Hazlewoods has compiled and written the Law Society’s Law Management Section (LMS) Financial Benchmarking Survey since 2009.
The LMS survey reports on mid-stream practices, giving invaluable financial comparisons, against which firms may measure their own performance - an invaluable way for them to identify where they might improve and ultimately generate more profit.
This year's survey is based on responses from 206 law firms from across England and Wales, with combined turnover of £1.1billion, and looks in detail at how firms' finances have been affected by the COVID-19 pandemic. Overall, many of the firms taking part in this year’s survey have seen stronger than expected levels of performance for 2021. The challenge for many firms now will be in maintaining the increased levels of profitability over the coming months and years. This is where benchmarking data can be of use. You can access the report here.
In addition to the confidential national survey, our clients receive their own tailor made benchmarking report which is specific to their particular size and specialisms. This can be a written report, or if you prefer, a visual presentation to the partnership, which compares the practice’s own results to five other practices of a similar size and work type to give a ‘top six’ report on all areas of financial performance, together with commentary on key areas of performance.