Why Lawyers Should Develop Finance Skills    

October 18, 2022

This article is for educational and entertainment purposes only. This is not legal advice and should not be relied on as such. Every case is different. Consult a licensed professional in your state. Viewing this website or its content does not create an attorney-client relationship with Lyda Law Firm or any of its lawyers.

The pandemic may have put a lot of industries and businesses on hold, but the demand for lawyers has steadily increased despite the global disruption. Law firms saw high demand and revenue in 2020 and 2021, with even higher numbers than seen in 2019, before the virus’ emergence. This demand was partly driven by the myriad of issues that emerged during the crisis. With businesses in peril and income sources drying up, the need for financial guidance has also been highly sought after these past few years. Lawyers are important figures when it comes to navigating uncharted waters, but possessing knowledge solely on legal matters and procedures without know-how in other fields can prevent them from performing their best. Here are a few reasons why an aptitude for finance can make lawyers even more efficient at their jobs: 

They help with problem-solving 

Addressing problems often requires a lot of innovative thinking to make informed decisions. Learning about financial strategies, concepts, and procedures can aid lawyers in constructing well-informed, thorough arguments and solutions for all concerns. Moreover, financial knowledge opens up more angles to look at a case and support lawyers in lateral thinking, or allowing for new approaches to a case that were not considered previously. 
There may also be occasions when financial statements need to be interpreted or incorporated into a case; this is where familiarity with terminology and concepts related to accounting or business comes into play. Analyzing balance sheets, negotiating financial agreements, and understanding the value of money and assets are vital when coming up with efficient and effective ways to confront clients' concerns. 

They make working more efficient 

As concerns about finances evolve, lawyers must stay up-to-date to keep up with the changes and serve their clients well. Developing financial skills can give lawyers more tools to deal with all kinds of cases and issues. Consider how financial services degrees  provide education in accounting, statistics, micro- and macroeconomics, risk management, investment strategy, securities analysis, wealth management, and so on — on top of business law. These courses must be well-rounded to meet industry demands across the board, offering finance professionals an interdisciplinary approach to better protect their clients' interests. 
Likewise, having a deeper understanding of these topics as a lawyer can make handling cases much more efficient. Working with these financial skills can provide ease when dealing with matters related to income, budgets, accounts, and more, and also save time without skimping on quality and detail. Strong financial knowledge can even minimize the need for additional research. Lawyers won't need to turn to another expert for simple explanations on the basics — they can go immediately to the heart of the matter. 

They help in connecting with clients 

Beyond finding someone who can help them with any legal documents or processes, clients need lawyers they can establish a good relationship with. A lawyer should be willing to deeply understand the ins and outs of a client’s business and be intent on guiding them every step of the way. Being knowledgeable about finance can help lawyers think like business owners and see things from the client’s perspective, not just their own. These skills develop a more well-rounded understanding of the company and prompt lawyers to provide sound, practical advice that aligns with business goals and needs. When business owners are pleased with how their businesses are being taken care of, it also fosters credibility and a sense of trustworthiness for their lawyers, which will draw in even more clients. 
Finance skills should not be considered a bonus when it comes to law practice; they are crucial to bringing in business, keeping a lawyer on top of their work, and ensuring clients' satisfaction. Being a well-rounded lawyer is a big help to a world where cases are just as diverse and complex as the people who bring them forward. 
If you are searching for someone to guide you with starting and growing your business, you can reach out to our team for high-quality services that best meet your and your business’s needs. 

Article written by Rose Joneson 

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