What do the top law firm owners do better than anyone? At a moment’s notice, these law firm owners have a mastery of the most important numbers for their law firm. Without exception, knowing your numbers is the most important thing for your law firm’s success.
Do you know your law firm’s most important numbers at the tip of your fingers? If not, you’re not alone. Few lawyers take the time to master their numbers and as a result, their law firm stagnates from one year to the next.
Set aside a couple of hours with your team members to document the most important key performance indicators for your law firm. Then, have your executive assistant report these numbers on a monthly basis. Share the numbers (except the financial numbers) with your team. Now, my friend, you have a command of the numbers that matter most.
These are our firm’s Key Performance Indicators (“KPI”) in case management, marketing and finances:
Case Management KPIs
Active Lawsuits: # of Active Lawsuits (or cases accepted for litigation).
Potential Cases: # of Potential Cases (cases under consideration, i.e., not rejected, but not accepted for litigation).
Confirmed Trial Dates: # of Confirmed Trial Dates over the next 12 months.
Referred Out Cases: # of cases referred to outside counsel that have not been declined.
Marketing KPIs
Leads: # of leads this month.
Referral Partners: # of Referral Partners.
Online Reviews: # of Google Reviews.
Website Traffic: # of unique website visitors to www.ProtectingPatientRights.com
Website Links: # of links to our website, www.ProtectingPatientRights.com.
Financial KPIs
Projected Revenue: Projected revenue for firm over the next 12 months.
Revenue and Income for Calendar Year: Revenue and income year to date.
Side to Side Comparison of Revenue and Income: Revenue and income year to date compared to previous year.
Non-Medical Malpractice Revenue: % of revenue derived from non-medical malpractice cases.
