I am the managing partner of a three attorney personal injury plaintiff firm in Indianapolis. We have a total of 600+ open PI files. What are some of the key financial metrics/indicators that we should be using to manage the practice?
From your case count it is obvious that you a managing a high volume practice. In addition to selecting the right cases managing you inventory (case portfolio) is crucial as is managing and monitoring the effectiveness of your marketing investments. Here are a few metrics that you might consider incorporating into a one page report with trend line charts. You can design the report in Excel and pull the numbers from detail reports from your case management system:
Plotted by Month
This will get you started.
Income statements/profit and loss statements are nice history lessons but they don't help you manage the productive operations of the firm.
John W. Olmstead, MBA, Ph.D, CMC