Legal firms from Wairoa to Dannevirke are being invited to participate in a new profitability survey that will enable them to compare how they stack up against their competitors.
While the legal practitioners' performance survey is new to Hawke's Bay, it has been undertaken in the Auckland marketplace for thepast six years and is seen as a valuable benchmarking tool.
Initiated by the legal business development unit of the Markhams Chartered Accountants and Business Advisors group, the confidential survey has been extended to encompass the central North Island area, with a separate survey also being undertaken in Christchurch.
Markhams Hawkes Bay principal Hamish Pringle said Auckland firms used the information to compare themselves and to look for ways to improve their operations. It was also widely used to assist with salary reviews and incentives.
"Legal firms are businesses as much as any other and they haven't escaped the recessionary times we are in," he said.
"They need to identify where they can improve practice profitability."
Participants would be provided with a concise and informative report with results presented on a per partner basis, about the current state of their marketplace. A full report detailing all responses (recorded anonymously) will also be included.
Remuneration information would provide an insight into various staff salaries in the marketplace. The central North Island survey will include results from legal businesses in Hawke's Bay, Wairarapa, New Plymouth, Taupo, Wanganui, Palmerston North and Horowhenua.
