Ninth annual LMS Financial Benchmarking survey released

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The ninth annual Law Management Section Financial Benchmarking Survey is now available. Produced in association with Robert Mowbray of MacIntyre Hudson LLP, the survey has become the annual financial health check of the Law Society’s Law Management Section (LMS), and it represents the most in-depth research of its kind. The results are based upon responses to a questionnaire that was sent to all LMS members in 2008.

At the time the benchmarking survey questionnaires came to be completed in the autumn of 2008, the first signs of what became the recession were there, but while not too many law firms saw their 2007-08 figures greatly affected by the crunch, the market in which law firms operate had undoubtedly altered across the profession.

That may be one reason why the number of participating firms was down this year compared to last, it being that much harder to devote time and resources to surveys such as this (however useful they are) at a time when every firm is scrutinising not just expenditure but the productivity of all members of staff.

The areas surveyed are as follows:

• fee income;
• employment costs;
• profitability;
• working capital management; and
• management best practice. 

The survey can be purchased for £75 (members) or £150 (non-members) via e-shop.

For more information, contact the Law Management Section via telephone at 020.7316.5707, fax 020.7316.5775 or email lawmanagementsection@lawsociety.org.uk