New survey seeks firm’s views on resilience of industry, as threats to viability grows

Our annual Law Firm Benchmarking survey 2024 which provides invaluable insight to the financial health of UK law practices and resilience of their operations.

From economic pressures, cyber threats and the necessity to implement climate resilient operations, law practices face a number of challenges in 2024. In the 12th edition of the survey, it will gather and probe the views of practices and their leaders on the revenue expectations of their firms, especially as it becomes increasingly difficult to stand out and compete for clients who are now more price sensitive when choosing legal representation.

In recent years, the legal sector, like many others, have undergone significant transformation in protecting their business for the future. The 2024 survey will seek firms’ views on the resilience of their operations and how they are navigating their business around the ever-evolving threats from cybercrime, Artificial Intelligence and climate change, and where the industry is falling short, in keeping themselves and their businesses secure, so they can continue delivering for their clients.

It’s quick and easy to complete the online survey - click here to be part of the 2024 edition. The deadline for all submissions is Monday 31 July.

With offices in Bristol, Cheltenham, Kent, London, Manchester, Midlands and Thames Valley, we are encouraging firms nation-wide to provide commentary on how these prominent issues are impacting the law profession.

Nicky Owen, Partner and our Head of Professional Practice, said:

“Our Law Firm Benchmarking survey provides an opportunity for firms to compare their results anonymously with other firms either nationally or by size. The results will provide invaluable insight into the focus and confidence of the law firms for the forth coming year.

“The deadline for responding to the survey is Monday 31 July, so if you’re a Managing or a Senior Partner or Financial Director, please share your views and take advantage of the insight that the results will provide from a third-party perspective.”

Tim Kidd, Chief Executive, Institute of Legal Finance and Management (ILFM), said:

“We are delighted to team up once again with Crowe for the 2024 Law Firm Benchmarking survey. This will be the third year in a row working in collaboration as the ILFM and Crowe.

“The annual survey provides valuable insights for our members into the ever-evolving legal industry and enables member firms to compare their financial performance with others in the sector. Covering a wide range of areas, the survey provides firms with a unique opportunity to assess their performance, identify areas for improvement and benchmark their practices against other participating firms.”

The full industry-wide report is expected to be published later this Autumn. Each participating firm will receive a bespoke benchmarking report which analyses the firm’s performance allowing them to see how their organisation is positioned in the market and gives an insight into the successes of other participating firms to see how their firm compares.