Financial benchmarking survey deadline extended

23rd March 2018 | law society of scotland , practice management

Scottish solicitors' firms have an extra three weeks to take part in this year's financial benchmarking survey, the Law Society of Scotland announced today.

The survey, carried out by independent researchers Tribal on behalf of the Society, helps firms of all sizes assess their own financial performance and the financial health of the wider Scottish legal sector.

This year's survey was due for completion by today, but the Society has decided to allow an additional three weeks, until Friday 13 April, taking the available time to beyond the Easter break.

The confidential, online questionnaire has been improved and substantially streamlined since its launch in 2017, to make it easier to complete. 

Participating firms can access a unique, online report which allows them to view and compare:

  • income and costs by the size or location of the firm;
  • a breakdown of the firm’s total costs;
  • cash flow management;
  • and the relationships between the different results, for example plotting staff costs against profitability.

Graham Matthews, President of the Society, commented: "Knowing just how your business is performing is a crucial aspect of running a successful law firm, and I would encourage firms to take advantage of the extended deadline and use the survey as part of their business management toolkit.

"In addition to providing an overview of how the sector is performing overall, the individual, interactive online reports really help to bring firms’ financial data to life, enabling solicitors to assess how their own business is faring year on year and help them make the right strategic decisions for their business and its future development."

Email invitations to participate in the survey, which is sponsored by Clydesdale Bank, have been sent to law firms’ cashroom partners. All responses go to research company Tribal and are confidential. 

The 2017 survey findings are available to read on the Society’s website. For more information contact the Law Society’s research team: research@lawscot.org.uk.