Society seeks survey partner for new look Cost of Time
The Law Society of Scotland is seeking a financial analysis partner as it looks to revamp its annual financial benchmarking survey of Scottish legal practices, which has now been running for 30 years.
Traditionally known as the Cost of Time Survey, the exercise provides a well-established independent report which tracks the financial health of the profession and the economic climate of the Scottish legal sector, providing accurate information on the cost of running a solicitor’s practice in Scotland and what it means for legal fee earning structures.
The survey facilitates a benchmark for members to set fees and measure their own performance against other similar firms.
Now the Society aims to find "a partner organisation that has expertise in financial analysis and benchmarking to help us develop and deliver a more extensive report assessing individual firm competitiveness as well as industry performance and trends" – as well as providing more useful analysis for members.
The partner would be responsible for delivering the financial benchmarking report for members in general terms and also for providing confidential individual reports for those members who contribute to the report through the submission of data.