Society video highlights benchmarking survey benefits
Benefits for legal firms of taking part in the Law Society of Scotland's 2018 financial benchmarking survey are featured in a new video released by the Society.
Introduced last year, the survey, carried out by independent researchers Tribal and sponsored by Clydesdale Bank, aims to help firms of all sizes, from sole practitioner and high street firms to large scale commercial firms, assess their financial health and how they are performing in the legal market.
It also provides an insight into into the financial health of the Scottish legal sector.
Taking part allows firms to view and compare:
- income and costs by the size or location of a firm;
- a breakdown of the firm’s total costs;
- cashflow management; and
- the relationships between the different results, e.g. plotting your firm’s staff costs against profitability.
The confidential, online questionnaire has been improved and streamlined since its launch in 2017, to add to its ease of completion.
Email invitations to participate in this year's survey have been sent to all law firms’ cashroom partners in Scotland. All responses go to research company Tribal and are confidential. The survey closes on 23 March 2018.
Sue Carter, UK Head of Professional Services Sector at Clydesdale Bank and a non-solicitor member of the Society’s Council, who presents the video, said: “The survey provides really useful trend analysis and benchmarking your own firm against your peers can be a valuable aid to making the right decisions for your business. Firms that choose to participate in the survey can easily demonstrate to their bank how seriously they take financial management and the findings help inform strategic decision-making, enabling questions to be asked about what needs to change or remain the same within the firm to support growth.”
Click here to access the report on the 2017 survey findings.
For further information contact the Law Society’s research team at research@lawscot.org.uk or Tribal at lawscot.benchmarking@tribalgroup.com.