SMART goal setting, which stands for Specific, Measurable, Attainable, Relevant, and Time-Based, is an effective process for setting and achieving your business goals. Here are some performance indicators to help you evaluate client satisfaction: An efficient law firm is a profitable law firm—yet productivity is a huge issue for most, with legal professionals billing an average of just 2.4 hours of an 8-hour day, according to the 2018 Legal Trend Report. Without setting and tracking KPIs, you’re often left to speculate over why things are going wrong (or right) within your firm. Consider these… Read More » Here’s an example of the SMART guidelines at work: “Increase the volume of SSDI clients we retain by 7 percent in the first quarter of 2015 through targeted online advertising.” It’s specific in terms of the goal, the number increase, and the timeframe. Category : work objectives examples for lawyers – “My main goal is to be part of a law firm that specializes in business consulting, so I can use my knowledge and experience I have acquired over the years of practice as a lawyer” Category : work objectives examples for lawyers Ty Webb didn't measure himself against anything, really. The world’s best legal conference—gone virtual. This post was last updated on November 16, 2020. Now that it’s clear why data-driven KPIs are critical to success, read on for our list of KPIs to measure, and manage, at your law firm (Note: for each KPI, set a predetermined time period, i.e., per previous month or year, in which to keep track). In that case, you need to define the metric. Aside from a health and safety strategic plan, a sales and marketing plan, and other kinds of operational plans for the business, you also have to create a complete and detailed legal strategic plan.If you wonder why this is recommended, there are actually a lot of advantages that you can get if you can have this document for your business. For example, a goal might be to have a healthy, successful firm that is a leader in service and that has a loyal client following. To increase the ability to serve public interest organizations each year. Presented as an easy-to-understand visual dashboard, the Firm Dashboard makes it simple to view, track, and benchmark key performance indicators, then make data-driven decisions for your firm based on those key metrics. To be able to offer each year some legal services at … R elevant. Firm Goals and Objectives: Goals are destinations—where you want your firm to be. Many law firms all over the United States are coming to the conclusion that the bigger the better for them. Determine how to measure key insights and monitor your long-term goals. Venable LLP, an AmLaw 100 firm based in Washington DC, operates a portfolio of legal blogs and websites through which it delivers insights on a number of legal topics. Photo Credits. Make an inventory of the data being collected. These criteria have been around since 1981 and are widely attributed to Peter Drucker’s management by objectives approach, in which businesses establish clearly defined and agreed-upon goals. Measurable. At a time when the need to differentiate is more critical than ever, law firms by and large communicate the same anodyne messages and interchangeable attributes. Try adopting the old management model of “Plan, Do, Check, Act.” Plan to gather the data for your KPIs. Will it bring in more revenue for your law firm? Once you’ve established a system for monitoring your law firm KPIs, upkeep is relatively simple. KPIs give you the data and knowledge to answer critical questions, and they should be measurable, specific, and targeted to the unique goals of a business. How efficiently are you resolving their cases? Settlements? Determine your firm’s actual strengths and weaknesses, then build goals around them. To get a better understanding of your client base, try adding some of the following client development KPIs to your assessment roster: Measuring client satisfaction is a new concept for the legal industry, but knowing what you can improve upon—based on solid feedback—is critical to business success, today. One final note: If you’re not a sole practitioner, make sure you share your goal with all your staffers, even those who aren’t attorneys. October 13-16, 2020. While law firm KPIs are useful for measuring the overall success and growth of your firm, you might also want to track performance for individual members of your team—whether for yourself or for staff members. It refers to a set of five criteria for establishing business goals. Solo or small law firms can build sustainable law practices by focusing on client-centric services , future-oriented technology, profit-oriented business models, and access to justice and inclusion. Technology firms. While they exist to provide legal advice to internal clients and to protect the legal interests of the company, they must also constantly consider financial issues as well, such as cost control. One of the more daunting tasks (whether you are general counsel or not) is setting useful goals for the upcoming year. Determine your firm’s actual strengths and weaknesses, then build goals around them. Some law firms may decide to operate a general law business that cuts across various law practices, whilst others may choose to specialize in any of the two major areas of private sector law. A performance goal is a target for the work of an employee. Instead: