If you wouldn’t recognize a KPI if one showed up on your doorstep, keep reading.
Key Performance Indicators, or KPIs, are specific, are defined metrics for gauging the performance of your law firm.
For instance, if you want to track the number of new cases opened each month, you could create a “New Matters” KPI and analyze the data over time.
“Key performance indicator is a singular metric that broadly defines a law firm’s capability in a specific area,” writes Jared Correia, a law technology expert and host of a podcast for Tech-Perplexed Lawyers at Above the Law.
Below are some other KPIs to consider using in your practice, courtesy of Correia and his article The Legal Tech-To-English Dictionary: KPIs And Reporting Tools in Above the Law.
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Five KPIs for Your Law Firm
Here are some other KPIs suggested by Correia in The Legal Tech-To-English Dictionary: KPIs And Reporting Tools.
- Employee Turnover Rate. “The rate at which employees leave a business over a defined period of time,” writes Correia.
- Utilization Rate. “The amount of time, on any given day, that a lawyer bills. The amount of a lawyer’s available time that is converted to billable work, expressed as a percentage.”
- Transparency. “The condition of being easy to perceive or detect. The regime by which law firms offer insight into business management processes and financial information to employees. Cf: the importance of buy-in from employees within law firms, which is aided by a transparent posture from law firm owners.”
- Net Promoter Score. “A KPI measuring the willingness of a law firm’s customers to recommend its services. A calculation arrived at by asking a law firm’s customers to rate whether they would recommend the law firm on a scale of 1 to 10. ‘Promoters’ rate the law firm on a scale of 9 to 10. ‘Passives’ rate the law firm on a scale of 7 to 8. ‘Detractors’ rate the law firm at or below 6. The ‘NPS Score’ is arrived at by subtracting the percentage of detractors from the percentage of promoters. The higher the score, the better.”
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