Is your law firm achieving its financial best?
The results are in for the 2015 Financial Performance Benchmarking Study of New Zealand Law Firms. This survey was conducted by Crowe Horwath and the Australasian Legal Practise Management Association (ALPMA).
The growth outlook expected amongst respondents averaged 5%.
New Zealand law firms remain profitable with operating profit margins in excess of 30% – that is the profits available to partners before interest and taxes are paid.
Non-equity partners’ salaries averaged $195,000.
The median lockup amongst all firms surveyed was 86.36 days.
What threats are NZ law firms most worried about?
The main risk being identified as a threat to law firms’ growth was conclusively a downturn in the general economic conditions in New Zealand.
Firms are planning to manage this threat by focusing on attracting new business (creating a more competitive environment) and adding services to their client offering.
Our business advisory team can assist you in developing a robust growth strategy to help you tackle these threats.
For more information, please contact your local Crowe Horwath office to speak with one of our business advisers.