Well worth reading so you can draw your own conclusions on key areas of interest to you. It’s easy to read and there is a lot of valuable information here to let you compare how your practice is faring with others like you; also highlighting how you might be able to do better. We can help you make some of the changes that make a significant impact on bottom line profits.
The survey is a substantial review of law firms with fee income of up to £35 million. From across England, Wales and Scotland, 339 firms, employing 15,200 people, took part in the survey.
Key questions asked here that the findings and conclusions can help you answer in relation to your practice:
- What do we need to do to enable fee earners to become more productive?
- Are we training our fee earners properly so that they maximise their fee earning potential?
- Are we confident about our pricing, and can we charge more if we get the service right?
- Have we benchmarked our performance against comparable firms and have we identified where we are below the upper quartile point?
- Are we under-recording how we spend our time and therefore not showing clients the full extent of our efforts?
- How can we get a better rate per hour for what we do, and do we understand creative fees?
- Do we use matter planning tools which help us to understand the profitability of the work we are doing?
- Do we have a clear strategy?
- Given that clients don’t want nasty shocks when they are billed, why do we wait so long before we talk about money?
- Do fee earners have the necessary management information available to manage lock-up?
- Are the appropriate ‘carrots and sticks’ in place to deliver improved lock-up?
- Do we have sufficient capital to run the business now, and will we need more capital if the firm grows again?
- Is it time to look again at our legal structure and how capital is to be retained within the firm?
- Is it right that we aim to fully distribute profits?
- Do we need to reconsider how quickly new partners are asked to contribute capital and how quickly departing partners can extract their capital?
For a complete picture and recent trends, you can also download previous reports below for:
Call us on 0161 929 8355 or complete this form if you want us to help you identify AND IMPLEMENT ways to improve the performance of your practice.