Crowe launches annual law firm benchmarking survey
National audit, tax, advisory and risk firm Crowe, has launched its 2021 annual law firm benchmarking survey, to provide insight into financial performances in the legal sector as well as key issues facing law firms.
Now in its tenth year, in addition to asking firms for their views on the key risks and challenges, Crowe will further explore the trends highlighted in the results of its 2020 report as well as actions and future plans of firms throughout this period of unprecedented change.
Ross Prince, partner in Crowe’s Midlands office at Oldbury, said: “Our annual survey seeks to gauge the opinion of those who work in the industry on key issues concerns facing business.
“By request, we have also split the survey into two parts to make it easier for the financial and operational questions to be completed by the most appropriate person.
“The first part is relating to financial data – these questions are for firms to input their headline financial data and should typically be completed by finance directors and finance teams.
“We then ask for your views on some of the key risks and opportunities which impact law firms, and plans for the future. They are designed to be completed by managing partners, senior partners or finance directors.”
Although the results of Crowe’s 2020 law firm benchmarking survey showed that most London city firms believed the impact of Covid-19 would be fairly neutral in the long run – the regional picture was one of winners and losers.
Mr Prince continued: “Last year’s respondents saw some firms sweeping up business as others struggle. Pressure on fee income was felt most in the regions, with 41 per cent of firms grappling with declining revenues representing the highest proportion of shrinking firms since our research began.
“We hope to see imporvements over the past 12 months, as business starts to return to some form of normal.”
As well as supporting Crowe’s research, firms who participate in this years survey will receive a bespoke report, which analyses their financial results against others who have participated. Crowe will also provide further detail and commentary on each firm's performance. All data is anonymised.
To fill out the survey before July 30 visit: https://www.crowe.com/uk/insights/law-firm-benchmarking-2021
