We live in a world where numbers matter. Modern technology has made it possible for us to quantify every step of our business processes. With the use of our sample KPI for legal departments or law firms, your business will be able to track distinct pieces of data that reflect performance and expenditure of time and money.
In a law firm, being able to see the numbers and percentages behind the business is key to success. Modern clients and organizations expect their lawyers to deliver valuable advice in a timely way. Companies rely on the information they get from their legal counsel to make decisions that impact their bottom line.
Scorecards and KPI for legal departments reflect objectives that can be continuously evaluated and used to challenge and correct subjective views on performance. The following are sample KPIs for legal departments that law firms can also consider when looking at streamlining their practice.
Getting new clients is essential for any law firm to grow. Examining operational KPIs can help you see if the new clients you are acquiring add value to your firm. You can separate clients that add a financial burden to your business from those who require little time and money but produce revenue.
If you don’t have this key data, finding solutions to operational problems will be a guessing game. The right data will help you identify problems, pinpoint solutions, and then evaluate how the changes you are making can improve operational outcomes.
Much of marketing is done digitally, so it can be tracked, quantified, and evaluated. Reviewing marketing KPIs allows a law firm to go from vague estimates to a clear picture of whether their sales and marketing goals are truly being achieved.
Using a sample KPI for your legal department’s sales and marketing will give you actionable insights that can affect change. It will give you the tools needed to create powerful digital marketing strategies. These will permit you to respond to changes in customers’ behaviors and market trends.
It is easy for busy lawyers to focus on taking care of the business. The goal is to get stuff done daily. However, if a law firm cannot monitor its financial KPIs, it is difficult to determine if they are actively reaching all their financial goals or if there is room for improvement.
It’s difficult to know what information to process, especially if KPIs are a new thing to you. It’s recommended that you start by asking these questions:
Once you have identified what your goals are, measure weekly, and compare your data from week to week. It’s important to create a coherent system for updating, tracking, and selecting who will monitor your progress.
Create Personalized Scorecards with Fusion CPA
As an Atlanta-based accounting firm, we understand numbers and how they can impact the future of your law firm. Plus, we regularly work with KPIs in our firm and help other businesses implement scorecards.
Fusion CPA would be happy to help you get a better understanding of your law firm’s KPIs and how to track them.
Fusion CPA can give you a clear vision of your current standing and plot a course for the future by implementing personalized scorecards
We have the team and the expertise to streamline legal department KPIs