LAW550
Accounting for Lawyers
(Sprysak)
Prerequisite courses: None
Prerequisite for: None
Instructor(s): Professor Chris Sprysak
Course credit: 3
Method of presentation: Lecture
Teamwork: Yes
METHOD OF EVALUATION
10% Multiple Choice, True-False, and Matching Unit Quizzes
40% Group Assignment (2-3 students per group)
50% Final Examination
COURSE DESCRIPTION
There are four main objectives of this course, namely to:
Help students build a basic and practical foundation of accounting knowledge and skills that will be helpful to them in their legal practice,
Teach students how to comply with key operational and trust accounting rules as described in the Rules of the Law Society of Alberta (Rules),
Discuss how fraud and theft can occur in a legal practice (and in all businesses) and how internal controls can reduce these risks, and
Teach students the basics of how to read and use financial statements
This course is designed to (ideally) be particularly helpful to students who intend to practice on their own as a sole practitioner or in a small partnership (without an accounting department), as well as for students who anticipate regularly analyzing financial statements in their practice.
No prior knowledge or experience in accounting, business, economics, mathematics, etc. is required to take and excel in this course. Indeed, this course has been designed for law students without a background in accounting. This course will be a combination of theory and practice. Some basic mathematical calculations will be required and will be demonstrated and practiced in class.
SPECIAL COMMENTS
Description updated 2025-26. Please contact the instructor for any specific questions you may have related to this particular course section.
REQUIRED TEXTS (IF ANY)
No texts are required.