Macquarie Bank recently commissioned an extensive survey of 275 law firms across Australia. 39 Clarence Legal Members participated in the survey providing a statistically significant sample from which Macquarie has been able to compare Clarence lawyers against other comparable legal practices with annual gross revenues of $1 million or less.
A number of strong performance indicators were highlighted by the survey. In particular, Clarence lawyers have a significantly lower combined expense profile for salary, wages, rent and premises than their non Clarence peers. Clarence lawyers spend significantly less on salaries – 34% of revenues for Clarence lawyers versus 45% for non Clarence lawyers – resulting in higher profit margins than the comparable sole and small practitioners.
The benchmark survey results unequivocally confirm some of the many benefits of being part of Clarence Chambers model.
We are very excited to be partnering with Macquarie on their Firm of the Future initiative and will keep you updated with some exciting developments in 2018. In the interim, if you would like to see the Clarence specific Macquarie report please click on this link.