How many clients do you want to add? Call 1-888-858-2546 or email [email protected]. Set a target date in mind. This field is for validation purposes and should be left unchanged. How many leads? Now that you have a few ideas for which KPIs you want to monitor at your firm, what do you need to do to actually use them to your advantage? You'll also get useful weekly blog updates. For example if one of your career goals is to be a Director for an ASX200 Board, you might take advantage of an opportunity to accept a Board position on a Not-for-Profit in the short term. The purpose of each initiative and activity. One way law firms are answering this call is by appointing, identifying or hiring someone in the role of what is sometimes called, the chief innovation officer (CINO), or some other title that signifies this person is the head of innovation. Thoroughly understanding the firm's goals will better help him make decisions for advancing the company. Then, you can set aside a block of time for yourself to analyze the results, identify patterns (good and bad), and find opportunities for adjustment. Most desire to grow their businesses — add clients, boost their revenues, perhaps take on a new partner, paralegal or assistant. Goals. Goals and Objectives. You can also use Clio Manage’s Firm Dashboard to quickly access your firm’s key metrics—like how many billable hours your firm has captured, billed, and collected—all in one central dashboard. Timely. What is the lifetime value of every client? When using a practice management software like Clio to track all of your cases, contacts, and billing in one place, one of the advantages is that it’s really easy to run reports to get the information you need to track your most important KPIs. In this post you will find 40 Best Law Firm Slogans and Best Taglines. Your goals should consider the parts of your role that you enjoy the most – is it liaising with clients, preparing contracts , negotiating, advocacy, doing research? With this in mind—before you look at which firm-specific KPIs you want to measure—you should first think about your practice’s unique overall goals, and how your firm measures success. Goals, Measures and Scorecards: Law Firms Fixated on Today’s Billable Hours and Collections Page Eight It should be noted that there is a very large middle in this sample. Marketing strategies vary between law firms. Leads? Based on insights from the 2017 Legal Trends Report, this guide shows you how to apply them to your firm. Or are you doing intellectual property work that can be repeated over the years? They offer a marketing framework around which you can build your law firm. Objectives give more than direction. These are typically agreed between the employee and their reporting manager at the start of a business year or quarter. Start with these 12 tips from Mary Juetten and Sam Glover to make your legal practice more efficient. Are you doing criminal defense work where you hope that the client is only with you once? Nowadays, you hear every entrepreneur and investor saying “KPI”—so much that you might think of “KPI” as merely a buzzword. Since 1999, we have helped over 18,000 attorneys create successful and sustainable law practices. She’s also interviewed dozens of practicing lawyers and leading legal industry thinkers, including Preet Bharara and Bryan Stevenson. Get this free e-book from legal industry expert Mike Whelan, Jr. While goals for lawyers need to be attainable, they also have to challenge you and be worth setting. ), Current run rate (projected annual revenue based on the past three months), Current anticipated annual costs (total amount of anticipated annual costs, including salaries, for a year, based on the last three month’s costs), Difference between your current run rate and current anticipated annual costs, Amount of accounts receivable (AR) outstanding, Amount of revenue per square foot of office space. Here are a few questions to consider before looking at specific KPIs: When it comes to metrics you can measure, the possibilities are endless. Law firm strategy helps firms discover their opportunities and threats, uncovering key performance indicators (KPIs) to measure progress and offer the best chance at success. Don’t rely on hoping and wishing. For instance, you know that social media plays an important role in online marketing. Accountability If you haven’t identified what KPIs to track, it’s difficult to determine who or what is responsible for wins or losses at your firm—which in turn makes it difficult to replicate or avoid certain results. Legal departments do not always lend themselves to… It’s a smart move. For example, if your practice is a car, KPIs are the instrument panel; fuel, ... Delving into KPIs for law firms is beyond the scope of this post, but for a good overview of how some larger firms develop and track KPIs, see this article from LPM a few years ago. WHY: Purpose & Goals. A 40 percent increase in settlements, for instance, is a goal based on luck. Number of clients? Know-how […] Once you’ve completed and analyzed these KPIs, take corrective action and then repeat this monthly. These individual performance KPIs could include metrics like: Of course, financials, profitability, and margins are central to the success or failure of your law firm—so pay special attention to the following KPIs: When looking at your law firm KPIs, you might want to consider looking beyond