Parsley
Sage Rosemary & Ginsburg llp
“always a reasonable result for a
reasonable fee, always”
MEMORANDUM
To:
|
All
Partners
|
From:
|
Mike
Marget
|
Date:
|
June
22, 2012
|
Re:
|
FREEDOM
FROM OVERHEAD DAY
– Celebration Time C’mon
|
Although
Hallmark is unlikely to produce any greeting cards, and the occasion will receive
less recognition than National Pi Day,[i] FREEDOM FROM OVERHEAD DAY commemorates
a significant annual event in the financial life of any law firm. It is the calendar date when a law firm has
earned enough money to cover its annual overhead costs. From that date forward, all the cash goes to
the lawyers!
In
its most rudimentary form, a law firm’s revenue can be divided into two pools:
·
Overhead
– occupancy, marketing, equipment, legal research and staff expenses· Lawyer Compensation
Assume
your firm begins working on January 1st and earns the same amount of
money each day while spending nothing.
When the law firm has accumulated enough money to pay all overhead
expenses that will come due during the year, FREEDOM FROM OVERHEAD DAY has
arrived.
According
to a survey published last year, 47.4% of the average small firm’s revenue goes
to paying overhead costs and the balance constitutes partner and associate
compensation.[ii] FREEDOM FROM OVERHEAD DAY is calculated by
comparing the relative law firm revenue and overhead costs as reported by the
survey and applying those figures to the 366 days in calendar year 2012. The breakdown works as follows:
Overhead
Element
|
%
of Revenue
|
#
Days
|
Dates
Covered
|
Occupancy
Costs
|
6.8%
|
25
|
January
1 - 25
|
Marketing
Costs
|
2.4%
|
9
|
Jan
26 – Feb 3
|
Equipment
Expenses
|
2.1%
|
8
|
February
4 – 11
|
Library
& Reference
|
1.5%
|
5
|
February
12 – 16
|
Other
Overhead
|
16.7%
|
62
|
Feb
17 – April 17
|
Staff
Salaries/Benefits
|
17.9%
|
66
|
April
18 – June 22
|
Total
Overhead
|
47.4%
|
175
|
June
23 is the 176th day of calendar year 2012. In theory, June 23rd is FREEDOM
FROM OVERHEAD DAY and it’s all profit for the lawyers from here on out. Be sure
to celebrate (and spend) responsibly.
[i] National Pi Day (or π Day) is celebrated by math enthusiasts around the world each year on March 14th (which can be abbreviated as 3.14 and Pi = 3.1415926535…). Coincidentally, March 14th also marks the birthdate of Albert Einstein. I’m told Pi Day is a big deal at Princeton.
[ii] “Small Law Firm Economic Survey,” 2011 Edition, published by The National Law Journal and ALM Legal
Intelligence (2011). This survey focuses
on the economics of firms with 20 or fewer lawyers.
This comment has been removed by the author.
ReplyDeleteYour blog is awe-inspiring. I have found many new things. Your way of staging is also fascinating. You have elected very incredible topic. I appreciated it.
ReplyDeleteLaw Firm Marketing
Your tips are remarkable. I regularly read your blog and its very helpful.
ReplyDeleteMinneapolis DWI Lawyer
Your blog is distinctive. I have found your blog innovative. You have chosen very incredible theme for your sketch. I cherished it.
ReplyDeleteScott County Criminal Lawyer
What’s up to every one, as I am in fact eager of reading this web site’s post to be updated regularly. It includes nice stuff.
