The Essential 25 Law Firm KPIs – Module 2 Measuring Your New Business Success
Last time we covered these KPIs:
- 1. Net Promoter Score
- 2. Number of Client Referrals
- 3. Repeat Instructions %
- 4. Client Profitability
- 5. Value of Target Sector
How to use this list
- Only use those that are aligned with your firm’s business objectives
- Most KPIs should be monitored per team and for the firm overall
- Appropriate KPIs should be monitored per individual
- Appropriate KPIs should be monitored per work type
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
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
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.
