#BizDevTip: The only KPI that matters is client satisfaction

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Whether you are a newly admitted lawyer or an old-hand, in an industry that revolves around a 12-month cycle the one thing that you can be sure of is that you’ll be subject to a lot of internal and external reporting metrics.

These might be the service standards imposed by clients, such as the need to respond to phone calls or emails within a certain number of hours. Or they could be driven by the firm you work for, such as meeting an annual revenue budget. More than likely, they’ll be a combination of both.

And the metrics may even change over time, to determine whether you are being efficient or effective.

But the one thing you can be absolutely certain of is that the only key performance indicator (KPI) that has any meaning whatsoever is whether or not your client is satisfied with the job you are doing.

Sure you need to worry about revenue. You even need to worry about profitability. Pro bono and corporate social responsibility (CSR) are important. But none of this matters a darn if your clients aren’t satisfied.

Which is why it is absolutely astonishing that as much as:

 “94% of global law firms clients were not asked for any formal feedback from their primary law firm”

–  Acritas Sharpelegal2013

By all means, keep big data. Even mine the information and undertake data analysis. Do whatever it is you need to do to keep your law firm running.

But remember, giving your client the opportunity to provide you with formal, and impartial, feedback on your performance is one of the very few real differentiators left.

And if you are one of the 6% of global firms that are doing this, then there is every chance your firm really is one of the few that is standing out from the crowd.

And if not, you’re really only providing an easily commoditized service.