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Financial Literacy 101: What Lawyers Need To Know

1h 2m

Created on March 20, 2025

Beginner

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Course Price

$89


  • Instant Certificate Upon Completion
  • Mobile, Desktop and Laptop Access
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Overview

Financial literacy is a skill set that most lawyers do not develop during law school.  For those who do not have an undergraduate background in business or accounting, or who have not pursued other education, the default option for most attorneys may be to "muddle through" and try to teach oneself, with the trouble that one does not know what he or she does not know.

The goal of this program is to demystify the world of finance, and to provide practitioners at all levels with an introduction to financial literacy.  We will examine the basics of accounting and review how to read profit-and-loss statements, balance sheets, and other financial reports.  We will look at the different types of accounts maintained by businesses, and look at how the assets and liabilities attached to those accounts are reported.  We will also offer some insights into the notes that appear on financial statements, and discuss the materiality of that information to practitioners.  Finally, we will discuss the types of financial information that accounting professionals require in order to render opinions, and what they do with that information when they receive it.

Whether you are a transactional attorney conducting due diligence, a family practitioner tasked with dividing assets, a bankruptcy lawyer who needs to address contingent liabilities, or a litigator involved in business-to-business litigation, this program will offer practical tips about how to read the financial information that your clients will provide to you.  And it will offer practical tips about when to engage an accountant as an expert, and what an accounting professional can do to help you deliver results for your clients.

Learning Objectives: 

  1. Read financial statements, including profit-and-loss statements, balance sheets, and annual reports from corporations
  2. Review the different types of accounts maintained by corporate entities
  3. Appreciate the qualifications that appear in financial statements, and understand how to read the notes that appear in them
  4. Identify the kind of information that an accounting expert will need to render assistance to you, and what they will do with that information
  5. Develop strategies to request financial information in discovery demands or court orders


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