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Law Firm Data & Key Performance Indicators (KPIs)

It’s easy for busy attorneys like us to get trapped in “taking care of business” mode. While getting stuff done on the daily is a great thing, where are you going with it all? Are you actively reaching your goals and moving your firm forward? If you can’t honestly say “yes,” it’s time to make a change. 

To truly succeed and grow your firm, you must be able to:

  • Pinpoint areas of improvement and find solutions to those concerns
  • See what’s holding you back from reaching your goals and stop it in its tracks
  • Take notice and celebrate when you and your team experience a win

The best way to make it all happen is by tracking and measuring your law firm data and key performance indicators (KPIs). KPIs help keep you and your team accountable, and they provide solid evidence that your efforts are or are not working. Remember: KPIs you set today might not apply in a month or three months from now. Be open to making alterations as needed.

What Are Law Firm Key Performance Indicators (KPIs)?

Key performance indicators are metrics used to measure specific goals within all areas of your law firm such as finances, marketing, business development, and more. Measuring and tracking your KPIs will allow you to:

  • Monitor the health of your firm. KPIs allow you to see how well your law firm is performing. For example, KPIs make it easy to track your finances and how much your firm is growing each month. They allow you to see problems and successes quickly so you can take action by creating new goals or redirecting your team’s efforts.
  • Simplify decision-making. Armed with the above information, you can make informed, rational decisions for everything in your business. You don’t have to guess if a decision is the right one. Instead, you can (and should) measure all variables to make the best decision for the future of your firm.
  • Track your wins. By tracking your KPIs, you track your wins. Monitoring law firm data makes it simple to incentivize your staff’s hard work. After all, when you meet your numbers, everyone benefits.

We know that listing all the benefits doesn’t hide the intimidation factor of data. You went to law school, not business school. Tracking and measuring your law firm data isn’t as difficult as it sounds, however. Allow us to show you how to get started.

How to Use KPIs to Grow Your Data-Driven Law Firm

Before we dive in further, take some time to consider your business goals. These goals are the basis for using KPIs to grow your firm. Some examples of law firm goals include:

  • Hiring a new employee
  • Increasing revenue
  • Decreasing business expenses
  • Improving client satisfaction
  • Creating and launching a new legal service
  • Improving your financial health

Remember, your goals should be S.M.A.R.T: specific, measurable, achievable, relevant, and time-bound. Once you have clear and specific goals, assign KPIs to measure your success. Luckily, there’s a number for everything that matters in your firm.

成功企业的KPI类型

KPI可以覆盖您业务的所有方面,包括您的财务、客户满意度、营销和业务发展。

财政的

想要增加收入或改善律师事务所的财务状况?您需要跟踪一些财务KPI,包括(但不限于):

  • 收入
  • 发票金额
  • 应收账款
  • 预算费用

无论您的目标是什么,我们建议您跟踪一些基本的 财务数据 密切关注贵公司的健康状况。为了快速取胜,请将您的财务KPI缩小到您了解业务所需的前五位财务数字。

客户满意度

你的客户是你最宝贵的资产。公司的成功需要你关注涉及客户的某些指标。 

客户满意度KPI与律师事务所的几个关键增长目标有关,如增加转介、增加收入(快乐的客户是忠诚的客户)和提高整体 客户体验. 要跟踪的KPI的一些示例包括:

  • 净推荐分数(NPS)
  • 客户保留率
  • 结案速度

你的 净推荐分数 衡量您当前或以前的客户是否会向他人推荐您的法律服务。满意的客户更有可能这样做。此指标通常是在最终交付服务时通过调查收集的。

其他措施,如关闭速度和保留率,可以让您了解客户对您的服务有多满意。您的NPS是否低于预期?你在失去客户吗?如果是这样的话,您的客户满意度很低,必须采取措施加以改善。

营销和业务发展

你目前的营销策略有效吗?如果不衡量KPI,就无法知道。通过跟踪 营销指标 对于你的公司,你可以看到你的营销策略的表现,并在需要的地方进行调整。其中一些指标包括:

  • 网站的有机流量
  • 生成的潜在客户数量
  • 转换率
  • 收购成本/投资回报率(ROI)

例如,如果您看到您的网站流量呈下降趋势,一些新内容可能会起到作用。或者,如果你看到转化率低但流量大,那么你的网站就不会鼓励潜在客户给你打电话。您可能需要更改对操作的调用或刷新网站。

营销和业务发展是相辅相成的,因为它们对实现长期增长目标都至关重要。要跟踪的业务开发指标的一些示例包括:

