Virginia State Bar

An agency of the Supreme Court of Virginia

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Young Lawyers Conference

A Conference of the Virginia State Bar.

Professional Development Series

These programs aim to assist you in planning your career from making long term plans to how to adapt and behave in a professional setting. Receive advice from successful young lawyers and seasoned practitoners that will set the building blocks to a fulfilling career. If you are interested in contributing content, contact Chris Fortier at


Financial Statements and Accounting


Managing a law firm, while your own or your boss’s firm, requires knowledge of the finances. The business of law not only requires knowledge of the law but knowledge of business principles, one of which is finance and accounting. Get to know the basic terms of accounting and how they interact with one another. This 90 minute course gives you the basic knowledge to navigate your firm’s financial statements.




Faculty: Matt Alanis, Willow International Center, Fresno, CA




Who Needs Accounting? (4:45)


What Do Accountants Do? (15:50)


Financial Accounting (17:57)


Generally Accepted Accounting Principles (20:30)


Balance Sheet/Assets, Liabilities, Equity (26:00)


Income Statements/Revenue, Expenses, and Net Income (46:27)


Cash Flow Statement (54:52)


Interpreting Independent Auditor’s Reports (1:01:42)


Financial Statement Notes (1:04:54)


Managerial Accounting/Types of Costs (1:08:00)


Budgeting (1:19:07)


Return to the Professional Development Series.