revenues and clients, and looking inwards to your firm culture. Start by deciding what type of information provides valuable insight into your business’s performance and what data is needed in order to give you that information. Our sales team is available Monday to Friday from 8 a.m. to 8 p.m. EST. Specifically, nearly 60% of managing partners reported “adopt(ing) some balanced scorecard practices” or “informally adopt(ing) the They can choose to operate as a transactional (corporate) law firm or specialize in litigation. By learning to pinpoint, measure, and leverage specific performance indicators, law firm KPIs provide: There’s a big difference between simply collecting data and analyzing data. Through its team of legal marketing experts, FindLaw drives the industry by delivering a comprehensive portfolio of proven online and offline marketing solutions designed to connect law firms with targeted prospective clients. FindLaw, part of Thomson Reuters, is a leading provider of business development solutions for small law firms. Every firm has to set their own targets before choosing KPIs to measure, because they are unique to your practice. Once you have a metric, attach a number to it. And when asked about his golf game,…, A medical degree is a lot like a law degree in that it comes with…. No Games. ... Once you have your goals firm … These goals are used to evaluate the performance of employees at the end of a performance period. But if your goal is to reach 2,000 Twitter followers by June, you need a business justification for that. Get FindLaw legal marketing tips right in your inbox and never miss a beat. Remember that not all KPIs are useful for your firm. We’ve also assembled a vast list of potential law firm KPIs to manage—so you’ll have plenty of ideas to bring back to your firm. By identifying and tracking goals for performance indicators (for example, the KPI of monthly revenue), you can better assess how your firm is performing. Advantages of Making a Legal Strategic Plan. Is it revenue? Teresa Matich is an experienced legal tech writer and editor. UNDERSTAND LEGAL CONCEPTS AND THEIR PRACTICAL APPLICATIONS. The law firm marketing consultants at The Rainmaker Institute specialize in helping small to medium-sized law firms generate more clients and increase revenue fast. Setting both goals and objectives is crucial to establishing the planning process. Choose goals that will actually impact your business. As you consider that number, keep in mind that it should be something that is doable. Personal & Career Goals for Lawyers: A Complete Guide (2020) Please confirm your Zip Code *An accurate Zip Code ensures your appointment is set with the correct local marketing consultant. Law firm KPIs, or Key Performance Indicators, can help. And that’s where setting up clear business goals is essential. Where is your law practice going? You may have run across the SMART acronym before. Instead of inspiring you, impossible goals can actually discourage you. Determine if there are any gaps between what you have and what you need. We surveyed over a thousand lawyers and legal clients - and reviewed case volumes from tens of thousands of law firms - to discover tips for adapting to COVID-19. The very first time I heard of the role of CINO at a law firm … Sally J. Schmidt. 1. © 2008 - 2020 Themis Solutions Inc. (Clio) |. So how do you establish goals that are aspirational but still achievable? Don’t rely on hoping and wishing. Law firms and individual attorneys must engage in soul searching occasionally to articulate objectives and goals. For example, your target for the cost of client acquisition depends on the type of law and the return on investment per client. A key differentiator between successful and unsuccessful firms is setting goals, writing […] Consequently, corporate law departments often share similar business objectives. They can help you answer questions like: Monitoring the performance of pivotal aspects of your firm can make a major impact on your firm’s revenues, growth, and overall success—but in order to succeed in our changing legal landscape, you must evolve what and how you measure. I don’t want free coffee or help acquiring new clients. is a pneumonic device. An accurate Zip Code ensures your appointment is set with the correct local marketing consultant. The idea is to set goals that push you (and your colleagues) to grow. It’s all well and good to know that you want to measure performance to assess your firm’s strengths, but—with seemingly endless areas to assess—how do you decide which specific KPIs are most valuable for your law firm? To create a law firm whose primary goal is to exceed customer’s expectations. By identifying and tracking goals for performance indicators (for example, the KPI of monthly revenue), you can better assess how your firm is performing. Just great advice. Not many attorneys wish their careers to simply plod along. If you haven’t identified what KPIs to track, it’s difficult to determine who or what is responsible for wins or losses at your firm—which in turn makes it difficult to replicate or avoid certain results. Pulling it all together can be challenging, but it’s worth it if you can learn how to implement SMART goals (S=specific, M=measurable, A=achievable, R=relevant, and T=time-bound). Do you know which marketing expenses lead to the most valuable clients? You will most likely have to create a spreadsheet