Updated: Feb 3
Sound financial management must be the beating heart of any legal practice. Law firm leaders should complete a regular benchmarking exercise which measures the business performance against the financial objectives of the business as well as the wider financial performance of their respective peer group.
To be truly effective this exercise should be completed at least annually.
When completing such a task, it will help to be able to produce and monitor instant results. By understanding how the action of the business can influence results the business can make operational decisions and easily measure success.
The Financial Benchmarking Scorecard (available for download below) is a must for every law firm leader. This invaluable free resource will provide a deeper understanding of business performance.
"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 level is 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.
Access the Financial Benchmarking Scorecard - below