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Law Firm Benchmarking 2024

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How does your firm measure up?

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Crowe’s annual Law Firm Benchmarking survey is live!

We are pleased to announce that Crowe have launched their 2024 Law Firm Benchmarking survey, working in collaboration with the Institute of Legal Finance and Management (ILFM)..

“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 Institute of Legal Finance and Management (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    Tim Kidd, Chief Executive - ILFM 

The results will enable firms to compare key performance indicators such as profit per equity partner (PEP), average lock up days, and revenue growth.

All participating firms will receive a bespoke report.

To take part in the survey, please click below. 

What do you get for taking part?

As a thank you for taking part in this important Benchmarking survey, all firms will receive a bespoke report put together by Crowe, which analyses your financial results against other participants. You will receive insight into what other firms are focusing on and commentary on your firm’s performance, providing you with the opportunity to kick start strategic discussions.

Participating in the survey is a simple and confidential process that can be completed using the latest financial information available – the data does not need to be approved or audited. It is separated into two parts and will take no more than 30 minutes in total.

The Crowe annual Benchmarking report provides valuable insights into the financial performance of the legal sector. It focuses on key challenges faced by law firms and their leaders.

This year’s report explores sustainability policies, resilience to cybercrime threats, and potential effects related to the general election. Additionally, it seeks input on firms’ expectations for the upcoming financial year.

If you’re participating, remember that internal management information suffices - audited or approved data is not necessary.

Submissions will be accepted until Wednesday 31 July 2024. Don't miss the opportunity to take part! 

Contact Crowe if you have any questions.

Please note:  The ILFM does not have access to any submitted data or information - this is direct to Crowe.  The ILFM will receive a copy of the same report as everyone who has submitted. 

Part 1: Financial data and finance related questions

To be completed by: finance directors or finance teams Information required: your latest available financial data
It will take: 20 minutes 

Start Part One

Part 2: Your views on what your firm is focusing on

To be completed by: managing partners, senior partners or finance directors
Questions relating to your: people, performance expectations, risks and future plans
It will take: 10 minutes

Start Part Two

A bespoke report for all participating firms

  • Analysing your financial performance allows you to compare it with industry peers.
  • Gain insights into what participants are focusing on.
  • Identify strategic opportunities.

All data is anonymised.

View Example 2023 Report here 

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