Financial Benchmarking for Law Firms

The Australian Legal Industry is highly competitive. So how do you know if your law firm is performing better than your competitors? Working with FMRC, benchmarking.com.au has developed the Legal Business Monitor: a tool designed to take the guesswork out of assessing your law firm’s performance.

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Powering Financial Benchmarking for Law Firms

Benchmarking your Law Firm

In addition to assessing your firm against your competitors, the Legal Business Monitor also enables you to assess the output performance of individual partners, associates and other employees.

The in-depth benchmark analysis provides legal partners and associated with information such as:

How does your profit margin compare with other firms of similar size?
How productive are your lawyers compared to other firms?
Are you charging too much or too little for your services?
Do you have enough employees or are your employee costs too high?
How much should you be investing in computers and technologies?
How does your firm compare to others in your state? As well as nationally?

Whilst financial performance is important, our tool also enables you to run modelling to support partners make strategic decisions investment and employee decisions to drive sustainable growth.

Legal Business Monitor Features

The Legal Business Monitor is an online tool designed to provide users with access to law firm performance benchmarks. The Legal Industry in Australia is highly diverse, with more than 20,000 entities providing legal services.¹ When it comes to benchmarking, it is important to compare firms which are similar in size, revenue and location. This ensures the results are relevant to firm partners and managers. Our Legal Business Monitor does just that. And much more.

¹ABS 81650 Counts of Australian Businesses, including Entries and Exits

Analyse Firm Performance

Run Scenario Modelling

Export and Tailor Results for Reporting

Analyse Firm Performance: Receive an instant benchmark report which enables you to analyse the following performance metrics:
- comprehensive salary and charge rate application
- firm productivity based on income per number of associates
- profitability comparison across medium and small firms (up to $10m turnover)
- industry financial performance (based on financial years)
- expenses/costs comparison; including rent, marketing and technology investments
- wages and contractor cost review
In addition, all users receive access to the five-part FMRC educational series that teaches you how to put the data into practice to implement effective changes.
Run Scenario Modelling: Utilise the Legal Business Monitor’s capability to conduct ‘what if’ scenario analysis. Scenario analysis can support managers and partners to make both high-level strategic decisions, as well as initiate daily operational actions. Further, this feature can be used to undertake cost benefit analysis to take the guess work out of growth and investment decisions.

Export and Tailor Results for Reporting: All firms report in their own way. That’s why we have created a simple process to export your data into excel, word or pdf to enable you to create your own unique reports and graphs specific to your needs. In addition, we provide you with an excel based ‘cost of production’ worksheet so you can thoroughly analyse your profitability and identify key areas for improvement.

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Benchmark Your Law Firm Today!

As an online application, the Legal Business Monitor provides you with access to law firm benchmarking and performance tools throughout the financial year. Meaning you can access up-to-date data at any stage.

For Accountants and Business Advisors, you can utilise the Legal Business Monitor with a Premier Subscription for unlimited access. Run comparative reports to assess how well your clients are performing compared to their competitors.

Subscription Details

Sign up today and you will have instant access to the Legal Business Monitor: Australia’s most comprehensive law firm benchmarking tool.

Download Sample Report

People viewing data on benchmarking software

Have You Used the Legal Business Monitor in The Past?

The Legal Business Monitor was introduced in 2009 by FMRC Legal. If your firm has taken part in this exciting survey after 2013 your data will already be uploaded in the system.

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Financial Benchmarking for Law Firms

Benchmarking your Law Firm