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Competent Legal is a large law firm. The company has three departments that work directly with clients: Taxation, Contracts and Corporate Law. In addition, the firm has an Administration Department. The managing partner uses the measures shown below to monitor the firm's performance. 2 Performance measures Overall business Profit Market share Client departments Revenues Costs Percentage of available time charged to clients Administration Department Costs At the end of each month the managing partner compares the actual results for these measures with budgeted results. Department managers are asked to explain any significant variances. Competent Legal has always been successful and is proud of the quality of its legal advice, but recently its profitability has declined. The managing partner asks the Administration Department to review the firm's performance measurement system. Required: 1. Identification of the type of business strategies that might be followed in a service firm such as Competent Legal (2 marks) 2. A review of the existing performance measurement system, assessing: a. How well measures support the firm's strategies. (1 mark) b. Any potential adverse effects that the existing system may have on performance. (2 marks) 3. A brief description of a potential balanced Scorecard and its likely structure and content. (5 marks) Competent Legal is a large law firm. The company has three departments that work directly with clients: Taxation, Contracts and Corporate Law. In addition, the firm has an Administration Department. The managing partner uses the measures shown below to monitor the firm's performance. 2 Performance measures Overall business Profit Market share Client departments Revenues Costs Percentage of available time charged to clients Administration Department Costs At the end of each month the managing partner compares the actual results for these measures with budgeted results. Department managers are asked to explain any significant variances. Competent Legal has always been successful and is proud of the quality of its legal advice, but recently its profitability has declined. The managing partner asks the Administration Department to review the firm's performance measurement system. Required: 1. Identification of the type of business strategies that might be followed in a service firm such as Competent Legal (2 marks) 2. A review of the existing performance measurement system, assessing: a. How well measures support the firm's strategies. (1 mark) b. Any potential adverse effects that the existing system may have on performance. (2 marks) 3. A brief description of a potential balanced Scorecard and its likely structure and content