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October 05, 2016

Tip of the month:  Beware of optimistic budgeting

It is human nature to be optimistic about how many hours tasks will take.  When budgeting, plan for the worst so you don’t underestimate costs.

The first Wednesday of every month is devoted to a short and simple reminder like this to help lawyers increase efficiency, provide greater value to their clients, and/or develop new business. For more about this tip, see Chapter 4 in the recently published fourth edition of our Legal Project Management Quick Reference Guide.

Comments

Good guidance, Jim. Also, budgeting by hours vs. dollars is by default more conservative, because I tend to find that when lawyers think in terms of how much in fees a task/phase will cost, they severely underestimate it as compared to budgeting out the work to complete the tasks. Just my observation...

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