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Financial Statements Training 101

August 20, 2012

In June, the Associates' Committee sponsored an internal training session for all transactional and litigation attorneys. Attorneys Patrick Murphy, a shareholder in the Banking & Financial Institutions Practice Group, and Doug Patch, a shareholder and team leader of the Tax Practice Group, presented a program entitled financial statements "101". They helped decipher some common accounting and financial statement language and examined situations where the need for analyzing financial statements frequently arises when providing legal advice to clients. Topics discussed included the following: What is EBITDA and what does it tell us? What can we learn from the notes to the financial statements? What are some "red flags" to keep an eye out for on the balance sheet? What is the difference between "book value" and "market value"? How do litigators use financial statements in calculating damages?

During the session, attorneys were given the opportunity to ask questions or discuss other topics, definitions or concepts that were of particular interest to them.

This internal training session was intended to be introductory and a conduit to provide context for Part II, "Valuation of Businesses in Mergers and Acquisitions" to be presented to all attorneys this fall.

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