Actually, its quite a walk from Chancery Lane station - however, Hoborn is really close tube station - just hope on the Picadilly line from Kings Cross to Holborn, then is just 5 minutes walk from Holborn tube (if that!). If you're going to be coming with not much luggage, that's the best way to go. Also - get an Oyster card (swipe travel card) as is sooooooooooo much cheaper on the tube/buses using one of those than buying tickets all the time.
Is longer than a 5 minute walk from Farringdon Road to Chancery Court - more like 15 minutes (I work around there).