tag:blogger.com,1999:blog-8392872910119691817.post4191112889612238358..comments2022-11-20T14:54:48.055+00:00Comments on A Pitch for Common Sense: When is a Law Firm like a Football Club?Peter Blairhttp://www.blogger.com/profile/02333595445329801317noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8392872910119691817.post-83959761420521346682009-11-04T11:18:23.651+00:002009-11-04T11:18:23.651+00:00I certainly agree that this would be the ideal - s...I certainly agree that this would be the ideal - sadly it is often ignored, or the budgeting process is so flawed that it becomes meaningless. I know of one law firm who decided to reduce budgeted revenue by 25% for this year and who are now celebrating being so far ahead of budget.<br /><br />There are, I should like to add, many firms who are better run and who are taking the steps to provide meaningful information to legal and support staff - and who are taking the time to explain what the data means!Peter Blairhttps://www.blogger.com/profile/02333595445329801317noreply@blogger.comtag:blogger.com,1999:blog-8392872910119691817.post-75349879311957320132009-11-04T10:24:50.661+00:002009-11-04T10:24:50.661+00:00You would hope (and I appreciate that it may be li...You would hope (and I appreciate that it may be little more than a vain hope in some cases!) that the monthly figures would include perfomance against budget, cashflow forecasts etc. which would give a more realistic performance of where the firm is up to as against its targets.<br /><br />Without this it is very difficult to undertand monthly management figures in any kind of context - especially as in your example if the historic position isn't really known and understood.<br /><br />I suspect that firms are being forced to become more effective at this as lenders become more resistant to increasing the overdraft to cover short term cashflow requiremements, but I'm sure there is a long way to go!Anonymousnoreply@blogger.com