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Traditionally, in order to measure their performance, personal injury law firms have always been focusing on flashy statistics like billable hours or amounts claimed. However, this approach solely focuses on monetary factors and tends to ignore the efficiency of the legal service. In the end, this gets harmful to the clients and the firm’s bottom line in the long run.
1. New Matters Per Month
To put it simply, you need to know how to sustain to grow. You should set a fixed share for new matters each month. You can use a practice management system to avoid spending more time than needed on tracking new matters.
A practice management system is full-proof with minimal chances of creating error. It helps you easily identify patterns, areas of growth, and new matters all in one place.
2. Closed Matters Per Month
Eat the food before it goes stale. Just like that, reap the benefits of your hard work by tracking closed matters every month.
Avoid prolonging matters and figure out the kind of support or resources you require. With proper assistance from a legal management system, you can successfully close any case.
3. Stalled Matters and Bucket Age
The following KPIs ensure the matter is constantly moving and is not forgotten in the pile of other works. It will help you identify when a case has come to a standstill. Typically, a zero movement in 90 days can be considered as hitting the wall.
Bucket age specifies the duration of how long the case has been open. Using these 2 KPIs helps allocate resources, provide support, and prevent your case from dying.
4. Your Monthly Expenses
Tracking expenses is a mandate. Right from the mega-shark to the other fishes in the sea, tracking firm expenses can never be ignored.
Your practice management system will help you here by showing where and how the expense is high. It will display if you can negotiate expenses a few notched down and highlight neglected areas to improve for your firm’s performance.
5. Client Acquisition Cost & Conversion Rate
Every successful firm needs new clients. The following KPIs will help you explore the cost of winning over a client and attaining results.
The client acquisition cost takes care of your investments in sales and marketing to obtain a new client. The conversation rate takes into consideration the practical aspects like effort pumped in with calls, follow-ups, meetings, etc.
6. Client Satisfaction
Personal injury law practice aims to leave a remarkable impression on all the clients. Acquiring clients and closing cases are important but a true measure is client satisfaction and getting great reviews. Satisfied clients are more likely to recommend and give references. The best and easiest way to measure client satisfaction is by conducting focused surveys periodically. These surveys will give you insights about the client’s experience with you and will help you to improve and retain your clients.
There is more to profitability than just knowing whether it is red or black status. The right way to keep track of profitability is by breaking it down into categories such as attorney, client, and practice areas. Improve productivity of personal injury law firm by making sure all your attorneys are performing up to the mark and bringing in profits.
LawKPIs is an easy to use cloud-based data analytics solution for small and mid-size law firms. LawKPIs is fully integrated with Law Practice Management Software, QuickBooks, Google Analytics, Facebook, and many more. It provides instant-on, intuitive dashboards with the most important business metrics to help Law firms grow and compete.
The easy to use solution provides significant insights about law firm operations thereby better serve their clients and operate their organizations more successfully. LawKPIs reports can be exported for further work and analysis or scheduled to run on-demand or broadcast, and our Dashboard provides you with critical information at a glance. Don’t spend time collecting the data and working on spreadsheets. Use LawKPIs and start analyzing your data instantly!