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WHAT WE’RE WATCHING
BUDGETING WITHOUT A BASELINE – How do you set a budget following the weirdest year ever—especially when next year is fixing to be pretty weird too? That’s the question law firm leaders are asking themselves right now as they try to plan for a 2021 that may or may not include costs for things like business travel and in-person client development activities that were basically wiped out in 2020. Add to that the uncertainty of the upcoming presidential election and the need for continued (and maybe even increased) investment in technology and you’ve got quite a puzzle. The only logical solution may be multiple potential solutions. “We’re preparing various scenarios that range anywhere from back to normal immediately to another similar year, and multiple things in between,” Haynes & Boone managing partner Tim Powers told Dan Packel.
