The results are in for the 2015 Crowe Horwath and the Australian Legal Practice Management Association (ALPMA) Financial Performance Benchmarking Study of Australian Law Firms.
And the survey says…
Firms are rising to the challenges of the economy by taking control of the internal factors affecting their ability to grow.
Unlike 2013, where firms cut costs across the board, firms are now carefully choosing areas for cost savings that will create a more beneficial effect on profitability.
With improving cash flow, and early signs that some firms are opening their purse strings to invest, what areas will actually facilitate growth?
As Partners are the beneficiaries this year, with more cash to use, there is a greater focus on business development and lateral recruitment. The overall prediction is that there will be more competition in the marketplace for 2015.
Our business advisory team can assist you in developing a robust growth strategy to help you tackle the threat of increased competition head on.