1. Marketing Budget Benchmarking
Patricia Kinahan

2. The 5 Big Mistakes Most Firms Will Make
Image to show mistakes.

3. 1st Mistake
The first mistake is to take last year’s figure and keep it the same

4. 2nd Mistake
Second mistake is to do things that you like only. i.e. sport’s fixture which derives no real benefit apart from happy partners!

5. 3rd Mistake
The third mistake is to follow the crowd – perhaps a picture of a flock of sheep – blind leading the blind!!
1 click for sheep to appear!

6. 4th Mistake
“Should I claim compensation?” £12m PI marketing collective…oh, that’s not got £12m to spend!
Fourth mistake is jumping into the latest trending idea. Picture that depicts maybe an old man trying to do some brake dancing! i.e something that is not right!

7. Invisible Visible 5th Mistake
1 click only – icons will appear automatically

8. Typical marketing expenditure
1 click only – first set of pictures will appear, then second set will appear automatically

9. What is the right budget?
Area of law
High volume vs. niche
One size does not fit all
Life cycle of the firm
Life cycle of the type of work
Target audience
Attitude of the owners of the business
2 clicks – one for words to appear, one for words to disappear
Competitor’s actions

10. LMS Benchmarking

11. Visible – 2 – 5 partners
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12. Visible – 2 – 5 partners cont.
2 clicks – one per chart

13. Visible – 5 – 10 partners
2 clicks – one per chart

14. Visible – 10+ partners Budget: £700,297 Budget: £245,043
2 clicks – one per chart
Budget: £700,297
Budget: £245,043

15. The invisible cost

16. Measuring the invisible cost
Time spent on activity X
Charge out rate
Recovery rate
Opportunity cost
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17. Managing invisible costs
Department performance
Partner – productivity – 60%
Director / Senior Associate
Productivity – 75%
Associates
Productivity 95%
Trainees
Productivity 90%
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18. ROI
With or without Andrea’s legendary dinners!

19. Assessing return on investment
Capturing data correctly
Recording time
New work figures
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20. Raw matter data

21. 2. Matter data analysis

22. 3. Marketing budget categorisation

23. 4. Acquisition cost analysis

24. Process work Brand awareness Added value work
Understanding the true link between type of work and marketing investment
Process work
Passive investment by fee earner although client service key
Visible cost of marketing
Brand awareness
Passive investment by fee earner
Visible and some invisible cost of marketing
Added value work
Active involvement of fee earner
Significant invisible and some visible cost of marketing
1 click

25. Patricia Kinahan Partner,
Patricia is both a qualified accountant and chartered tax adviser. Although she has a broad range of skills, she has developed particular specialisms in advising Legal practices, small businesses and tax planning work. She speaks on a wide range of tax related matters and is a member of the technical sub committee for the Chartered Institute of Taxation.