Society launches financial benchmarking survey of law firms

The Law Society of Scotland has today, Thursday, 30 March 2017, launched a new, online survey to help solicitors assess their firm’s financial health and how they are performing in the legal market.

The Society has been working with leading software and services provider Tribal Group to develop a new financial benchmarking survey, replacing its annual cost of time survey, which is intended to be an effective business tool for law firms across Scotland.

The new system will gather more relevant information and offer interactive, online reporting on the findings to help solicitors assess how their own business is faring year on year as well as compare how they have performed in the wider market.
The survey findings will also help the Law Society gauge the overall health of the Scottish legal profession.

The Society’s Vice President, Graham Matthews, said: “There has been enormous change in the legal sector and to the way firms operate since we first introduced the cost of time survey over two decades ago.

“We have worked closely with Tribal and a pilot group of firms, who provided invaluable input, to design the survey. I am sure it will prove to be a hugely valuable management tool and really help to bring firms’ financial data to life, enabling solicitors make the right strategic decisions for their business.”

Nick Pidgeon, from Tribal Group, said: “We hope this new benchmarking tool, which is completely secure and confidential, will be a valuable asset to solicitors in managing their business, allowing them to analyse their income and costs as well as those areas of work which are most profitable to help them plan more effectively for the future.”

For more information see Financial benchmarking section of our website.