Law Firm Marketing: The Importance of KPI in Marketing & Managing Your Law Practice
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Key Performance Indicators – KPIs – are quantifiable measurements that help you gauge the progress you are making toward realizing the critical success factors for your law firm to flourish.
Some examples of typical KPIs for law firms can include:
- How much money you need every month to make payroll and keep your doors open
- How many new clients you need to bring in every month to break even
- Your average profit margin per client
- The types of cases that produce the highest profit margin
- The percentage of people who visit your website that end up calling your office
- The percentage of prospects that call your office and then come in for a free consultation
- The percentage of prospects that come in for a free consultation and become clients
To be useful to you, your KPIs must reflect the goals of your organization and they must be measurable. Done correctly, KPIs will help you determine whether you are on target to achieve your objectives or if you need to retool and refocus your marketing efforts. Your KPIs provide the critical data you need to drive good decision-making.
On Wednesday, Jan. 25, I will present a one-hour webinar on Key Performance Indicators: Knowing The Numbers That Run Your Law Firm at 2 pm ET/11 am PT.
Sponsored by the Legal Marketing Association, my webinar will teach you how to determine which analytics you need to measure, and how to communicate the relevant data to Partners so you are viewed as a valued member of the decision-making leadership team.
Discounts are available for LMA members. For more information and to register online, click here.
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