The Essential 25 Law Firm KPIs – Module 2 Measuring Your New Business Success

As part of our mission to help you run a stronger business, we will show you how to focus on 25 KPIs which are in use at one or more law firms that Katchr works with.
Last time we covered these KPIs:

How to use this list

The list is designed to make you aware of metrics others are measuring but you may not be.

KPI Number 6 - Number of Enquiries

Number and estimated value of new business enquiries in given period.

Tips

  • Record all enquiries in one central system – use either your PCMS or separate CRM software
  • Consider centralising enquiry handling to ensure consistency of response, and quality of data recorded
  • Ensure all estimates/quotes given are recorded as reportable data, and not just embedded in a document

KPI Number 7 - Conversion Rate %

Percentage of new business enquiries that become instructions.

Tips

  • Track conversions of enquiries to new matters
  • Ensure enquiries that do not progress are closed in a timely manner to produce accurate data
  • Where possible, record reasons for loss to aid further analysis
  • Use loss data to drive continuous improvement

KPI Number 8 - Cost per Enquiry – CPE

In a given period, CPE = Total cost of acquiring new business ÷ Number of new enquiries.

Tips

  • Keep a detailed breakdown of marketing expenditure
  • Allocate to departments and teams where appropriate
  • Use the PCMS nominal ledger rather than a separate spreadsheet to simplify reporting

KPI Number 9 - Cost per Acquisition – CPA

In a given period, CPA = Total cost of acquiring new business ÷ Number of instructions.

Tips

  • Keep a detailed breakdown of marketing expenditure
  • Allocate to departments and teams where appropriate
  • Use the PCMS nominal ledger rather than a separate spreadsheet to simplify reporting

What our customers say

From improvements in their client service and billing to our own interface and customer support, our customers are singing the praises of Katchr — how it helps them build better practices and achieve their goals.

Andy Duckworth
Finance Director Trethowans

“Katchr is brilliant – it empowers fee earners and team leaders by giving them everything they need at their fingertips”

Alistair Howard
Finance Director Lodders

“The home page on Katchr, provides me with everything I need for ABC – Activity, Billing and Cash”

Brian Evans
Managing Partner Lanyon Bowdler

“The Katchr staff really understand how a law firm works, they talk our language, they use the terms that we use”

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

Sleep sound in the knowledge that Katchr has your back covered with its advanced Risk and Compliance Alerts system.Monitor all potential risks and pitfalls with law firm software that allows you to keep on top of your compliance obligations.

Advanced
Analytics

Dice and slice your data. Drill down to the details. Analyse the performance of your business by Client, Work Type, Source of Business, Sector or any other criteria that are important to your firm.

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

Find out more about the security of your data, how to integrate with other data sources or how to personalise your dashboards with these common questions and answers.
How secure is my data

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.

What source systems are supported?

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.

Can I add data from other sources?

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
Can I customise my dashboards?

Yes, Katchr dashboards are fully customisable using the built-in dashboard designer – a very popular feature.

Discover more

Our Business Intelligence software for law firms integrates seamlessly into your firm, with first-class training, support and assistance on hand every step of the way.

Are you ready to transform the way you use data?

Our specialist, Jack will be happy to take you on a Product Tour.

Top 25 KPIs that law firms don’t measure (but should)

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CTS Report - How Data is Disrupting the Legal Industry

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How top law firms use data to improve performance and grow their business

Born out of 30 years of working with law firms, we have developed this guide based on observation of the best performing law firms we have worked with.

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