It’s the start of a new month and a perfect time to look back and see how your firm performed. There are several factors in measuring your firm’s success, but here are three stats everyone should be measuring:
- How many new cases/matters did you have?
- Who referred the new matters to you?
- Which practice area had the most matters?
How Many New Cases/Matters?
Without clients, you don’t have a practice so it’s important to know how many new cases or matters you had last month. Keeping track of how many new cases and matters is vital to determine whether you have a consistent flow of new business and a healthy new client conversion rate. Analyze your month by comparing your numbers with past months and past years. You may start to see trends and determine whether you should adjust how much time and effort you put into business development.
Who Referred New Matters to You?
After calculating the number of new matters, you need to know where the new matters came from. The number one source of new business is referrals from clients. Nonetheless, tracking the source of all your new matters allows you to determine how other referral sources are performing. If you invested in print ads, websites, or social media ads, you should be tracking the return on your investment. Depending on your practice and geographical area, local print ads may provide you a greater return on investment compared to social media. This statistic and tracking back to your referral source allows you to spend your marketing dollars wisely.
Which Practice Area Had the Most Matters?
If your practice consists of more than one area of law, you want to know which practice area was the most active. Having knowledge of what area of law is most active during a particular month or season will help you create a marketing strategy for months leading up to it. For example, if you notice that you consistently have more divorce cases in November, you may want to start targeted marketing in the months of September or October.
Smokeball Firm Insights Dashboards
Imagine coming into the office this morning, clicking your mouse and being able to view the statistics described above — in seconds. With Smokeball’s New Business Insights dashboard, you can view this data (and more) in an instant.
With Smokeball, you can view the health of your firm using Firm Insights. Firm Insights provides you a dashboard to view reports generated from data obtained through the firm’s use of Smokeball. By using Smokeball, your activity and data is collected and analyzed in real-time. In addition to New Business Insights, there are four additional dashboards to give you insight into your firm’s performance.
Click here to find out more about how Smokeball can help you track your performance and make objective informed decisions about your firm.