Key performance indicators (KPIs) are business metrics used by law firms to measure specific goals within all areas of business like financial, marketing, business development, etc. These data-driven KPIs show you how effectively you’re meeting objectives and goals and what to adjust along the way.
In other words, KPIs serve as a compass for your firm.
Setting unique KPIs that match where your firm is and where it’s headed is critical to your success, but so is including your entire team in the process.
Just as important as what you’re tracking, who’s doing the tracking matters, too. Think about each team member, what their role entails, and give them their own KPI to track. Provide incentives for them when they reach their goals. They will feel responsible for the firm’s success in a very personal way. And when everyone is involved in setting and tracking goals this way, your law firm won’t miss a beat on the path to growth and success.
An example of tasking team members with a unique KPI might be to have someone from accounting track a specific financial KPI. That’s familiar territory for them and you’re likely putting that specific data in very capable hands.
Regardless of who does what tracking, having a system in place can be a transformative experience for everyone at your firm.
Having a centralized system that’s not only easily accessible to everyone on your team but that is also user-friendly and digestible for everyone, is an important first step.
At backdocket, our practice management software provides a dashboard that is customizable to the needs of the firm and to the individual team members. Their personal dashboards make it easy for them to access the KPIs and business metrics relevant to their role. This is the absolute most efficient way to share tracking responsibilities across your firm.
Our team focuses on helping small- to mid-sized law firms manage their practice. If your firm is on the small side right now, then choosing to track a few essential metrics to start is great. But as you succeed and grow, you may want to add more KPIs to the mix, and you will need to keep tabs on all of it. The possibilities are endless, especially when your system for tracking is centralized. Operating without that system can result in stagnant cases, missed revenue, and send your firm down a rabbit hole of inefficiencies.
In a previous blog, we go into some detail around KPI metrics, from the operational and financial basics to the endless KPI possibilities associated with your firm’s growth and complexity. At every stage, backdocket’s practice management software puts the compass for your firm’s success in your entire team’s hands.
If you want to greatly improve how your firm works, contact us today to schedule a free demonstration. We want to help make it easy for everyone at your firm to read and interpret important KPIs by streamlining your team’s data organization.
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