To help firms benchmark their practice management teams, the MPF regularly collects and publishes data on practice management professionals working for professional firms worldwide. Our 'Unsung Heroes' campaign, highlighting the growth of practice management professionals through publishing 'headcount' league tables was widely acclaimed in the professions, relevant press and by individual MPF members.
MARKET GAP
Firms are currently able to benchmark some capability of a practice management function in isolation within their discipline (eg. PwC - Firm financials, staffing & costs) However, we perceive there is an absence of reliable comparative information at the right granularity on the performance of professional firms both within and across our different sectors.
The Business Benchmarker fills a distinct gap in the market for a value-add benchmarking report because:
- Professions are becoming big businesses and increasingly require professional management and a way of monitoring spend on 'support services'.
- The professional services sector is rapidly evolving so benchmarking can help firms to plan their future.
- Benchmarks and best practice from 'normal' companies don't apply to the professions because they are different. There is little benchmarking information available for the professions, much less than in other sectors.
CONTENT & PROCESS
Taking the best elements of existing benchmarking projects, and adding expert consultation from practice management's finest thought leaders, the MPF Business Benchmarker delivers critical measurements and key ratios that will enable firms' to assess the efficiency of their functions relative to peer groups and other professional services organisations. The survey output will consist of a firm-wide report and detailed discipline reports for finance, marketing and HR. The service will rely on the research and analytical support carried out by specialist consultancy and market research firm, Lighthouse Global, led by Freshfields-trained lawyers.
The Business Benchmarker will be sent to managing partners at participating firms. Having completed the MP section, the report will be distributed to the relevant department heads to complete the report in full. The MPF will offer a free executive summary (including firm specific charts) to all firms that participate. Subscription charges will apply to the full version of the report and for each detailed discipline report.
DELIVERABLES
Use the Business Benchmarker to:
- Compare your firm's business performance, allocation of resources and strategy against your direct competitors and other professional services organisations.
- Input to your firm's annual budget and business plan, and that of each of your main function areas e.g. marketing, IT, HR etc.
- To set internal targets on key performance indicators.
- For use in internal presentations, eg. a the partner's conference.
- To help make decisions on where to increase or decrease headcount and spend across the business.
- Drill down on the firm's capability and performance in three key areas: Finance, Marketing and Human Resources.
- Help set the firm's strategy.
CREDIBILITY
The MPF and Lighthouse Global are ideally placed to meet the needs of the market:
- Access to top decision takers through Managing Partners' Forum, Professional Marketing Forum and Professional Personal Forum networks.
- Quality of content - assured through advisory panel of practice management leaders
- Quality of analysis and added value - Lighthouse Global draw out implications for your firm.
- Detailed – three key disciplines benchmarked in fine detail. (Finance, Marketing, HR)
ADVISORY PANEL
- Tony Bash, Finance Director (Weil Gotshal & Manges)
- Dave Hertzell, Operations partner (DAC)
- Alan Hodgart, Principal (Hodgart)
- Barry Jackson, Director (City Jesters)
- Ben Kent, Director, (Lighthouse Global)
- Jill King, HR Director (Linklaters)
- Robin Mather, Global Lead for Research (Accenture)
- David Miles, Partner (BDO Stoy Hayward)
CONTACT
If your firm wishes to participate in the MPF Business Benchmarker please contact Paul Lemon on 020 7786 9786