www.hazlewoods.co.uk

Marketing + Efficiency + Money = Profit

www.hazlewoods.co.uk

MONEY

Marketing

Invisibl

e

Visible

The two sides of marketing

LMS Benchmarking

Visible – 2 – 5 partners

35045

1272

1350

993

1943506.79 1080

Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consultancy

Advertising/promotion

Client entertaining

Entertainment

Updates to website

Marketing and network events

Budget: £42,190

4000

130Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consul-tancy

Advertising/promotion

Client entertaining

Entertainment

Updates to website

Marketing and network events

Budget: £4,130

Visible – 2 – 5 partners cont.

4253.5

700

6570.51

1230.5

966.99

Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consultancy

Advertising/promotion

Client entertaining

Entertainment

Updates to website

Marketing and network events

Budget: £13,723

633.4

1065

1005

Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consul-tancy

Advertising/promotion

Client entertaining

Entertainment

Updates to website

Marketing and network events

Budget: £2,703

Visible – 5 – 10 partners

82423670.75

247714.79

971Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consul-tancy

Advertising/promotion

Client entertaining

Entertainment

Updates to website

Marketing and network events

Budget: £260,599

1482.5

35765

5879

9734

Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consul-tancy

Advertising/promotion

Client entertaining

Entertainment

Updates to website

Marketing and network events

Budget: £52,861

Visible – 10+ partners

Budget: £700,297

Budget: £245,043

638,186

1,990

33,774 26,347

Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consultancy

Advertising/promotion

Client entertain-ing

Entertainment

Updates to website

Marketing and network events

42130.42 24303.

9

1738585879.69

2669.38

61563.82

11111.01

Membership

Referral fees

Yellow pages

Sponsorship

Marketing/PR consultancy

Advertising/promotion

Client entertaining

Entertainment

Updates to website

Marketing and network events

Typical marketing expenditure

The invisible cost

Measuring the invisible cost

• Time spent on activity

X

• Charge out rate

X

• Recovery rate

Opportunity cost

Managing invisible costs

Department performanc

e

Partner – productivity

– 60%

Director / Senior

Associate

Productivity – 75%

Associates

Productivity 95%

Trainees

Productivity 90%

Assessing return on investment

Capturing data

correctly

Recording time

New work figures

Continuous marketing

Understanding the true link between Marketing and efficiency to create more profit

Process work

Passive investment by

fee earner although client

service key

Visible cost of marketing

Brand awarenes

s

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