Accounting for Lawyers

Credit Hours: 2

This course introduces you to accounting issues that arise in the normal practice of law. An understanding of some of the fundamentals of accounting and financial statements is useful in many respects. For example, a labor lawyer representing the Union who understands the company's accounting and financial statements can do a better job than one who is ignorant about finance. A business lawyer negotiating a deal sometimes can change a few technical words and save or gain the client triple digit thousands. Lawyers also need to understand accounting concepts and their embodiment in the various documents which represent the client's income, tax position, net worth, liabilities, liquidity, and general financial position. A lawyer with solid legal expertise whose conversation with the client can range over these topics is a huge asset both for the client and for the firm.