Pandemic KPI1 – Some new, some old but all relevantWe have no clear vision of the future as to what the "new normal" will look like. In these times, firms are right to focus on survival. We have our hands full just trying to manage our cash flows, support our lawyers and staff, all while still creating value for our clients.Unfortunately, short-term optimizations can render your firm at a significant disadvantage in the eyes of your clients, especially if your competitors are moving forward from a place of client focus. Your business plans may feel obsolete, or at least inadequate, in the face of all of this. Many of our processes and norms have probably started to feel a little off-target as well. While COVID-19 has changed the opportunities to empower your firm, it has not changed the basic premise that – client service – has and will be the driver of empowering and growing your practice.
With most lawyers and staff working remotely for some or all of the work-week, firms are slowly making progress towards judging employees on their results and not activity. In the end, a little empathy will go a long way in bolstering performance, morale, and ultimately loyalty and retention. The following list is an example of various KPIs you may consider adopting when evaluating your firm's efforts during and even after the pandemic period (whenever that is). Given the uncertainty of the times, the time frame over which KPIs are measured needs to be shortened to quarterly, monthly, and even weekly.
As any skilled leader knows, you never waste a crisis. Now is the time to adapt and make the necessary changes to an outdated business model. The winners in the post-COVID economy will be those who see the crisis as an opportunity for systematic change. The transition should be from one that is mainly law-firm centric to a more client-centric model. Almost 6 years later Cordell Parvin's comment is even more true today, in great part due to COVID-19.
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Stephen Mabey is a CPA, CA and the Managing Director of Applied Strategies, Inc. Stephen's focus is on law firms in general and on small to medium size law firms in particular. He has written about and advised on, a wide range of issues including – leadership, business development, marketing, key performance indicators, strategic planning, mergers, practice acquisitions, competitive intelligence, finance, mergers, practice transitioning, compensation, organizational structures, succession and transition planning, partnership arrangements and firm retreats. In 2013, Stephen was inducted as a Fellow of the College of Law Practice Management in recognition of his sustained commitment to the highest standards of professionalism in law practice management. For more information, visit appliedstrategies.ca or connect with Stephen Mabey on LinkedIn. |