The Unbalanced Scorecard: how firms profit by recalibrating service performance and value for money

In the days post referendum, firms have been rushing to set up helplines, war rooms and other facilities to help out existing and maybe even new clients with regard to the potential implications of the Brexit vote. And they will still need to get a firm handle on service delivery to ensure those clients and prospects keep coming back.

Delivering the work in conjunction with the right service and client relationship management is a challenge for every firm. The Performance and Value Index (PVI) captures thousands of responses every year on the legal sector alone, providing a myriad of benchmarks on service delivery, value for money, budget compliance and client loyalty. Our latest report, The Unbalanced Scorecard released just this week, shows the results of these service metrics from 2,028 buyers of legal services.

This year we also interviewed a cross-section of senior General Counsels; one of whom described our results as “like no other top 10 in legal you will ever see”. Quite so. There is a refreshing diversity of firms that work in different markets and at very different price points but what they have in common is a focus on aligning their service delivery with the expectations of their clients. What this report shows is that big can be good but it is not necessarily best – just take a look at our top ten.

Clients view law firms as expensive and no firm for which we have data leaves clients believing they got more value from instructing them than they had anticipated at the outset, quite the opposite. And that remains a challenge for every firm. Similarly, budget compliance is good in some areas but poor in others and a bone of contention for many.

The best performing firms on service and value are rewarded with loyal clients, an essential ingredient in any professional services business; yet others score disappointingly poorly. This is particularly a concern in an increasingly polarised market where firms that have neither an expertise, nor cost, nor service advantage have nowhere left to go. What is going to differentiate them in a turbulent marketplace?

To discover how your firm fared download a free copy of our report. For in-depth analysis of your firm’s performance on any of the metrics in the report, contact the team on 020 3286 4681 or at enquiries@nisus.net.