Law firms across Scotland can still take part in the 2018 financial benchmarking survey to assess the financial health of their firm.
The financial benchmarking survey, carried out by independent researchers Tribal on behalf of the Law Society of Scotland, helps firms of all sizes, from sole practitioner and high street firms to large scale commercial firms, assess their own financial performance and the financial health of the wider Scottish legal sector.
The confidential, online questionnaire has been improved and substantially streamlined since its launch in 2017, to make it easier to complete. The new deadline for completion is 13 April 2018.
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
- cashflow management
- the relationships between the different results, e.g. plotting your firm’s staff costs against profitability
Graham Matthews, President of the Law Society of Scotland, said: “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 this year's 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 survey closes on 13 April 2018.