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Course Descriptions

Course Descriptions

Accounting for Lawyers (Fall 2017)

  • Course Number: LAW-614
  • Class Number: 03250
  • Instructor: Adrian Stern

Course Description

Accounting is essential to the effective functioning of any business organization, both for profit and not for profit organizations.  A test of any system, whether in the corporate form, partnership, or sole proprietorship and the aspects of it represented by accounting, ultimately is judged by the results which are produced, and the integrity of management and financial information. 

The first third of the course will represent what a lawyer needs to know about basic accounting and financial reporting. The course will cover basic accounting and organizational issues, the basic financial statements and concepts such as cash vs. accrual methods of accounting and financial analysis. 

The remaining two-thirds will cover a broad range of topics including:

·         Accounting for Law Firms

·         Accounting for Businesses with Inventory

·         Using the Financial Statement to Calculate Damages in Litigation Matters

·         Business Valuations Using Financial Statements

·         Using the Financial Statements in Buying and Selling Businesses

·         Goodwill: What is it? Why is it important? Where Does it Come From?

·         The Difference between For-Profit and Non-Profit Accounting.

·         Income Taxes and How They Impact Financial Statements

·         Fraud In Financial Statements

·         Accounting Software: QuickBooks and Beyond

·         The Auditor's Role Involving Financial Statements and the Attorney

·         Financial Statements Projections and Forecast

·         The Do's and Don'ts of Accounting in Family Law Matters: Where They Hide the Money                 and Where You Find It

Course Details

  • Unit Value: 3
  • Grading Options: Numerical or CR/D/F
  • Schedule: W 3:00 pm - 5:30 pm
  • Room Number: Room 103
  • Exam: In-class, closed-book exam
  • Writing Requirement: No
  • Skills/Experiential Unit Requirement: No
  • Participation: Mandatory