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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]