FINANCIAL BENCHMARKING SCORECARD
Understand your financial performance...
An essential exercise for law firm leaders which helps to measure your
business performance across a range of metrics.
The Financial Benchmarking Scorecard is a must for every law firm leader. This invaluable free resource will provide a deeper understanding of business performance and help you to understand 'what does good really look like'.
Financial benchmarking helps interest parties to assess the performance of your business.
Bank Funding Applications: Many of the high street banks will use financial bechmarking metrics as a way of assessing your businesses performance. If you want to understand how a bank views your firm's performance then this exercise is an essential task. The results will empower you to talk confidently about what is going well and identify in advance areas for improvement.
Encourage Equity Investment: Raising equity from new partner/directors or external parties often requires them to take a leap of faith. Using the Financial Benchmarking Scorecard can quickly help you to evidence the firms performance. The results can help to grow investor confidence and encourage future financial investment.
Understand The Numbers: The ability to complete a benchmarking exercise helps to understand the granular details of the businesses performance.
What Gets Measured Gets Done
Having an insight into the performance of the business will help you to have deeper, more meaningful conversations with department heads and fee earners. Empower department heads to think about tangible methods to improve business performance. Plot corrective actions long before the end of year end results and ensure your business keeps on the right track.
"The results from the Financial Benchmarking Scorecard will allow the business to
understand what good performance really looks like, and will help to evidence the strength
of the firm's financial performance to lenders, insurers and other interested parties."
Support Business Planning
To aid future business planning, the Financial Benchmarking Scorecard offers law firm leaders a structured methodology with essential metrics used to consider law firm financial performance. When discussing future business objectives with equity stakeholders, it is important to be able to justify decision making. When setting future key performance indicators (KPIs), it is important to be able to accurately understand what performance levels are required to satisfy the return on investment for all concerned.
By entering your aspirational performance figures, firms can safely test the impact of increases or decreases to any of the costs outlined in the questionnaire. The results page provides a confidential, risk free method of understanding the likely impact.
Download the Financial Benchmarking Scorecard
Discuss Your Results
If you would like to discuss your results, we offer a free discovery session where we can discuss the results and help you to plan future actions which will deliver the biggest impact on the future financial performance of your business.
"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