Law Society launches tender for financial benchmarking survey
The Law Society of Scotland has initiated a tendering process for its annual Financial Benchmarking Survey.
The survey, historically known as the Cost of Time Survey, is a well-established independent report which tracks the financial health of the profession and economic climate of the Scottish legal sector. For the last 30 years it has been the go to source of financial performance information. It is recognised for accuracy and reliability in showing the cost of running a solicitor’s practice in Scotland and correlating these to legal fee earning structures.
The survey facilitates a benchmark for members to set fees and measure their own performance against other similar firms.
Building on the credibility and profile of the existing survey, we are now looking to work with a partner organisation that has expertise in financial analysis and benchmarking to help us develop and deliver a more extensive report assessing individual firm competitiveness as well as industry performance and trends. We also want to bring that data alive in more useful and intuitive ways for our members.
The partner would be responsible for delivering the financial benchmarking report for members in general terms and also for providing confidential individual reports for those members who contribute to the report through the submission of data.
Interested parties should contact the Society by 12 June to note their intention to submit a tender. The deadline for all tender documents is 26 June 2015. Further information on our partnership tender and an explanation of our current survey is available on our website.
For further information about the tender process please contact Fiona Robb at FionaJ.Robb@lawscot.org.uk.
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