Adam Caplan continues his series on how to a grow a law firm
In part one of this series I introduced the concept of key performance indicators (KPIs) to help you find out what makes your business tick. We looked at initial KPIs such as: number of clients, number of active hours billed, average hourly rates, and average hours per client. This tells you where your business is currently. This is known as “Where you are now” (see NLJ).
We now need to set some goals for the coming year based on the results of your KPIs. Examples of goals could be: (i) increase the number of clients on my books by 10%; (ii) increase my active existing client base by 15%; (iii) increase my annual billing hours by 10%; (iv) increase my average hourly billing rate by 10%; and (v) improve my hours per client billed by 10%.
How will you achieve these goals? First, you must ensure that having worked out your KPIs for the previous 12 months, you can look at the monthly figures you achieved in each month over
