FINANCIAL BENCHMARKING SCORECARD
Understand your firm's financial performance...
Measure your firm's business performance across a range of metrics.
The Financial Benchmarking Scorecard is designed to measure and track your firm’s performance across a range of metrics: an essential exercise for every law firm leader.
Showcasing your firm to stakeholders
Financial benchmarking can help to persuade lenders, investors, insurers and other stakeholders to engage with your business, as it can demonstrate not only the firm’s positive financial performance, but also the importance the firm places on sound financial management and monitoring.
To that end, the results from our financial benchmarking scorecard can be particularly essential in the context of loan applications (as many commercial lenders will use financial benchmarking metrics as a way of assessing your firm’s ability to repay debt) and equity investment (as prospective investors will use financial benchmarking to better understand the firm’s financial stability and growth potential).
Facilitating better internal financial management
The confidential results from our financial benchmarking scorecard can also provide a granular insight into the firm’s performance, growth potential and cash flow deficiencies, which can be essential when looking to set realistic key performance indicators. By entering your aspirational performance figures into our model, you can also safely test the potential impact of changes to your key input costs.
This in turn will help you to have more informed and meaningful conversations with department heads and fee earners, as you’ll be able to clearly highlight areas for improvement and back this up with the numbers. In our experience, this can equip internal teams with the tools they need to improve the firm’s performance, and ensure it stays on the right track.
"The Financial Benchmarking Scorecard is a key resource which helps law firm leaders to have an informed discussion about the performance of the business. Use the scorecard to track performance throughout the year and utilise the results to plan the next step."
Paul McCluskey, Managing Director