The LMS Financial Benchmarking Survey 2020, written and produced by members of our Legal team, has recently been published. The survey is the largest of its kind in England and Wales, with 214 firms taking part. Now in its 19th year, the survey is widely regarded as the leading annual health check report for mid-sized firms.
In previous years the report has been issued with lots of publicity, Law Gazette and Managing for Success articles, webinars, and so on, but this year it did not feel appropriate to do any of this, given that many firms are really struggling right now. We therefore settled on a quiet launch, with no fanfare.
Despite all that is going on, many of the findings are still extremely relevant to today. In particular, this year’s report has a strong emphasis on getting the most out of your fee earners, and ensuring that they manage their WIP and debtors properly to optimise cash flow. All of this is key to surviving the current situation.
The report is free to download, and registration is not required. To read it, click here.