Here are 10 performance reports every managing partner needs

Osprey Approach’s guide to the 10 key performance reports every managing partner needs will help to build the foundations of improved visibility.

Running a successful law firm requires more than just being an expert on the practice of law. A competitive firm requires business leadership and it’s that mindset that will set you apart from your peers.

In business, data is power: data on your clients, the market, legal trends, your staff, finances, and performance. There is an endless list of the analyses you could do and the key performance indicators (KPIs) you could set yourself and your firm. But having visibility around key areas of your firm will provide you with the opportunity to make smarter, more data-driven decisions.

Understanding your law firm’s data puts you in control: it provides the insight to spotting trends, highlighting problems, and implementing solutions. In this guide, we’ll look at reasons why a firm should monitor KPIs, how to use KPIs and what reports every firm should be monitoring to give you the information you need.

What are law firm KPIs?

Law firm KPIs are a business metric. They are quantifiable values that measure the success of a firm’s efforts in achieving its specific goals. This could be to increase revenue, clients, or referrers, for example. Or it could be to improve profitability, customer retention or staff satisfaction.

The KPIs you set and measure will depend on your individual goals, so these need to be mapped out first to determine how you’ll measure success. These values are then measured regularly throughout a set period to determine the likelihood of success, monitor ongoing performance and to implement course corrections.