Oh god, there's only one answer to this and that's AFTER! No guest wants to sit starving and without a drink in them listening politely to anecdotes which aren't that funny while the food is going cold and the kids who are present are fidgeting and whispering that they're hungry. People giving the speech haven't had enough time to have a drink to relax and get in the mood.
Doing them afterwards means that everyone's belly is full. Everyone's relaxed, had a drink, got to know the other guests at their table. They're very open to hearing some speeches after that, and being really supportive with enthusiastic applause, and finding lame jokes quite funny and will actually listen.
I went to a wedding once where the guests arrived at the reception venue straight after the marriage ceremony at the register office, only to hang around waiting for the bride and groom for about an hour and a half. No-one knew what was happening or where the bride and groom were. People were getting really hungry as the marriage ceremony was about 11.45 so no-one had had a chance to get lunch anywhere and most guests had had breakfast quite early. I'm sure people would have just paid for food at the bar, a few sandwiches etc, but for all they knew the bride and groom were going to arrive imminently and it would have looked rude so no-one did order food except a few packets of crisps. All the kids were getting restless. It was mainly outside so was freezing.
Eventually the bride and groom arrived and there was more faff for group photos. We were then all seated in the marquee. The food (very casual, pizza slices, chicken legs etc - fine) was put out on non- hot plates at the side and just slowly went cold. Kids were eyeing the food drooling and so were the adults (it was about 2.30 by this time). Then they announced that they were going to change things round and do the speeches first. There was an inward collective groan but everyone listened politely whilst thinking of their empty stomachs. Speeches to go on for aaaaages. No-one had had enough to drink yet and they were all a bit too cold and hungry to applause with much enthusiasm.
Finally we were allowed to get at the food. It was all a bit congealed and sad by that time.
I mean, that sensible thing is obviously to do the speeches after the food. But if someone is so anxious about giving the speeches that they are knocking back drink after drink and at risk of embarrassing themselves and the bride and groom by slurring their words and forgetting things then maybe they could do them somewhere in the middle? Maybe one of the speeches could be given after the first course? Then one after the mains? A third one (if needed) at the end? Break it all up a bit.
But always remember. Food is the MOST important part of keeping your guests happy! 😄