Why track KPIs using a Dashboard like Practice Viewer?
The legal market is rapidly changing and marketers are being forced to innovate in order to drive law firm evolution forward. The recent increase in data-driven decision-making is an improvement in law firm strategy, but marketers often face an overwhelming amount of data to sift through. Dashboards can distill and track Key Performance Indicators from CRM, ERM, KM, CMS and the myriad other platforms marketers use (complete list found here). This way, you can track business intelligence – not just a sea of data.
Which KPIs should you track?
We recommend nine Key Performance Indicators that are crucial for legal marketing and BD staff to track. They inform the overall health, strategy, and performance of legal marketing and business development. They can be used to formulate strategies and course-correct on what’s not working. These recommendations are based on an independent market survey of several law firms on KPI best practices.
Click on each KPI below to expand a description.
- KPI Description: Percentage of new vs. existing clients, client feedback, client referrals, list of top clients, group/industry performance, attorney billing performance
- Data Source: CRM / Billing software
- What data we use: Quantity of clients, client surveys, revenue per client/group/attorney, referral sources, billable/non-billable hours, etc
- KPI Description: This KPI may come in various forms, but overall helps identify RFP win rate (ratio of clients won based on the amount of proposals distributed), status of projects delivered, efficiency of proposals delivered
- Data Source: CRM / Proposal management software
- What data we use: Quantity of proposals distributed, quantity of clients attained
- KPI Description: Revenue generated by firm with totals/averages and comparisons to annual and quarterly figures. Additionally, lists revenue sortable by client, industry type, group, and individual attorney
- Data Source: CRM / Accounting software
- What data we use: Lists of clients / groups / attorneys, total figures for revenue based on date
- KPI Description: Percentage of records for marketing material use, total experience volume, etc.
- Data Source: CRM
- What data we use: Quantity of matter types, and big matter wins
- KPI Description: Reach of visitors to your website, visitors to specific pages, and ad targeted visitors. Complete list of monthly data including Page Views, Unique Views, Avg. Time on Page, Entrances, Bounce Rate, and Unique Page names
- Data Source: Google Analytics or marketing automation software
- What data we use: Quantity of visitors to your site
- KPI Description: Measure of how many people open (or view) your email campaigns, as well as how many people click (take action) within an opened email
- Data Source: Email marketing or marketing automation software
- What data we use: Quantity of users who open/click your emails
- KPI Description: Measure of potential audience size and how often that audience engages with your post/blog campaigns
- Data Source: LinkedIn, Facebook, Twitter, or social media management software
- What data we use: Social media user volume, reach, and engagement
- KPI Description: Analysis of website/social media reach data among your biggest competitors (only available with BuzzSumo account)
- Data Source: BuzzSumo
- What data we use: Social media & website comparisons of competitors
- KPI Definition: If you are using Practice Pipeline in tandem with Practice Viewer, we include this complementary KPI to show your firms Group scores, steps, and latest attorney activities
- Data Source: Practice Pipeline
- What data we use: Group scores, steps, and latest activities
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