Digital White Papers

FM16

publication of the International Legal Technology Association

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FINANCIAL MANAGEMENT 38 WWW.ILTANET.ORG | ILTA WHITE PAPER Key performance indicators (KPIs) are a dime a dozen these days. For decades now, and especially aer the economic downturn in 2008, legal technology experts and law firm management consultants have been preaching KPIs and reprimanding law firms for not having their own financial house in order. This again popularized the old business adage "you must measure to manage" and heightened awareness among law firm leadership that meaningful KPIs should drive firm business decisions. Within the last five years, there has been a shi from internally focused measurement to understanding and beer communicating client-facing metrics. By increasing metrics transparency, we can establish a mutual baseline of measuring what moves the needle and beer manage client relationships. Metrics Galore! Where To Focus KPI dashboards, oen visualized via data from the firm's financial or practice management systems, have almost become too convenient for firm management. They can believe that if it's not on their dashboard, it's not important, which should prompt you to ask the following questions: » Do the performance indicators reflect the firm's strategy and goals? » What makes them key to the firm's success? » Are they actionable, and can they create a behavioral change? Full-scale KPI dashboard deployments with a full spectrum of industry KPIs are pleasing to quantitative analysts, but that does not affect firm performance in the slightest. An alternative plan would be to: by Peter Zver of Tikit North America Law Firm KPIs: Making the Leap from Inward- to Client-Facing Law Firm KPIs: Making the Leap from Inward- to Client-Facing

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