Pro Bono – Definition

Cite this article as:"Pro Bono – Definition," in The Business Professor, updated October 15, 2019, last accessed October 1, 2020, https://thebusinessprofessor.com/lesson/pro-bono-definition/.

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Pro Bono Definition

Professional services offered voluntarily at no cost to the recipient. Coined from the Latin phrase “pro bono publico”, pro bono means working for the public, and it’s popularly utilized in the legal profession. The individual providing the pro bono service might usually do so to a party that can’t afford the service. By so doing, the provider is seen as one who is imparting a benefit for the greater good, as against the conventional profit motive.

A Little More on What is Pro Bono

Certain financial planners offer pro bono services to non-profit organizations, as well as, people who have become poor as a result of financial mismanagement. For instance, a family facing financial difficulties may need advice, but can’t afford it. Pro bono services are the only assistance available when it’s needed most by the family. Providing pro bono financial services has practical benefits as well because it gives young experts the chance of nurturing their professional development, which helps them greatly advance their practices, by assisting them to build their negotiating strategies, interviewing skills, and experience working with interpreters. But the major impact of pro bono financial planning is the fact that it empowers people, as well as, organizations getting advice to make better fiscal decisions, by providing them with educational support needed to become more financially sound, and the tools required for achieving financial autonomy so that they can be independent.

Likely recipients of pro bono services include:

·         Individuals of limited means.

·         Charitable, civic, religious, community, educational, or religious organizations established to mainly cater for individuals or families of limited means.

·         Immigrants, as well as, immigrant communities.

·         Nascent non-profit groups seeking to grow their logistical and organizational establishment, where paying the standard fees would greatly hemorrhage or fully deplete the economic resources of the organization.

Many foundations exist which are established solely for recruiting pro bono experts for whom they provide them with resources and also technical support. Some of the resource centers have funds that help pro bono financial planners settle out-of-pocket expenses like document production, copying, and also postage fees. The benefit of organized programs is that they help experts interested in donating both their time and services, but don’t personally know individuals needing pro bono financial advice.

References for “Pro Bono

https://en.wikipedia.org/wiki/Pro_bono

https://www.investopedia.com › Managing Wealth › High Net Worth Strategy

https://dictionary.cambridge.org/dictionary/english/pro-bono

https://www.thebalancecareers.com › Career Paths › Legal Careers › Glossary

https://legal-dictionary.thefreedictionary.com/Pro+Bono

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