Budgeting. It’s the foundation of any effective business plan. Every business runs on money, and a law firm is a business. A budget allows you to allocate resources to the right projects and people. It helps you monitor performance and meet your objectives. It helps you make decisions for next week and for next year.
Building law firm budgets usually isn’t a big part of law school curriculum. You either learn it on the job or someone else handles it. But knowing how to budget for your firm can make the difference between a practice that thrives and one that just survives.
No matter how much money you currently have, what practice area you’re in, or how long you’ve spent practicing, you’ll need a budget in order to help your law firm succeed. The basics of a law firm budget include startup costs, recurring subscriptions, and projecting revenue.
It’s important to have a good grasp on your workload, what money you’re expecting to receive, and what money you’re planning to spend. There are fixed expenses like an office lease, variable expenses like utilities or possibly staffing, and unplanned expenses like equipment failure or some sort of disaster.
Join Affinity Senior Consultant Jeffrey Schoenberger for his critical webinar that teaches you how to develop and track a budget for your firm. What income and expense types should you consider? Who should have access to this information, and how will you share it? How will you track whether you are on a budget or not? When it comes to running a well-oiled law firm, plan your work, then work your plan.
Jeff’s unique role at Affinity involves managing our Practice Management Advisory program. Prior to joining the Affinity family, Jeff practiced law with Legal Aid in Cincinnati, Ohio.
Register for the webinar.