ReplyDeleteMinnesota DWI Lawyer
Well, very good post with informative information. I really appreciate the fact that you approach these topics from a stand point of knowledge and information. This is the first time, I visited at your site and became your fan. You are bookmarked. Please keep on posting. central booking jail
ReplyDeletecoach outlet store
ReplyDeletelongchamp handbags
ugg boots sale
ugg sale 2016
birkenstock sale
ugg boots canada
polo ralph lauren outlet
nike air max 90
coach purses on sale
michael kors outlet online
cheap rolex replica watches
ugg outlet
cheap nfl jerseys
michael kors outlet
the north face outlet
cheap oakley sunglasses
michael kors bags
burberry outlet online
canada goose jackets
cheap jordan shoes
mlb jerseys wholesale
polo ralph lauren outlet online
ghd hair dryer
ugg italia
gucci borse
canada goose uk
michael kors outlet online
pandora jewelry outlet
canada goose sale
ugg sale
fitflops sale clearance
christian louboutin sale
uggs
2016823caiyan
canada goose coats
ReplyDeleteugg outlet store
burberry outlet
louis vuitton outlet
oakley sunglasses wholesale
adidas originals
polo shirts
nike outlet
longchamp sac
ralph lauren
jordan 3s
louis vuitton outlet
coach outlet
michael kors outlet
jordan shoes
louis vuitton outlet online
pandora jewelry
canada goose sale
coach outlet
ray ban outlet
toms shoes outlet
coach outlet online
the north face outlet
ray ban outlet
michael kors outlet
coach outlet
adidas trainers
seattle seahawks jerseys
uggs sale
oakley sunglasses wholesale
ugg boots paris
louis vuitton handbags
louis vuitton handbags
rolex submariner price
abercrombie outlet
ralph lauren outlet
san antonio spurs jerseys
nhl jerseys
cheap true religion
louis vuitton bags
20168.25chenjinyan
christian louboutin outlet
ReplyDeletechristian louboutin outlet
birkenstock sandals
louis vuitton
birkenstock sandals
oakley vault sunglasses
kd 9 shoes
cheap mlb jerseys
michael kors outlet store
yeezy boost
2016929caian
cheap basketball shoes
ReplyDeleteugg outlet
polo ralph lauren
coach outlet store online clearances
fitflops shoes
canada goose jackets clearance
giuseppe zanotti sneakers
cleveland cavaliers jerseys
kate spade outlet
uggs outlet
2016.11.7xukaimin
adidas shoes
ReplyDeletenfl jerseys wholesale
ugg boots
supreme new york
coach outlet
burberry outlet
nmd shoes
pandora outlet
michael kors outlet clearance
cheap jordans
mt0127
adidas yeezy shoes
ReplyDeletecanada goose outlet online
coach outlet store
michael kors bags
pandora sale clearance
coach outlet online
hermes bag
adidas nmd runner
pandora charms outlet
timberland outlet
cc0312
polo ralph lauren
ReplyDeletecoach outlet online
louboutin
air max
herve leger dresses
louis vuitton
cheap nfl jerseys
kate spade
coach outlet online
vans shoes
chenlina20180330
ralph lauren
ReplyDeletestuart weitzman
timberland
converse outlet
dior handbags
breitling watches
nike free run
adidas nmd
timberland boots
nike flip-flops
hzx20180516
burberry outlet
ReplyDeleteair max 95
snapback hats
sac michael kors
air max 97
guess
ray ban outlet
linda farrow sunglasses
michael kors
yves saint laurent sunglasses
2018.5.25xukaimin
coach handbags
ReplyDeletemoncler jackets
onitsuka tiger
arcteryx sale
tory burch shoes
fitflops
hermes birkin bag
scarpe mbt
mulberry handbags
vans store
chenlina20181012
just information we only provide information for those who need it cara menggugurkan kandungan
ReplyDeleteA. obat telat datang bulan
B. posisi berhubungan agar cepat hamil
C. makanan dan minuman agar cepat hamil
D. panduan agar cepat hamil
E. cara agar cepat hamil
F. cara agar cepat hamil setelah selesai haid
G. cara alami untuk segera mendapat kehamilan
Jordan 11
ReplyDeleteKyrie Irving Shoes
Pandora Jewelry Official Site
Pandora Jewelry Official Site
Pandora Jewelry
Air Jordan 9
Red Bottom Shoes
Jordan 11
Air Jordan 4 Retro
Pandora Jewelry Outlet
Latrice20190312
Yeezy boost 350 v2
ReplyDeleteJordan Retro 11
Jordan 4 Retro
Yeezy boost 350 v2
Pandora Jewelry Outlet
Air Jordan
Jordan 4
Pandora Jewelry Official Site
Pandora Official Site
Jordan 11
Paul20190327