Mid-market law firm benchmarking report 2024-2025
As we navigate through 2025, the landscape continues to evolve, presenting both challenges and opportunities for law firms. The legal market has experienced considerable volatility, with economic conditions influencing spending plans for both firms and their clients. These clients are increasingly focused on cost control and may seek lower-cost alternatives, such as in-house lawyers, consultants, or budget-friendly providers.
AI and sustainability have become key focus areas and, indeed, challenges for many law firms over the last year. Additionally, there are signs that Private Equity (PE) houses may be turning their attention to Law Firms. In recent years, there has been an influx of PE investment into other professional firms, such as accountancy firms, but now that those markets have become saturated, there is growing interest in the legal market. This report will also explore the opportunities and challenges that lie ahead for firms.
Trends in Key Performance Indicators (KPIs) for mid-market law firms
KPIs are crucial tools for managing and tracking the health of firms. Having access to good quality, accurate, and timely data is essential for decision-making. Producing monthly management accounts alongside budgets can help understand how a firm is performing compared to internal metrics. This report aims to allow benchmarking against competitors, leading to more informed forecasting and decision-making.
We gathered publicly available data and analysed it using our bespoke internal benchmarking software. We have also included some data from a range of our clients as well as market reports to provide a more in-depth analysis on figures which are not publicly available. The data is split into three groups based on turnover (under £25 million, £25 million – £50 million, and £50 million – £100 million) and focuses on data from accounting periods ending in 2024.
Number of firms in sample
- Under £25 million revenue: 166
- £25 million – £50 million revenue: 55
- £50 million – £100 million revenue: 44
- Moore Kingston Smith clients: 50
Click below to read and download the full law firm benchmarking report 2024-2025 for the mid-market.
We have access to a wide range of data and can provide bespoke tailored benchmarking reports for individual firms and expand on further interesting KPIs.
If you would like information on a bespoke benchmarking report for your firm, or if you have any queries on other business advisory or accounting matters, please get in touch with our law firm specialists.
