How Law Firms Are Handling the 'Most Interesting' Budgeting Season in Years
COVID-19 imposed forced savings on travel, events and other client development spending. Now firms are wrestling with what their 2021 expenditures should look like.
October 05, 2020 at 03:34 PM
7 minute read
The original version of this story was published on The American Lawyer
In conventional times, law firms budgeting for the next fiscal year can look to their financial performance from the one that's coming to an end to set benchmarks for spending.
These, however, are not conventional times. And consequently, some firms are initiating these internal discussions earlier than usual. But even those getting a head start don't have a crystal ball into the coming year.
As a consequence, "2021 will be one of the most interesting and dynamic budgeting years that firms will be navigating in some time," said Dentons U.S. CEO Mike McNamara.
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