For small law firms, trying to develop and sustain success has become more than just trying to add more clients. There are plenty of firms that are able to bring in clients and yet still find themselves failing in the long run. In order to establish success that is sustainable, more and more small law firms are using key performance indicators (KPIs) or performance metrics to gauge how their firm is operating.
Analyzing and measuring output and performance has become an important part of businesses in all industries. Companies can no longer afford to take success as a given, and the same applies to law firms. Customers are more discerning, and they want value for the money they're paying. And the rise of legal tech means that law firms can't rely on being the only game in town to serve the market's legal needs. Law firms have to be smarter and more efficient if they want to survive.
KPIs offer a means for law firms to track and understand not only how they are managing their own resources, but how they are performing in meeting the needs of their clients. Firms are using performance metrics to track utilization and profit per partner, as well as measuring outputs in order to see what value they can provide to their customers. Attorneys have to be cognizant of the fact that their clients now have more options than ever before, and firms need to ensure that their staff is meeting the mark when it comes to keeping their clients satisfied. As the legal landscape continues to change, key performance indicators are vital for small firms looking to remain competitive.
Mary Juetten's new book Small Law Firm KPIs: How to Measure Your Way to Greater Profits offers these firms an understanding of the business basics that are necessary for a successful business. With the lessons provided, small law firms will be able to implement a system of measurement that will allow them to increase customer satisfaction and cash received and demonstrate the value of their firm. The book lays out which metrics matter and the best method for gathering them, as well as how to analyze the results. You'll also learn new strategies for improving your firm's profits whether you do it yourself or have outside help.
You can pre-order the book here.