Recruiting and retaining talent is the top priority among mid-sized law firms, ahead of efficiency and financial performance, according to a benchmark survey of preoccupations as they devise strategy.
The anonymous survey for LawNet – a collaborative network of over 70 member firms – placed recruitment at the head of the top three concerns, ahead of efficiency/process, and data management.
The survey said other significant factors preoccupying firms as they devised future strategies were culture, income streams and succession matters.
The benchmarking survey was carried out by the legal sector team of south-west business advisers and accountancy firm PKF Francis Clark. The results are collated for the benefit of LawNet members to enable them to compare their own performance with similar firms.
Andrew Allen, head of the PKF Francis Clark legal team, said: “The underlying message from the survey in 2018 is clear; firms are most concerned about attracting and retaining the best people to deliver services to clients, while operational effectiveness on a day-to-day basis comes in behind.”
Chris Marston, LawNet’s chief executive, added: “Benchmarking is not just about knowing what’s happening today; the long-term value is in how it focuses attention and drives action in key areas, such as reducing lock up, where we’ve seen impressive progress across our member firms in recent years.
“There’s real value in being able to see how your firm’s performance compares specifically with your peers, as well as the sector at large.”