![]() Having decades of experience as CMOs and CMBDOs responsible for managing law firm budgets, my colleagues and I have seen the aftermath of such shortsightedness and now-battle tested-arm our clients with an array of strategies and decisioning prompts that enable law firm sales and marketing leaders to make budget preparation and management more businesslike, which in turn produces spending plans that are more defensible and resistant to cuts. When law firm budget-going gets tough, marketers and the marketing budget are too often first to be cut. Unfortunately, law firms are no different than all the other businesses in the world that routinely ignore this proven business maxim. If revenue is the objective, marketing and business development are the last areas that any business should make cuts. The closer to year-end, the more frenzied the cutting. So, at any point in the year, but particularly in the final quarter, if it appears to the firm’s financial professionals that the organization’s revenue-minus-expenses algorithm will not deliver the profit partners are expecting…it’s cost-cutting season. Here’s the rub: Law firm revenue is pretty elastic, not all that predictable, and not really controllable. They can also measure with great precision the cost of marketing collateral, website development, advertising, attendance at industry conferences, client entertainment, and all the other wherewithal that comprises firm sales and marketing. Law firms can measure to the penny how much it costs to provide a client photocopies, minutes of phone time, access to research databases, postage, and more. They can measure in six-minute increments how lawyers spend their time and how much it costs the firm-in compensation, benefits, and overhead-to do so. Expenses are subtracted from revenue to determine profit, and profit is the money distributed to partners (aka their income).Ĭonsidered in this light, expenses can get very personal very quickly! No wonder firms are so good at monitoring them. It’s pretty obvious why expense budgets are so important at law firms. But if you’ve led a department or practice group at a law firm, you’ve heard these words often and know the topic under discussion is…budget. The most common six-word phrase in use at law firms? The bill will now be sent to the president for signature.Posted In: Business Development, Legal Sales, Strategic Planning At the Expense of Marketing & Sales: Building a Better Budget Average annual inflation is expected at 12 percent (9.8 percent in earlier forecasts), and unemployment at 5.5 percent (5.4 percent in earlier forecasts). According to latest forecasts, Poland's GDP in 2023 is to grow by 0.9 percent instead of the earlier-predicted 1.7 percent. The changes were necessary in view of current macro-economic data. The budget deficit for 2023 was originally planned for PLN 68 billion (EUR 15.3 bln), with expenditures seen at PLN 672.5 billion (EUR 150.9 bln). ![]() ![]() The Senate passed the bill on Friday after the Sejm, the lower house of parliament, approved the amended budget on July 7.Īmong other provisions, the amendments raise budget outlays to PLN 693.4 billion (EUR 155 bln), lower revenues to PLN 601.4 billion (EUR 134 bln) and set the maximum deficit at PLN 92 billion (EUR 21 bln). Poland's Senate has approved the amendment to the 2023 budget law and introduced no changes, paving the way for the bill's approval by the president. ![]()
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