Pro Bono

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DEFINITION of 'Pro Bono'

Professional services dispensed on a voluntary basis at no cost to the recipient. Derived from Latin, pro bono means to work for the public good, and is most commonly used in the legal profession. The provider of a pro bono service may generally do so only to a party that is unable to afford the service. In doing so, the provider is perceived to be imparting a benefit for the greater good, rather than for the usual profit motive.

BREAKING DOWN 'Pro Bono'

Some financial planners provide pro bono services to non-profit organizations and individuals who have impoverished themselves through financial mismanagement. Pro bono services offered may be of immense value to someone who can avert bankruptcy. For example, a family in financial troubles might need advice, but can not pay for it. Pro bono services are the only help available when the family needs it most.

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RELATED FAQS
  1. What does "pro bono" mean?

    The term pro bono is short for the Latin "pro bono publico," which means "for the public good." The term generally refers ... Read Full Answer >>
  2. How does revenue recognition differ between profit and non-profit companies?

    Under the generally accepted accounting principles, or GAAP, for-profit companies recognize revenue as it is earned through ... Read Full Answer >>
  3. What kind of philanthropy did Nathan Rothschild do?

    Nathan Rothschild contributed to many areas of philanthropy in the Jewish community. His family later expanded these charitable ... Read Full Answer >>
  4. What's the largest charitable donation Warren Buffett ever made?

    The most significant charitable donation Warren Buffett ever made is the $37 billion pledge to the Bill and Melinda Gates ... Read Full Answer >>
  5. Can I donate stock to charity?

    Giving stock, instead of cash, as a donation can greatly benefit both parties. You will find that most charities, hospitals, ... Read Full Answer >>
  6. Does the federal government fund any NGOs? Which ones?

    A non-governmental organization (NGO) is a non-profit, citizen-based group that functions independently of government. NGOs ... Read Full Answer >>

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