There’s a spectrum of sophistication when law firms and business owners look critically at the performance of their law firms. The first rung on the latter would be what most of us do in our daily lives and check our bank balances on the phone app to see if we have money in the account. The last rung would be setting goals and monitoring staff and financial performance and making tweaks along the way to meet those goals.
What goals should a law firm set?
Those will overlap with personal and professional cash flow needs and ultimately where you want to take your business in the short-term, mid-term, and long-term. Goals should be realistic and achievable. If your goal is to achieve operational funding from a bank, financial statements play a key role in allowing the bank to meet its own internal requirements for loan approval. The key to any goal would be knowing the current state of your business, through key performance indicators. Setting targets based on those indicators is the first step in having a business decision mindset and improving law firm business health. For a law firm, improvement may be based on the number of new cases or matters, monitoring attorney billable targets, and many more. Begin monitoring your performance today, with a free trial of firmTRAK’s CLIO or Practice Panther performance dashboards.
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