Regular readers of our Legal Team newsletters will know that we produce the annual Financial Benchmarking Survey on behalf of the Law Society’s Law Management Section. The Survey is an extremely useful management tool for managing partners, finance directors and practice managers, providing them with a clear understanding of their cost base and main profitability drivers
We are delighted to report that we have just launched a brand new quarterly survey, which will provide practices with a regular update on key financial indicators and trends within the profession. It will extend beyond purely financial matters, and will also cover practices’ views and actions as a result of the many changes going on in the profession at present, together with feedback on other important topics, such as professional indemnity insurance renewal experiences and tax payments / funding.
The new quarterly report will have a simplified format, compared to the annual survey, and a quick, electronic delivery to participants. Quarter dates have been set at 30 June, 30 September on so on, with the report being delivered six weeks after each quarter end.
The questionnaire is very short, and is quick and easy to complete using Excel. If you would like a copy, or have any questions, please feel free to email us at firstname.lastname@example.org.
Alternatively, you can download a copy at www.lawmanagementsection.org.uk
We really need your help to make this the success it deserves to be.
LMS Annual Benchmarking Survey
The questionnaire for this year’s annual survey has also been launched recently. This year’s survey is being opened to the whole profession, and we are hoping that more practices will take part than ever before. This will allow us to write and publish the report much earlier. Participants receive a free copy of the report (normally £150), and we also produce a bespoke booklet for each practice, comparing their results against all other participants in the survey.
Participation in the survey is completely anonymous, and neither the SRA nor the Law Society will see any of your data.
Again, the questionnaire is available on the LMS website using the link above, or you can contact us.