Law Society of Scotland Council member Sue Carter highlights the benefits of taking part in the 2018 financial benchmarking survey in a new video.
Carried out by independent researchers Tribal and sponsored by Clydesdale Bank, the Law Society financial benchmarking survey, aims to help firms of all sizes, from sole practitioner and high street firms to large scale commercial firms, assess their financial health and how they are performing in the legal market. It also provides insight into the financial health of the Scottish legal sector as a whole.
Sue Carter, UK Head of Professional Services Sector at Clydesdale Bank and a non-solicitor member of the Society’s Council, said: “The survey provides really useful trend analysis and benchmarking your own firm against your peers can be a valuable aid to making the right decisions for your business. Firms that choose to participate in the survey can easily demonstrate to their bank how seriously they take financial management and the findings help inform strategic decision-making, enabling questions to be asked about what needs to change or remain the same within the firm to support growth.”
The confidential, online questionnaire has been improved and streamlined since its launch in 2017, to make it even easier for solicitors to complete. Taking part allows firms to view and compare:
- income and costs by the size or location of a firm
- a breakdown of the firm’s total costs
- cashflow management
- the relationships between the different results, e.g. plotting your firm’s staff costs against profitability
Email invitations to participate in this year's survey have been sent to all law firms’ cashroom partners in Scotland. All responses go to research company Tribal and are confidential. The survey closes on 23 March 2018.
To read the report on the 2017 survey findings check the financial benchmarking section of the our website.