Essential Accounting & Finance for Lawyers

Debits and credits. Cash and Accrual Accounting. Materiality. Financial Ratio Analysis. Net Present Value. Do you understand these concepts? Can you communicate them (effectively) to others? Do you believe you would be a more valued attorney to your clients if you could talk the talk and walk the walk of accounting and finance? Do you understand what happened at Enron, WorldCom or Tyco from an accounting perspective? Do you understand or can you explain the decline in the stock price of Krispy Kreme Doughnuts? The business of America is business. Understanding accounting and financial concepts is indispensable to an effective and successfull career.

Essential Accouting & Finance for Lawyers with Edward S. Adams provides you with an overview of relevant accounting and financial concepts that every lawyer should possess. Well known as the presenter of MBA Concepts for Lawyers, Adams breaks new ground and provides valuable insights that will make you a better and more effective advocate. Among other things, you will understand you how to:

• create and interpret the “big three” financial statements;
• understand basic and more advanced accounting principles;
• read and comprehend an annual report; and
• interpret stock and bond prices.

Those who understand accounting and financial concepts — now more than ever — promise to thrive in their careers. Those who do not, risk being left behind. At the conclusion of this seminar you will be able to:

• interpret the “big three” financial statements,
• understand and use accounting and finance terminology accurately and effectively, and
• appreciate and leverage the connections between law and the financial markets.

Program Outline & Schedule (3 hours)

[Part I: 90 Minutes]

Key Business Concepts

Introduction to Accounting

• GAAP
• Entity
• Cash vs. Accrual
• Transaction Definition & Objectivity
• Conservatism & Historical Costs
• Consistency
• Materiality

Advanced Accounting Principles

• Statement of Cash Flows
• Depreciation
• Audit Letters

[15 minute break]

[Part II: 90 minutes]

Financial Statement Analysis

• Relevant Ratios
• Short-term Liquidity
• Activity Relationships
• Capital Structure
• Profitability & Operational Efficiency

Manipulating the Books

• Watch the Cash Flow
• Revenues and Receivables
• Restructuring Charges
• Checking Beyond Earnings
• Identifying Less-than-pure Motives
• Deciphering the Ratings
• EPS, Options and Dilution
• Earnings Games
• Hiding Debt
• Playing with Pensions

Accounting Concepts Applied to Legal Drafting

[Adjourn (Or break for Master’s Roundtable)]