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Accounting and Financial Planning for Law FirmsKickerFeaturesTopicsLaw Firm ManagementSectionsNewsLJN Newsletters

Just-in-Time Benchmarking

By Allison Guidette & Pete Peterson
December 22, 2006

[Editor's note: A&FP last addressed the benefits and some challenges of automated benchmarking in Jill Nelson's October 2005 article, 'Progress in Automated Bench-marking.' In revisiting the subject, this new article provides some additional illustrations of the usefulness of this new class of Market Intelligence tools, which are designed to provide effectively current competitive benchmarking to guide law firm strategy and
decision-making.]

Benchmarking has long been a difficult undertaking for private service providers and for law firms in particular. While firm partners historically have tracked firm-wide metrics such as billings, profits per partner and individual productivity, firms have until recently not had the means or opportunity to benchmark performance at the practice group, office location and timekeeper level with any accuracy or currentness.

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