  • 每月新客户数量
  • 竞争对手定价
  • 销售周期长度
  • 转化为咨询的潜在客户数量

盈利能力KPI和律师事务所财务比率

每家律师事务所都应该有一份记录在案的长期合同 财务战略 盈利能力模型。事实上,任何健康的企业都有一个书面计划来预测收入、支出、净利润和现金储备。为了确保您的计划得到贯彻,请跟踪公司的盈利能力和财务KPI。

贵公司必须跟踪的5个财务KPI

为了选择有意义的财务KPI,我们建议与簿记员合作,帮助您根据公司的健康状况巩固目标。然后,选择符合这些目标的财务指标。

为了让您开始,您必须始终了解以下五个财务KPI,以判断公司的健康状况:

  1. 利润百分比。 这个数字解释了您的收入中利润所占的百分比。一个好的目标是10-15%,所有合作伙伴都以市场价格获得报酬。
  2. 超过30天的应收账款。 此指标允许您查看客户当前欠您的现金量的高级视图。数字越小,你为公司带来的现金就越多。
  3. 库存现金。 无论是在你的口袋里还是在你的商业银行账户里,手头现金都是指你有多少可用现金。可靠的目标是为您的公司支付30-90天的运营费用。
  4. Labor percentage. This metric relates to the overall payroll expense for your firm as a proportion of your gross sales. Aim for 30-33 percent.
  5. Realization rate (collected fees). Finally, your realization rate is the number of collected fees in a specific period, usually a month. Your goal here should be 95 percent or greater.

How to Capture Law Firm Data Sources and Track your KPIs

If you’re still with us at this point, kudos! This is a lot of information to process, especially if you’re new to the KPI game. The trickiest part is knowing which data points are most important for your firm and which ones are simply noise. Make it easy by starting small:

  • Select three business questions. Based on your goals, choose three business questions you want to answer and find a way to measure them. For example, one of your questions might be, “How many new clients am I taking in each month” or “How much monthly revenue do I need to reach my yearly goal?” Select metrics that will help you answer these questions.
  • Plan a system for updating and tracking. How will you track your metrics? How often will you capture them? Who will be responsible for tracking them? Create a plan you can stick to going forward.
  • Measure weekly. We recommend compiling your data weekly and measuring it against your previous data.

Capturing and Organizing Your Law Firm Data

There are many ways to capture your data, depending on the points you choose. For example, if you’re tracking leads from your website or online traffic, Google Analytics can capture those metrics for you. Other metrics such as your number of new clients each week might need to be captured manually or via your law firm CRM tool.

The key is to organize your data to avoid having numbers in various places so you can glean insights from your numbers simply and quickly. Plus, it’s easier for your team to visualize the data when it’s organized well.

如果您还没有一个中央存储库来布局您的数据,我们建议您创建一个新的文档或电子表格,以便贵公司的主要参与者可以访问和更新。例如,考虑在共享驱动器或Google工作表上使用Excel电子表格。

KPI和团队责任

如果你有一个团队,跟踪律师事务所KPI的不仅仅是你一个人。考虑为每个团队成员提供自己的KPI。然后,当他们达到目标时,激励他们努力工作。因此,您的团队将对公司的成功负责,在帮助您实现目标的同时鼓舞士气。

审查律师事务所KPI和数据点

仅仅收集数据是不够的,你必须用它做点什么。在周会上与团队一起检查KPI和数据点。在庆祝胜利的同时,将团队议程的一部分用于讨论如何改进。记下哪些可行,哪些不可行,以制定一个可行的计划来推动发展。

你可能会开始怀疑,除了管理你的客户案件量和管理你公司的日常运营之外,你是否有时间甚至技能来管理我们在这里安排的一切。您甚至可能正在考虑是否聘请业务经理来为您收集和分析数据。虽然这对于收集大量数据点的企业来说是一个很好的解决方案,但我们相信,当您刚开始时,这是不必要的。 

你需要熟悉你的律师事务所的数字。你需要知道你在跟踪什么以及为什么。优先跟踪和衡量律师事务所的关键绩效指标。每周安排时间,让你把一切都安排好。在你的周会上制定一个议程项目,讨论数字以及由此产生的任何行动项目。 

获取免费的律师事务所KPI工具

作为律师,我们一直都在你身边。我们知道,一开始这会让人感到难以承受。记住,这不是你一个人的事。当然,你不必重新创建轮子。

通过我们自己的尝试和错误,我们了解了如何有效地选择、收集和分析KPI,以帮助公司发展。请允许我们通过签出与您分享这些知识 我们的免费律师事务所KPI工具.

改善公司的整体健康状况。下载第1章 小公司路线图 今天

跟踪KPI是改善公司健康状况的好方法。如果你想做得更多,我们的新书《小公司路线图》可以帮助你。在这本新书中,我们将讨论如何从头开始建立、经营和扩大一家成功的律师事务所。 今天免费下载第一章.

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