The concept of benchmarking — setting up statistical guidelines to identify best management practices — can be a tremendous benefit to law firms. Financial benchmarking helps law firms measure their business effectiveness by analyzing profitability, cash flow and collections.
Appropriate statistical benchmarks can help you explore operating strengths and deficiencies, and help you understand where you are currently, relative to your goals. Benchmarks provide fact-based information to help firm colleagues establish consensus about future goals. On an individual level, lawyers who understand financial benchmarking can better assess the value they provide to clients, and better reflect that value in their bills.
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