Legalnomics: Finance, economics and data analysis for lawyers
 Monday, 16 October 2017  
Legalnomics: Finance, economics and data analysis for lawyers

The extent to which the work of a lawyer involves considerations of economics, finance and accountancy is regularly overlooked. Often without realising it, we make decisions using economic principles – whether that might be settling lawsuits or assisting a client in purchasing property. The way in which legal rules affect our clients’ interests can be explained and rationalised by economic theories – and the way in which this informs the formulation of laws by regulators and legislators ought to be understood by the legal profession. Without an understanding of economics, we can’t truly understand the principles underlying the legal system. Gaining knowledge in these areas will enable lawyers to make decisions and evaluate problems in a strategic and rational manner.

There is also much to be gained through a greater appreciation of finance and accounting. To provide a more effective service for our clients, we ought to be able to understand their financial circumstances and, in doing so, be adept in interpreting financial statements. Additionally, an introduction to financial principles such as valuation and risk will enable lawyers to provide better advice on matters such as business transactions, divisions of assets and litigation.

Finally, we will consider data analysis. Legal matters increasingly rely upon statistical data, whether that be in business contexts, criminal evidence or determining causation. Attendees will gain a firm understanding of interpreting data – learning to pick holes in data presented by others and ensure that their own data is robust.

There is an emerging recognition among lawyers that an understanding of elementary principles of economics, finance and statistics are essential to provide excellent service to their clients. The sessions on economics, finance, accounting and statistical analysis – all taught by experts in their respective fields – will relate the principles discussed to specific legal examples, ensuring that you can approach these issues with confidence in your day-to-day work.

Why should I attend?

By attending this course, you will gain:
  • Knowledge of important economic concepts and how they can relate to the work of the legal profession
  • Understanding of how to interpret and evaluate clients’ financial statements
  • Experience of interpreting and evaluating statistics concerning legal issues
  • Awareness of key financial issues relevant to business transactions, division of assets upon divorce and litigation