Don’t think you have reporting issues? Are you measuring these vital KPIs?
There are 25 KPIs that law firms should be measuring but often don’t.
In this handy quick reference guide you will find answers to:
- Am I measuring the right things?
- What are other law firms doing?
- How do I make my reports drive action?
The List
The KPIs in this list have been divided into 5 sections, covering the 5 key areas of business performance:
Know Your Clients
- Net Promoter Score: Widely used metric for measuring customer experience, grouping respondents as Promoters, Passives and Detractors.
- Number of Client Referrals: Volume and value of new business introduced by existing clients.
- Repeat Instructions %: Percentage of new instructions that are repeat business from existing clients.
- Client Profitability: For any business client, the aggregate gross profit per transaction of all work done for that client.
- Value of Target Sector: Billing and New Business value for any target market segment (eg geographic area, demographic, business type)
Measuring Your New Business Success
- Number of Enquiries: Number and estimated value of new business enquiries in given period.
- Conversion Rate %: Percentage of new business enquiries that become instructions.
- Cost per Enquiry – CPE: In a given period, CPE = Total cost of acquiring new business ÷ Number of new enquiries.
- Cost per Acquisition – CPA: In a given period, CPA = Total cost of acquiring new business ÷ Number of instructions.
- Income per Lead Source: Total billing on matters per lead source in a given period.
- Gross Profitability per Lead Source: Gross profit per transaction aggregated for each lead source.
Know Your Numbers
- Average Cost per Transaction: The average cost of time spent to complete matters.
- Average Gross Profit per Transaction: Total billing – Total cost of delivery ÷ Number of transactions.
- Gross Margin %: Total billing – Total salary costs ÷ Total billing.
- Net Cash Impact: Calculated as Total billing minus…
- – Unpaid bills
- – VAT on unpaid bills
- – Disbursements paid but not received
- – Disbursements written off
- – Total cost of employment
- – Marketing spend
- – Practising certificates, training etc
- – Number of Cases with Financial Risk: For example… Quote or Estimate not provided. Quote or Estimate value exceeded. Working for client with unpaid bills.
Understand Your Processes
- First Call Response: Elapsed time from initial contact with prospect to conversation with appropriate advisor.
- Time Between Milestones: Elapsed Time between key milestones.
- SLA Achievement: Percentage of cases completed within timescales agreed (with client or internally.
- Complaints: Number of complaints received.
- Number of Cases with Process Risk: For example…
- – Undertakings not discharged
- – AML issues
- – Inactive matters
- – Residual balances
Discover why Katchr has over 80 Law Firm Clients - What our customers say
Hugh Gardner, Partner, Marriott Harrison explains how Katchr made people think differently and work smarter.
Andy Duckworth
Finance Director
Trethowans
Alistair Howard
Finance Director
Lodders
Brian Evans
Managing Partner
Lanyon Bowdler
Explore our Katchr Enterprise Features to discover why top law firms choose to use our software to address their reporting challenges.
KPI
dashboards
Today’s data is real-time, and Katchr allows you to track and plan your firm’s management system from one central law firm dashboard.
Clear, in-depth data analysis at the touch of a button.
Ad-hoc
analysis
Katchr includes built-in, easy to use tools for ad hoc analysis of your law firm data.
Compare individuals, teams and offices across a broad range of performance measures.
Risk and
compliance
Advanced
Analytics
Financial
Reporting
Know your numbers – No more waiting days or weeks for month end reports.
Monitor your business in real time. Katchr provides fast, automated production of financial reports.
Business
Development
Understand your new business pipeline.
Get a detailed analysis of sources of business, the profitability of clients, by sector, and cross-selling opportunities.
FAQs
Katchr Enterprise can store data either in your data centre (on premise, private hosted, private cloud), or in the Katchr Cloud environment.
Either way you have the re-assurance that Katchr is certified to ISO27001, ensuring that we carry out all development, support and services using best practice and to the highest standards.
Katchr Cloud solutions store all data in UK data centres. More details available on request.
The following PMS integrations are fully tested and available:
Current PMS Solutions:
- Aderant Expert
- Advanced Legal Business (ALB)
- Civica (Norwell) Prescient
- Eclipse Proclaim
- Elite 3E
- LEAP
- Linetime Liberate
- Peppermint CX
- SOS Connect
- Tikit Partner
Legacy supported products:
- Advanced Legal Enterprise (ALE)
- Advanced Legal Enterprise
- Advanced Evolution
- Elite Envision
- Indigo
- Lexis Nexis Axxia
- OMS
Want another? Custom integrations are available on request for any data source with a SQL database or published API.
Yes, absolutely. One of the benefits of the Katchr solution is the ability to consolidate data across multiple data sources, such as:
- Multiple instances of the same PMS
- Combining PMS data with other accounts packages (eg. Xero)
- Using CRM and/or HR system data to provide KPIs across client and team engagement
Yes, Katchr dashboards are fully customisable using the built-in dashboard designer – a very popular feature.
Discover more
Are you ready to transform the way you use data?
Our specialist, Jack will be happy to take you on a Product Tour.
Katchr software is available across all devices so you are never more than a glance from your real-time data and your next essential business decision.
