The Law Society's LMS Financial Benchmarking Survey 2021 presents financial performance data on the financial year from 31 March 2019 to 30 April 2020, the year before the COVID-19 crisis began to affect the UK.
Hazlewoods Legal team is delighted to have written and produced the report for the 12th time. This year's survey was based on responses from 145 law firms with a combined turnover of £765million, making it one of the largest of its kind in England and Wales. The survey aims to be a valuable tool that enables you to benchmark results against a wide range of other law firms and improve the profitability of your own firm.
Some key facts highlited in the survey are:
- Median practice fee income increased by 1.6%, the smallest increase for nine years
- The ratio of fee earners to equity partners increased to 6.0 : 1 – a rise of 3.0%
- The median spend on non-salary overheads per fee earner increased by 4.5%
- Median equity partner capital rose by 8.3%
The report is available for free download and registration is not required. For explanations on all of these and to find out more, including an early assessment of the impact of COVID-19 on law firms, please access the full report here.