The Law Firm Maturity Index (LFMI)
There is a pressing need in the legal industry to recognise, empower and leverage human capital.
This means going beyond ESG box ticking and evaluating culture, well-being and health in a holistic way.
This is why we have launched the Law Firm Maturity Index (LFMI). By collaborating with The Maturity Institute and performance rating system OMINDEX® we’ve created a survey that will present you and your law firm with a series of statements to determine how mature your organisation is in terms of leadership, values, well-being and environmental awareness.
Initial feedback has provided a range of data and insights.
- “Having worked with various other law firms, [XYZ LLP] is the most diverse, least hierarchical law firm I know.”
- “The reality inside is one of a bureaucratic culture that does not adapt well to best practice....”
- “Unlike other firms I've worked at, [XYZ LLP] lives by its public image - there are no double standards.
What does the Law Firm Maturity Index measure?
The survey involves assessing factors such as:
Purpose
Innovation
Decision-making
Human governance
Trust
Authenticity
Higher levels of maturity correlate with improved financial performance and societal value.
Why should you adopt the Law Firm Maturity Index?
The LFMI provides a structured, independent means for law firms to measure and demonstrate law firm maturity (where ‘maturity’ is assessed as the culmination of the interactions of purpose, values, culture, DEI, ESG, innovation, wellbeing, productivity, retention.) This systemic and holistic approach is unique amongst organisational surveys and audits and provides unparalleled data for firms involved.
Included is the measurement of a firm’s commitment to ESG. It offers a reliable benchmark to assess ESG authenticity and competence, which is becoming increasingly important for both internal stakeholders and clients.
The LFMI focuses on aspects like leadership, values, well-being, and environmental awareness, allowing law firms to evaluate their organisational culture and identifying areas for growth and development. This means helps law firms create healthier work environments and enhance their overall culture.
Embracing the LFMI not only demonstrates a firm's commitment to transparency but also positions it as a forward-thinking, socially responsible organisation. In an evolving legal landscape where regulators are scrutinising toxic workplaces, adopting the LFMI can set law firms apart, attract clients who value ESG, and contribute to the sector's positive transformation.
Are you a General Counsel ready to lead the way?
We are asking General Counsel to help drive this by adopting the LFMI for their legal panel relationships and being at the forefront of a transformative movement.
Here are three benefits your involvement as a GC will bring:
You will be able to really understand the lived experience within the law firms you use and the extent of their commitment to creating a better culture in the legal industry.
Early adopters will gain exclusive access to previews of data and insights, which means you can stay one step ahead in optimising your panel relationships, collaborating with your firms to create a mature, purpose-led ecosystem
You will join our group of legal team and law firm leaders who are making a real impact on the agenda and discussions that drive our industry forward.
Take part in our survey. This is entirely confidential and will give us the data we need to start building a picture of where we are in legal - and what we need to change.