It's that time of the year when students are waiting for those final grades. As usual, it's a mixed bag. Some classes are an 'easy A' for some. Others are hoping their final got them above the bar to achieve their overall GPA or to just pass - looking at you Physics. That got me thinking about how law firms would grade themselves. It all starts with your 'courses' or how you grade yourself. Here, we offer up some areas to consider... and how to grade yourself. Remember, to make this activity helpful, it's all about the follow-up in 2023.
Ultimately, this is a goal successful law firms must meet. How would your clients rate your firm? The first question is if you have asked. Does your firm ask clients for feedback? If so, when? The reality is asking after the matter is closed is great, but too late to actually address. Consider asking clients part of the way through the resolution of their matter.
You can use the Net Promoter Score. It's a simple process.
However, it's what you do with this information that matters. If a client rated you in the 0-6, it may be a good idea to follow up with a phone call. Give the client the chance to provide feedback on their rating. As always, remember to listen for understanding, not for rebuttal. Do you see a trend in the items they note for the lower rating? Consider taking action to correct those issues.
Track your NPS each year so you know you are moving in the right direction.
Take a look at your total billed hours for the year. How did that trend for your firm? Consider how many hours you actually worked for the year. Of your available working hours, how many were billable? Chances are you can improve your efficiency. After all, you don't live to work. You work to live, and because you enjoy the law.
If you aren't sure about your efficiency, think of the three things that you dread doing. Could it be tracking hours? Perhaps it's the billing cycle. How do you feel about redundant processes? For some areas of law, like immigration as an example, the forms are standardized. The repetitive process is completing each form for each client. Consider adopting case management software (... like SimpleLaw) to streamline that process. Can you imagine having the client complete the information and subsequently automate the completion of the form? It's possible. As well as all the data you want about efficiency, streamlining the billing cycle, and so much more.
The goal is to increase your clients and revenue each year, more likely than not. Did you increase your client count? Or perhaps your matter count? These questions are important to not only note the trend, but consider the source. How did your new clients find your firm? Again, if this is information you don't readily know or can easily get, case management software can provide these details and so much more.
If you have the information, you can take the question a step further. What types of matters drove the growth? Some of this may be out of your direct control based on the active laws for your area of expertise. But take some time to consider the growth of your firm and what drove it. As you look to the year ahead, perhaps prioritize this area of law in your blogs or other promotional efforts. If you prefer to be known for another type of matter, take a look around to see if this area of law was in demand in the last year, and if so, who are your competitors? You get the idea. The focus here is to take some time and review your growth, and its possible sources, and put a plan together for 2023.
Now is the right time to take time to review your law firm's performance over the last year. Knowledge is power. And if you are guessing as to some of these items, well, start the new year off on the right foot. Adopt a comprehensive case management software platform, like SimpleLaw, for as little as less than $40 a month for all of our features. Start 2023 off to set yourself up for future success.