Budgeting is not about bean counting; it’s about constant, candid conversation.
Many lawyers are uncomfortable with numbers. Some went to law school due to reservations about handling the quantitative material that
business school requires. As the business model for legal services changes, lawyers must overcome this barrier.
Working with budgeting models is similar to crafting the theory of a case, presenting facts to a jury, or establishing a negotiating strategy for a transaction: it involves goals, strategy and tactics. Key drivers of budgets are the client and law firm goals, how the work will be done, and how
a matter will be staffed.
There is no one right answer, although there are several workable approaches to developing, managing and monitoring budgets. Each is based
on asking the right questions, making explicit assumptions, reflecting these elements in a model, and revisiting them regularly.
The need for transparency and disclosure are the same, regardless of whether you are the provider or recipient of legal services. QLex is able
to guide lawyers in using budgeting, forecasting, and monitoring tools. Effective monitoring and reporting models facilitate mid-course corrections
if a project is going over-budget or off-target.
It is as much about understanding that there are different approaches to solving a problem as it is about finding the “right answer.” It all starts
with having the foundation for continuous communications, before taking out the calculator…or the beans.
Browse our Perspectives for more information.