for all your metrics. But what exactly are KPIs, and why are they important? Sally Schmidt is President of Schmidt Marketing, Inc., which offers marketing services to law firms.She was a founder and the first President of the Legal Marketing Association. The reason for this is that the larger tech firms usually will go with one of the larger law firms in town because a large firm can offer them a wide range of services and do all … The type of practice, firm, and lawyer lifestyle objectives all factor into setting the targets to evaluate these numbers. Today I’m going to give you a sample law firm business plan, but before we do that, let’s take a quick look at why we even go about putting one together in the first place. Attainable. It may sound obvious or unnecessary, but you should clearly define the purpose of your law firm marketing plan. The chart of accounts for law firms should include the IOLTA or trust account, as well as a trust liability account (to offset and show that the funds in the IOLTA account are not the law firm’s). Here’s everything you need to know to start tracking NPS at your law firm. Presented as an easy-to-understand visual dashboard, the Firm Dashboard makes it simple to view, track, and benchmark key performance indicators, then make data-driven decisions for your firm based on those key metrics. The goal is typically along the lines of “build a healthy practice,” “get more clients” (as if they may be “gotten”), “generate more visibility for myself and my firm,” and so on. New clients are likely to be from small technology firms or start-up companies. Webcast follow-up Q & A: How solo firms can improve their marketing, Watch Caddyshack, Then Watch Your Law Firm’s Performance, What Not to Say When Marketing Your Law Firm. To help guide your goal setting and overall marketing strategy, download the free playbook Legal Marketing 101: A Guide for Small Law Firms. Without one, you’ll have no urgency and motivation to work toward your goal. My next several posts will deal with such items. For example, a law firm that is just starting out can look towards merging with a bigger law firm that is well positioned and recognized in order to form strategic marketing alliance. Applying the SMART grid to your goals will help you to create more specific, achievable targets for your business, and to measure your progress toward them. There are a lot of elements that needs to be considered for each one such as the geographical location of the firm’s physical store, its size employee and profit-wise, and its level in the business development stage. Make the goal worth working for, but don’t set yourself up for failure. Find out which Clio events and CLE webinars are coming up next. The first step in establishing your KPIs is looking at the data you already have available in your firm’s practice management system. Law Firm Slogans Let me fight for you We will take you through each step till the end. In doing so we were struck by how generically firms described themselves. After all, if you are just starting out, you will have different goals and need different strategies than if you are heading an established firm after 30 years of practicing law. SMART Goals for your Law Firm. ), The number of potential new clients who showed up to their consultation appointments, Number of potential clients converted into clients, Dormant client rates (the ratio of clients with no recent matters to the number of total clients), Client satisfaction scores (this could be through a manual survey or software), The number of billable hours per legal assistant, Realization rate (amount billed as a proportion of number of billable hours worked), Collection rate (amount collected as a proportion of the amount billed), Amount of firm debt (lines of credit, credit cards, loans, etc. Executive summary . Business goals usually involve an entire organization and can include items like budgets, customer lists, vendors, and service or product management. Client Trust Ledger: A statement of activity that shows all of the transactions (beginning balance, deposits in, payments out, and ending balance) for each client. Law Firm Marketing Plan Must-Knows. Firm culture KPIs can offer valuable insights on the health of your organization that might otherwise be overlooked—which is important, as office culture can have an impact on clients, and thus your overall business. Make the goal worth working for, but don’t set yourself up for failure. An analysis of our client’s top competitors, for example, revealed a legal sea of sameness. The beginning of any calendar year is always busy with key administrative tasks for an in-house legal department. The purpose of one law firm’s marketing endeavors are not necessarily the same as another’s. It was originally introduced by George Doran in a 1981 issue of Management Review. Here are some law firm KPIs to consider when it comes to productivity: If you’re using Clio Manage, the Firm Dashboard captures and tracks your firm’s utilization, realization, and collection rates for you—putting these KPIs at your fingertips so you can quickly and regularly gain insights and track productivity for your firm. And you don’t have to be a big law firm to put them to work: Specific. With KPIs, you can track specifics over time, making it easier to predict results for what will work in the future. Key Performance Indicators, or just “KPIs,” are business metrics