Compiling this data shows trends - and the numbers don’t lie. If you don’t want to end upside down in your firm’s investments, you must start tracking data. KPIs are a useful tool not only in case management and revenue, but also in marketing, client service, hiring, and many other departments of your firm. The reality is there are more KPIs worth tracking for your law firm than you might realize. Make sense? If it’s as simple as cases that bring in revenue, why measure or track these things on a deeper level? Indicator = the way in which it’s measured You’ll know if you don’t have enough cases closed by the end of January to be on track for your annual goal, your team will need to make up for it later on. That monthly case goal is a KPI - key performance indicator. If your firm needs to bring in $X of revenue in a year, and - based on previous case data - you know to meet the revenue goal it will require you to close Y number of cases in that year, you might measure the number of cases needed to close on a monthly basis to meet the overall annual goal. To put it simply, a KPI is a measurement of progress toward a particular goal. According to KPI.org, this critical data indicates progress toward an intended result. Key performance indicators (KPIs) are strategic data used to measure success within an organization. KPIs for Law Firms Focus Team Attention on What Matters Most.The Right KPIs for Law Firms Measure Progress.Why Should You Track KPIs for Law Firms?.We’re breaking it down to the essentials for a law firm owner here. In order to run a successful law firm, KPIs are an absolute must. As a law firm owner, you’re running a business - whether you like it or not.īreaking news: you are the CEO of your law firm.Īs such, you may have heard the KPI buzzword floating around before - but what does it mean? What are KPIs and why should you care?
0 kommentar(er)
