Law Firm Key Performance Indicators

A Primer

Law firms of all sizes measure various behaviours and indicators of firm health and performance. These indicators are important sources of information for the management of the firm and its staff. The challenge is to identify the subset of these metrics that are critical to the success and life of the law firm and then focus on these metrics, which are referred to as key performance indicators, or KPIs.

Stephen Mabey Author

Michael Mabey
Michael Mabey, CMI
Consumer Metrics, Inc.

No one KPI tells the full story; rather, KPIs must be viewed collectively to ensure the firm's decisions are made on an informed basis.

When choosing KPIs, your firm should consider that the KPIs must:

  • reflect the firm's strategy and goals;
  • be seen as key to the firm's success; and
  • be quantifiable.

All KPIs should be firm specific but also taken in context of an industry-level view.

No firm uses all KPIs.

Every law firm should identify the KPIs that are important to the firm and its definition of success and put in place a system for tracking and using these metrics to guide firm strategy.

No one KPI tells the full story; rather, KPIs must be viewed collectively to ensure the firm's decisions are made on an informed basis. For example, if your firm has a strategic focus on specific client relationships and supports that focus with client teams, then perhaps the following KPIs might be important in measuring the breadth of the relationship:


The rest of this article is available in Stephen Mabey's new Book

Book Cover - Leading and Managing a Sustainable Law Firm - Tactics & Strategies for a Rapidly Changing Profession by Stephen Mabey

Available for purchase on BookBaby.

 

 

 

 

 

 

For more information on KPI's visit the LawFirmKPI website.

 

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