Metrics That Matter with Tim McKey

Watch the YouTube version of this episode HERE

Do you want to learn more about how to create and maintain a successful business? In this episode, CPA Tim McKee delivers a presentation on "Metrics That Matter" at the 2022 Maximum Lawyer conference. Tim discusses the many ways to run a successful law firm.

Tim shares how there are only 4 ways to grow a law firm: increase the value of each transaction or resolution, get clients to revisit, take on more cases and increase the value of those cases. Working in law firms, attorneys focus on identifying what the information is and how to go about obtaining it. Obtaining it comes from data systems such as spreadsheets, KPI systems, case management systems, etc.

As law firm owners, communication is key to a successful business and a well functioning team. Tim talks about the importance of communicating to the team about performance, where things are going well and where things are lagging. Most times, teams don't perform well because there is a lack of clear communication on expectations. If this is the case, you need to ask yourself as an owner if you are providing your staff with the right tools to succeed and if they have had the right training to do it successfully.

It is important to train staff in order to get the results you want for your business. No one walks into a job knowing everything there is to know. You also can’t expect new staff to know everything right off the bat without a proper onboarding plan. There needs to be something in place to ensure staff are showing up and performing, otherwise you get turnover and a bad workplace culture.

Tim goes through a few key performance indicators (KPIs) that businesses and firms should consider to understand how well the firm is doing. One of these is diagnostic reporting. This involves categorizing cases which then are turned into numbers and percentages that can be analyzed. This could be closed cases with a fee, closed cases with no fee, cases that didn't make it to trial, cases with a physical injury, etc. The categories are endless, but what this does is take all of the information and pump out numbers that show the performance of the firm and how many cases are being handled each month or year.

Listen in to learn more!

1:59 Four methods for growing a law firm

9:13 If there is low performance …

13:20 Highlighting the need for training and coaching in order to achieve desired results

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