Couch Money® is a financial management and cost recovery program for law firms. It’s money lost and in increments you don’t miss. Lost in the law firm’s “couch cushions,” it’s forgotten until someone comes in and does a top to bottom, inside out cost recovery. The amounts are significant and the savings continue year after year. And it can increase the firm’s profits per partner.
Best candidates for Couch Money
- Firms with no marketing director and/or executive director.
- Firms with multiple offices.
- Firms with a senior marketing director who is focused on increasing top line revenue, not on the elements of cost recovery.
- Firms that aren’t realizing value from their marketing expenditures.
- Firms that can’t measure or track the effectiveness of their marketing investments.
- Firms that want to find at least $1,000 per lawyer and refocus these dollars.
Finding lost money
Law firms have several budgetary “couch cushions” that routinely bury money. When found, these funds can be reallocated to provide significant bottom-line benefit. When identified and any related problems remedied, the dollars available to a firm for reallocation or cost-savings can be significant, as high as six figures in the first year. It’s time to get a return on your investment of these dollars.
In addition to the bottom-line business benefit, the advantage to the firm is that finding Couch Money® is usually painless cost-cutting. Because Couch Money® is largely “forgotten money,” lawyers and staff seldom have the reaction that something of value has been taken away.
- 55 lawyer firm – recommended annual savings of $106,000
- 150 lawyer firm – recommended annual savings of $210,000
- 17 lawyer firm – recommended annual savings of $30,000
How does Couch Money work?
We often work with the marketing department first. The point is to find the lost money and train your in-house staff so they can continue managing the savings in future years. Couch Money® can include:
- Due diligence and review of the budgets and policies of the traditional law firm “couch cushions,” including marketing, business development-related travel, advertising and public relations, meals and entertainment, directories, charitable and civic, library, recruiting, professional development, training, supplies plus others, depending upon the firm.
- Significant cost-savings recommendations in each area.
- Friendly policy recommendations to ensure ongoing Couch Money® savings.
- Recommendations of strategic vendor partners.
- Training marketing staff so they can help guide lawyer-spending adjustments and ensure future savings.
How much does it cost?
Nothing, over time. First year savings are many times higher than your out-of-pocket costs. We tailor a fee proposal based on the project and the needs you identify.
What makes us qualified?
Our credentials include creating and managing the law firm marketing programs at two large Southwest law firms, designing budget reallocation strategies and formulating policies that supported strategic and well-positioned business development activities.