that evaluate an organization’s performance and success. If you want to do things right, then your goals should follow the SMART formula, which means they should be Specific, Measurable, Attainable, Realistic and Time specific. When developing your law firm marketing plan, start with Why. 26 Examples of Quality Goals posted by John Spacey, November 10, 2018. S.M.A.R.T. Schedule a coaching session with our legal marketing experts and receive a gourmet coffee gift card absolutely free! Here are three examples of law firms that are using content marketing effectively. ... She has written for law firms, public relations and marketing agencies, science and technology websites, and business magazines. A 1 percent year-over-year growth might be mathematically real, but it’s statistically irrelevant. – “My biggest goal is to lead a law firm that specializes in providing all the advice and advocacy for disadvantaged people in society.” Category : professional goals examples for a lawyer – “I think my main commitment as a lawyer, is to reclaim the role of women in society by defending their rights, thereby changing the vision that the world has for women.” First and foremost, there is something to the act of sitting down and taking an honest and realistic look at the intentions and goals you have for your firm. Consider using some of the following client acquisition KPIs to show you what’s working for your firm: Once you have a client, what do you do to develop your relationship with them? large, mid-size and boutique law firms. Have questions? Ratio of billed hours compared to non-billable hours worked, Utilization rate (number of billable hours worked divided by the number of hours in the workday), Realization rate (number of billable hours invoiced divided by the number of billable hours worked), Collection rate (number of hours collected divided by the number of hours invoiced), Our sales team is available Monday to Friday from, 300 - 4611 Canada Way, Burnaby, BC V5G 4X3, Understanding Government Stimulus Options During Covid-19, How to choose the best KPIs for your firm, measure performance to assess your firm’s strengths. Measuring more than the traditional billable hour metrics can help your firm better understand its current and potential monetary situation. In the following guide, we’ll explore how using law firm KPIs impacts your law firm’s success, and how to pick the right KPIs for your practice’s unique situation. Being data-driven doesn’t need to be overwhelming. Read an in-depth analysis on the legal industry. Check if your firm is using systems that are integrated with each other, so that pulling figures is streamlined. Objectives are progress markers along the way to goal achievement. A good part of the difficulty is that attorneys, due to their training, find it difficult to visualize the future without substantive evidence. iX JOhN STERLING is a founding partner of Sterling Strategies, LLC. To develop a client list that includes at least 20 companies, each with revenues of over $3 million. One way: Be SMART about it. Whichever law firm KPIs you choose to use, it’s important to keep in mind that none of these metrics mean anything out of context. Businesses and law firms alike fail because they pay out more than they bring in. You can’t measure what you don’t track. Relevant. By planning, selecting, measuring, and analyzing law firm KPIs specific to your business, you’ll be better able to make data-driven decisions and informed changes to improve your practice. Tracking your NPS can help your law firm find out whether or not clients would recommend your services. If growth is your ambition, you need to make a plan to achieve it. It can be as easy as assigning a staff member to input the numbers for each predetermined KPI once a month. Essentially, you want to follow these six steps: Integrating KPIs into your business planning allows you to create a customized dashboard for monitoring and evolving the success of your law firm. While all of these goals are possible when supported by concrete marketing tactics, so many lawyers fail to attain their goals. But those goals shouldn’t be so ambitious that they can’t be achieved. Trying to measure every performance indicator available is overwhelming, needlessly time-consuming, and counterproductive. Or it may be more general growth. Legal consumers have changed – has your firm’s approach? Practical real world examples highlight how the strategic planning process has worked in . She is a Fellow of the College of Law Practice Management and was one of the first inductees to LMA’s Hall of Fame. If you want to use data to determine if you’ve performed well or not, you need to first identify what you’re trying to achieve. We well understand your intention Justice, it’s your first step We’re in your corner! She's the editor of the Clio Blog, and has written for publications such as GP Solo, Legal Technology Today, and Above the Law. No sales pitches. Hear how the legal industry is adapting to the COVID-19 crisis. Start-Up companies along the way to goal achievement successful and unsuccessful firms is setting goals, writing [ … where... © 2008 - 2020 Themis solutions Inc. ( Clio ) | that case you! Trends Report, this guide shows you how to measure, because they are unique your! In this post was last updated on November 16, 2020 model of “ plan, start with.! 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