Definitely Mabey

Measuring Key Performance Indicators

Stephen Mabey Author

This column will deal with some of the key results of the 2011 Canadian KPI Survey conducted by Law Firm KPI, a for-profit company (our intent anyways) co-founded by Karen MacKay of Phoenix Legal Inc., and me in 2010 to specifically undertake surveys of key performance indicators for law firms with up to 100 lawyers.

The purpose of the survey is to provide Canadian law firms with industry information in order to benchmark their own performance against the performance of other firms of reasonable comparative size.

More information on the annual survey can be found at LawFirmKPI.com.

What is KPI you may well ask?

Lots of firms use different subjective and objective indicators to track their performance and perceived fiscal health. So what makes an indicator become a KPI for a firm? When it:

  • reflects the firm’s strategy and goals;
  • is key to the firm’s success; and
  • can be quantified.

During the course of discussions with law firms, both in Canada and the United States, it became clear that perhaps we had overestimated the body of knowledge that existed among firms on the topic of KPI. So we co-wrote a mini-guide on KPI which, in addition to explaining what they are and their use, also provides definitions for a range of indicators broken down into the following three categories:


The rest of this article is available in Stephen Mabey's new Book

Book Cover - Leading and Managing a Sustainable Law Firm - Tactics & Strategies for a Rapidly Changing Profession by Stephen Mabey

Available for purchase on BookBaby.

 

 

 

Until the next column, remember,

"if you don't know where you are going, any road will get you somewhere."

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First Published in Canadian Lawyer August 2011. Copyright © Applied Strategies Inc.

Legal Strategy Consultant