LexSolutions has launched a Law Firm Maturity Index (LFMI) to create a cultural benchmark for the legal sector, measuring how well organisations are run and the extent to which they meet social responsibilities such as their commitment to ESG.
Working with the Maturity Institute and powered by performance rating system OMINDEX, the LFMI presents participants with a series of statements to determine how mature their organisation is in terms of leadership; values; wellbeing and environmental awareness.
LexSolutions is a legal consultancy run by former GCs which provides additional resource to in-house legal teams and law firms as well as helping them to modernise and implement new technology.
It was founded in 2015 by Manu Kanwar, a former GC at Yahoo, Powa Technologies and Magine (through LexSolutions), who said of the LFMI: “We know that law firms talk a lot about their people and culture. But it is still hard to find benchmarks for what good actually looks like.
“We hope this will help law firms (and indeed legal tech businesses) find out the strength of their culture, how their human systems link to performance and ESG value. We also hope it will help them work towards improvement by showing where they are and unpacking areas where they need to make progress.”
The LFMI will show maturity scores for law firms across areas such as purpose, well-being, human value and ESG. The results will be used to generate insights on key legal sector themes such as burnout and D&I.
Kanwar said: “Healthier firms that better serve all stakeholders means that the whole legal sector increases its value to society. Knowing how the Maturity Institute has transformed other businesses and organisations into human-centric organisations, we see such potential in this for the legal sector.”