2024 Legal Practitioners Financial Performance Survey
About the Survey
Announcing the 2024 Legal Practitioners Financial Performance Survey
In partnership with ALPMA, we present the New Zealand National Legal Practitioners Financial Performance Benchmarking Survey for 2024. This report offers a comprehensive analysis of the trends, challenges, and opportunities shaping the legal industry today.
A Deeper Look into New Zealand’s Legal Industry
The 2024 survey gathers financial performance data from 63 legal firms across New Zealand, providing a robust benchmark for your practice. Participants range from city-centre firms to regional practices, covering Auckland, Wellington, Christchurch, and other key areas in the North and South Islands.
This report, based on the 2023 financial year, offers invaluable insights into how your firm’s performance compares with others in the sector, helping you make informed strategic decisions.
Key Findings from the 2024 Survey
Benchmark Your Firm’s Performance
Gain a competitive edge by understanding where your firm stands. Download the complete 2024 Benchmarking Survey for a comprehensive analysis of KPIs, profitability tiers, and strategic insights.
Total salary costs now average 44% of gross revenue, a significant increase from 25% for fee-earners in 2017. This highlights a growing pressure on firm profitability.
The most profitable firms (Tier 1) have an average of 8.57 fee earners per equity partner, demonstrating that a highly geared model can drive superior financial performance.
While net income per equity partner for the top 10 firms has increased since 2017, it has not kept pace with the rise in salary costs, now averaging only 29% of gross earnings across all firms.
Average overheads vary significantly, with top-tier firms managing to keep them under 20%. IT and telecommunications costs have increased to 4.41% of gross revenue, up from 3.4% in 2017.
Insights
Key Trends from the ALPMA Legal Survey Report 2024
56 min
