Teresa Matich is an experienced legal tech writer and editor. We well understand your intention Justice, it’s your first step We’re in your corner! Webcast follow-up Q & A: How solo firms can improve their marketing, Watch Caddyshack, Then Watch Your Law Firmâs Performance, What Not to Say When Marketing Your Law Firm. It was originally introduced by George Doran in a 1981 issue of Management Review. Corporate law departments play a unique role in both the business and legal fields. Get FindLaw legal marketing tips right in your inbox and never miss a beat. They offer a marketing framework around which you can build your law firm. By planning, selecting, measuring, and analyzing law firm KPIs specific to your business, you’ll be better able to make data-driven decisions and informed changes to improve your practice. Venable LLP’s blogs and websites. Objectives give more than direction. October 13-16, 2020. One final note: If youâre not a sole practitioner, make sure you share your goal with all your staffers, even those who arenât attorneys. Here are some law firm KPIs to consider when it comes to productivity: If you’re using Clio Manage, the Firm Dashboard captures and tracks your firm’s utilization, realization, and collection rates for you—putting these KPIs at your fingertips so you can quickly and regularly gain insights and track productivity for your firm. Category : work objectives examples for lawyers – “My main goal is to be part of a law firm that specializes in business consulting, so I can use my knowledge and experience I have acquired over the years of practice as a lawyer” Category : work objectives examples for lawyers It’s all well and good to know that you want to measure performance to assess your firm’s strengths, but—with seemingly endless areas to assess—how do you decide which specific KPIs are most valuable for your law firm? The purpose of one law firm’s marketing endeavors are not necessarily the same as another’s. Make the goal worth working for, but don’t set yourself up for failure. In doing so we were struck by how generically firms described themselves. Donât rely on hoping and wishing. What is the lifetime value of every client? SMART Goals for your Law Firm. For instance, you know that social media plays an important role in online marketing. An accurate Zip Code ensures your appointment is set with the correct local marketing consultant. By setting specific targets and then tracking and measuring key performance indicators, you can empower yourself to make more effective decisions on behalf of your law firm, clients, and staff. A 40 percent increase in settlements, for instance, is a goal based on luck. Marketing budget ratio (the ratio of the total marketing spend to the total fees billed), Marketing cost per client (the ratio of the total marketing spent to the number of clients billed), The number of new clients by source (referral, website, review site, etc. Choose goals that will actually impact your business. – “My biggest goal is to lead a law firm that specializes in providing all the advice and advocacy for disadvantaged people in society.” Category : professional goals examples for a lawyer – “I think my main commitment as a lawyer, is to reclaim the role of women in society by defending their rights, thereby changing the vision that the world has for women.” Once you’ve completed and analyzed these KPIs, take corrective action and then repeat this monthly. But those goals shouldnât be so ambitious that they canât be achieved. No Games. Executive summary . Tracking your NPS can help your law firm find out whether or not clients would recommend your services. Measuring more than the traditional billable hour metrics can help your firm better understand its current and potential monetary situation. Getting everyone on the same page will help make your goals more achievable. There are a lot of elements that needs to be considered for each one such as the geographical location of the firm’s physical store, its size employee and profit-wise, and its level in the business development stage. ... She has written for law firms, public relations and marketing agencies, science and technology websites, and business magazines. If you want to use data to determine if you’ve performed well or not, you need to first identify what you’re trying to achieve. Write them down. S.M.A.R.T. Today I’m going to give you a sample law firm business plan, but before we do that, let’s take a quick look at why we even go about putting one together in the first place. A performance goal is a target for the work of an employee. Practical real world examples highlight how the strategic planning process has worked in . Law firm strategy helps firms discover their opportunities and threats, uncovering key performance indicators (KPIs) to measure progress and offer the best chance at success. Technology firms. And when asked about his golf game,…, A medical degree is a lot like a law degree in that it comes with…. When developing your law firm marketing plan, start with Why. When using a practice management software like Clio to track all of your cases, contacts, and billing in one place, one of the advantages is that it’s really easy to run reports to get the information you need to track your most important KPIs. Based on insights from the 2017 Legal Trends Report, this guide shows you how to apply them to your firm. Where is your law practice going? My next several posts will deal with such items. Timely. If growth is your ambition, you need to make a plan to achieve it. to quickly access your firm’s key metrics—like how many billable hours your firm has captured, billed, and collected—all in one central dashboard. While they exist to provide legal advice to internal clients and to protect the legal interests of the company, they must also constantly consider financial issues as well, such as cost control. Goals and Objectives. To help guide your goal setting and overall marketing strategy, download the free playbook Legal Marketing 101: A Guide for Small Law Firms. One way: Be SMART about it. These goals are used to evaluate the performance of employees at the end of a performance period. You'll also get useful weekly blog updates. She's the editor of the