Lynda ArtesaniLegal Accountant and Data Migration Specialist at The Proper Trust

Budgeting for Law Firm Gifting

7 Nov 2023 · 1 min

Watch on YouTube

0:34

In this brief dialogue, Speaker A asks how to determine an appropriate gifting budget when working with a law firm. Speaker B responds that the most effective budgeting strategy is to base gift allocations on client tiers. Specifically, the top 10% of clients who generate the top 10% of business or referrals should receive a higher‑value gifting tier (e.g., Tier X), while lower‑value tiers (Y, Z) are appropriate for less‑critical clients. This tiered approach acknowledges differing client value and is presented as both acceptable and advisable.

How do you, when you're working with a law firm, determine what the budget should be for gifting and things like that?
I think the best strategies when it comes to budgeting are based on who you're giving to. So maybe your A-list clients, the top 10% of your clients that give your law firm the top 10% of the business or the business referrals, like that, they might get a different tier than X, Y, Z, you know what I mean? And that's okay, you know, and honestly should be that way.