The Bank Holiday must be over because it is a beautiful sunny morning today. Doesn’t everything feel so much better when the sun is shining? Doesn’t it make you want to rush in to check your Law Firm Key Performance Indicators? More on that shortly…
Give me a bleak, rainy, miserable (normal) UK day and I find it harder to get inspired. But give me a day like today and literally anything feels possible.
I have big plans for my business, all built around my business model and the ethos of helping independent law firms to double or treble their turnover.
I am intent on helping as many law firms as I can to achieve their goals.
With so many personal challenges faced and facing me in relation to parents and parents in law over the course of the last year, I know that time is precious.
I want to make sure that I don’t sell myself short whilst I still have the energy, enthusiasm and love for what I do.
I was speaking with a good friend the other day and talking about doing work that you genuinely enjoy. He said to me that “You can’t really love doing what you do can you Nick?”
I was able to reply that I very much do.
I know that I am in flow when I speak with a new client or an existing client and once they have explained where they are now and where they want to be, outlining a clear path for them of what they need to do to get there is very much me in my happy zone.
If I look at the times that I have struggled with an aspect of my business, it has usually been because I have moved away from this place.
What is your happy zone?
When are you in your best place?
When do you do your best work?
Do you allow yourself to do your best work or do you end up doing trivial tasks that will never in a month of Sundays allow you to achieve the goals and dreams you have for your law firm?
The thing is that quite often your happy zone does change as the owner of a law firm. Whilst at first you might really enjoy doing all of the client work, as time progresses and as you become older and wiser, you might find your happy zone becomes working on your business to grow it rather than doing the client work.
If you want to know a secret, this is a really good thing to do, so don’t fight it.
Whilst you can still grow your law firm at the same time as doing the fee earning, there comes a point, especially if you are looking to double or treble the turnover of your firm, that you have to step back from the fee earning.
No one will grow your law firm faster than you.
I am not for a minute saying that you have to DO all of your marketing. Certainly not. I train my clients to know what they need to do to achieve their goals, but then very much to outsource the marketing required to make the firm grow.
Their job then becomes the enjoyable task of keeping on top of the numbers that matter and managing their suppliers to ensure that they continue to reach and exceed their goals.
Are you on top of your numbers that matter?
Your Law Firm Key Performance Indicators
It is the beginning of May (week 18 of 52 to be precise – are you on track to reach your targets this year), so now you should be running through your numbers from last month and ensuring that you hit all of your Key Performance Indicators (KPI’s).
What are your KPI’s?
These could (should) include:
- Your website visitors
- Your email newsletter subscribers and recommendations/referrals received from existing clients (do the former consistently and it feeds the latter…)
- New instructions received including;
- Source of instructions
- Conversion rate by type of marketing
- Conversion rate by type of service
- Conversion rate by fee earner
- Your Google Adwords traffic including your click through rates, your average cost per click, the average position for your advertisements (if you are below 3 then you will be missing most of the traffic) and of course your conversions.
- Referrals received from each referral source
- Your marketing tactics completed as against target, for example:
- Articles written and added to website
- Email newsletters sent
- Advertisements written or re-written
- New referrers contacted
- New website pages created
- High traffic website pages reviewed, updated and improved
- Direct mail campaign numbers
- Chargeable hours completed and/or new files opened
- Your billing. I left this until last on purpose. If you take care of all of the numbers above first this number will always take care of itself.
Knowing your KPI’s and monitoring them each and every month is a sure fire way to reach and exceed the goals and targets for your law firm.
If you are unsure which KPI’s you should be tracking, or you know your numbers and they are not where you want them to be at more than a third of the way through 2016, please don’t sit there and worry about it.
Fix a time to talk with me and let me point you in the right direction. I can save you a lot of time, stress and money, and I will be happy as that will be more time for me in my happy zone.
You can choose a time to suit you as soon as you download my free guide showing you the 6 most effective forms of marketing below:
Ready To Take Action And See Results Now?
Please call 0117 290 8555 to arrange a mutually convenient time for a telephone discussion, Email me or complete a Free Online Enquiry. There is no cost or obligation. We will have a chat about where you are and where you would like to be and I will suggest some things you can do to get there quickly.