A task-based budget allocates projected fees and expenses across UTBMS phases and tasks, with hours and rates by timekeeper level. It is submitted at engagement and revised as the matter develops.
Actual spend is tracked against it by phase.
Alternative Names:
Phase Budget, Task Budget
Why it Matters?
Phase-level budgeting is what makes variance meaningful, since a matter over budget overall may be over in depositions and under in motions, which are different management problems. It also produces the data supporting alternative fee negotiations, because a firm that can price by phase across many similar matters knows what the work actually costs. Budgets built as a single total figure provide neither.
Frequently Confused with
Related terms
Frequently asked questions
Why budget by task rather than total?
How does it support fee negotiation?
