The latest edition of the PwC benchmark survey covering the financial performance of law firms in the UK makes interesting reading. 

While the data relates to UK law firms, many of the underlying issues are true for any professional services firm, anywhere.

You can access the executive report by this link but its interesting that what is measured is the outcome of activity.

So, if Profit per Equity Partner (PEP) or Work in Progress (WIP) levels are key measures of success for your firm, the next question to ask is “what actually influences these?”

The executive report of the study notes the importance of“placing more emphasis on the strategic element of support roles”.  It also notes the influence of fees per fee-earner and of pricing on the overall performance of firms.

But again, I would bring the  “strategic elements” of the marketing into focus here and say “if fees per fee earner and effective pricing are outcomes, what is the best way for marketing skill and expertise to contribute?”

Its perhaps worth asking that question of yourself, and for your firm.

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