Clio Blog, and has written for publications such as GP Solo, Legal Technology Today, and Above the Law. For example, a goal might be to have a healthy, successful firm that is a leader in service and that has a loyal client following. For example, your target for the cost of client acquisition depends on the type of law and the return on investment per client. Marketing strategies vary between law firms. Know-how […] Compliance to laws, regulations, standards and internal policies such as best practices. Start with these 12 tips from Mary Juetten and Sam Glover to make your legal practice more efficient. And thatâs where setting up clear business goals is essential. A 1 percent year-over-year growth might be mathematically real, but itâs statistically irrelevant. She’s also interviewed dozens of practicing lawyers and leading legal industry thinkers, including Preet Bharara and Bryan Stevenson. Most desire to grow their businesses â add clients, boost their revenues, perhaps take on a new partner, paralegal or assistant. By identifying and tracking goals for performance indicators (for example, the KPI of monthly revenue), you can better assess how your firm is performing. Consider using some of the following client acquisition KPIs to show you what’s working for your firm: Once you have a client, what do you do to develop your relationship with them? Try adopting the old management model of “Plan, Do, Check, Act.” Plan to gather the data for your KPIs. How many leads? Every firm has to set their own targets before choosing KPIs to measure, because they are unique to your practice. Pulling it all together can be challenging, but it’s worth it if you can learn how to implement SMART goals (S=specific, M=measurable, A=achievable, R=relevant, and T=time-bound). Read an in-depth analysis on the legal industry. Or it may be more general growth. Will it bring in more revenue for your law firm? In this post you will find 40 Best Law Firm Slogans and Best Taglines. © 2008 - 2020 Themis Solutions Inc. (Clio) |. These are typically agreed between the employee and their reporting manager at the start of a business year or quarter. Photo Credits. Donât simply say, âI want to grow my firm.â You need to clearly specify the aspect of your firm you want to grow. Law Firm Marketing Plan Must-Knows. For example if one of your career goals is to be a Director for an ASX200 Board, you might take advantage of an opportunity to accept a Board position on a Not-for-Profit in the short term. Presented as an easy-to-understand visual dashboard, the Firm Dashboard makes it simple to view, track, and benchmark key performance indicators, then make data-driven decisions for your firm based on those key metrics. Not many attorneys wish their careers to simply plod along. Firm Size *SelectSolo Law FirmLaw Firm (2-3 attorneys)Law Firm (4-6 attorneys)Law Firm (7-10 attorneys)Law Firm (11-20 attorneys)Law Firm (21-29 attorneys)Law Firm (30-79 attorneys)Law Firm (80-179 attorneys)Law Firm (180 or more attorneys)Other. ... Once you have your goals firm … The first step in establishing your KPIs is looking at the data you already have available in your firm’s practice management system. Do you know which attorney or which client is contributing to or reducing your profits? FindLaw, part of Thomson Reuters, is a leading provider of business development solutions for small law firms. Sally J. Schmidt. large, mid-size and boutique law firms. Some law firms may decide to operate a general law business that cuts across various law practices, whilst others may choose to specialize in any of the two major areas of private sector law. WHY: Purpose & Goals. Where do you want it to go? One of the more daunting tasks (whether you are general counsel or not) is setting useful goals for the upcoming year. Schedule a coaching session with our legal marketing experts and receive a gourmet coffee gift card absolutely free! You can also use Clio Manage’s Firm Dashboard to quickly access your firm’s key metrics—like how many billable hours your firm has captured, billed, and collected—all in one central dashboard. Legal Marketing 101: A Guide for Small Law Firms, Marketing to Spanish speakers: Your questions answered, Duplicate content can put your website at risk. If you want to do things right, then your goals should follow the SMART formula, which means they should be Specific, Measurable, Attainable, Realistic and Time specific. To be able to offer each year some legal services at … Our sales team is available Monday to Friday from 8 a.m. to 8 p.m. EST. New clients are likely to be from small technology firms or start-up companies. Hereâs an example of the SMART guidelines at work: âIncrease the volume of SSDI clients we retain by 7 percent in the first quarter of 2015 through targeted online advertising.â Itâs specific in terms of the goal, the number increase, and the timeframe. These individual performance KPIs could include metrics like: Of course, financials, profitability, and margins are central to the success or failure of your law firm—so pay special attention to the following KPIs: When looking at your law firm KPIs, you might want to consider looking beyond revenues and clients, and looking inwards to your firm culture. The reason for this is that the larger tech firms usually will go with one of the larger law firms in town because a large firm can offer them a wide range of services and do all … While law firm KPIs are useful for measuring the overall success and growth of your firm, you might also want to track performance for individual members of your team—whether for yourself or for staff members. And you donât have to be a big law firm to put them to work: Specific. By identifying and tracking goals for performance indicators (for example, the KPI of monthly revenue), you can better assess how your firm is performing. After all, if you are just starting out, you will have different goals and need different strategies than if you are heading an established firm after 30 years of practicing law. At a time when the need to differentiate is more critical than ever, law firms by and large communicate the same anodyne messages and interchangeable attributes. 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