Sponsors:

Session Topic: Understanding Law Firm Financial Statements

Summary:
This presentation will provide an overview of how law firms manage and interpret financial data using a modified cash basis of accounting, incorporating elements like asset depreciation, retirement plan accruals, and client cost receivables. Stephen will explain the structure and limitations of the law firm balance sheet, including undervalued or unrecorded items, and explore how to assess the firm’s true value. He will examine the law firm income statement by outlining what is included, identifying what may be missing or unrecorded, and discussing its effectiveness as a measure of performance. Finally, the presentation will introduce key performance metrics—such as Revenue Per Lawyer (RPL), Profit Per Equity Partner (PPEP), and expense ratios—to help derive meaningful insights into firm operations and financial health.

Key Learning Objectives:

After this presentation, participants will be able to:

• Identify common problems in reviewing financial data presented in law firm financial statements
• Mitigate deficiencies and gaps in financial reporting
• Extract meaningful and actionable insights from financial information

Speaker:

Stephen Wolf, CPA, CLM
COO, Deutsch Kerrigan

Stephen Wolf started his professional career in public accounting, mainly servicing professional services clients including attorneys.  He is a Louisiana licensed Certified Public Accountant and Notary Public.  Stephen left public accounting to become a legal administrator and has stayed in that role for thirty years.
Stephen is an active member of ALA and has served on several chapter committees and is a former president of the New Orleans chapter.  Stephen also served on several committees of the international ALA organization.  In particular, Stephen spent four years on the CLM Certification Committee drafting exam questions and facilitating the examination process.  He is also a Certified Legal Administrator.

Lunch Menu: Select Choices @ Registration (Deadline Noon, 18 August 2025)

MENU:

Appetizers:
Ceviche, Guacamole & Queso

Entree' (Select One):
Tequila Lime Salmon Salad
Seafood Combo Platter
Fajitas Mesquite

Dessert:
Tres Leches (To Go)

CLM CREDIT

CLM^®Application Credit: 1 hour of Organizational Development

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

CLM^® Recertification Credit: 1 hour in the subject area of Financial Management