METRICS & SCIENTIFIC METHOD CHAPTER1. METRICS WE WILL MEASURE 5 THINGS IN LAB 2.
Measure or Perish: The Need for New Metrics in the Law
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MEASURE or PERISH
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Transcript of Measure or Perish: The Need for New Metrics in the Law
MEASURE or PERISH
MEASURE or PERISH
Key Performance
Indicators (KPIs) for Survival
CASH IS KING | LAW FIRMS ARE BUSINESSES
BILLINGS COLLECTED
FIRM EXPENSES &OVERHEAD
FIRM FAILURE
$ $
BEYOND BILLABLE HOURS?
Everyone is busy so we’re fine.
It’s too hard to set goals or budgets.
I don’t need to be efficient because I have enough clients.
Technology is not necessary as I am a solo or the only in-house.
We’re a partnership so individual performance is not relevant.
If we have flat fees we do not have to record hours anymore!!!!
QUOTABLE QUOTES
Focused on supply of billable hours not demand for services by clients.Need to focus on ROI, contribution margin, and client acquisition cost, plus client and firm satisfaction to run a business and stay out of the red.
Traditional KPIs...
NEW KPIs START WITH THE CLIENT
1 Net Promoter Score (%)
2
CLIENT SATISFACTION
Pipeline Conversion Rate (%)
CLIENT DEVELOPMENT
3 Average Work Climate Satisfaction
4
COMPANY CULTURE
Client acquisition- Cost
(CAC))
PIPELINE DEVELOPMENT
5 Days from work to cash.
PRODUCTIVITY
6
Collections by Timekeeper
7INDIVIDUAL PERFORMANCE
Contribution Margin per
Matter)
PROFITABILITY
NEXT STEPS
1 Create a KPI dashboard
2Mine Data, Set
Targets3 Review Results & Take action (JFDI)
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