 7
Time recording ..................................................................................................... 7
Work in progress (WIP) ......................................................................................... 8

Pricing strategies ............................................................................................... 11
Costs of running a file ......................................................................................... 11
Scoping ............................................................................................................. 12

Managing client expectations ............................................................................. 13
Revising costs .................................................................................................... 13
Impact of leverage and growth on financial performance .................................. 14

Anti-competitive behaviour ................................................................................ 15

Reflection questions ........................................................................................... 15

UNIT 3: TALENT MANAGEMENT ......................................................................... 17

Creating effective work environments and fostering teamwork ......................... 17
Maximising open and honest communication .......................................................... 17
Engaging in constructive conflict ........................................................................... 18
Expanding leadership and collaboration ................................................................. 19
How to fit in and boost your contribution to the team and practice group................... 21

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