KEY PERFORMANCE INDICATORS for law firms

Tracking your firm's performance is an important aspect of operating your business, and it may have a big impact on your revenue and, more importantly, on meeting your firm's objectives. However, in order to succeed in today changing economic climate, you must be at the forefront and use measurement tools such as KPIs. You'll be better equipped to make excellent, solid business decisions in operating your practice if you customize which KPIs are ideal for your Law Firm.

Call Ledger+Plus today, at 210-473-1256. We'll set up a complimentary consultation to discuss how we may make maintaining your business simpler.

pRODUCTIVTY KPI

Here are some law firm KPIs to consider when it comes to productivity:

Number of billable hours
The ratio of billed hours compared to non-billable hours worked
Account receivables turnover
Utilization rate (the number of billable hours worked divided by the number of hours in the workday)
Realization rate (the number of billable hours invoiced divided by the number of billable hours worked)
Collection rate (the number of hours collected divided by the number of hours invoiced)
Many more KPI’s (see “Services” under Financial Analysis)

INDIVIDUAL perfomance KPI

While law firm KPIs can help you assess the success of your practice, you may also need to keep track the performance of individual contributors. Whether for oneself or for your law firm’s colleagues these individuals KPI’s performance might include tracking such as:

Average bill rate
Average work rate
Percentage of partner hours
Number of matters opened
The number of billable hours per timekeepers
Number of matters referred to the firm
Productivity of each attorney and paralegal
Originating revenue referred to the firm by Attorneys
Many more KPI’s (see “Services” under Financial Analysis)

LEDGER+PLUS BOOKKEEPING & TAX SERVICE, LLC

KEY PERFORMANCE INDICATORS for law firms

pRODUCTIVTY KPI

INDIVIDUAL perfomance KPI

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