Law firms know they should be tracking key performance indicators (KPIs) to assess the performance of their business development activities; traditionally, firms have focused on three key elements: relationship management, marketing activities, and net-new contacts. Monitoring these metrics serves a valuable purpose, particularly with respect to assessing program maturation over time as well as adoption of the customer relationship management (CRM) since its initiation.

In addition to tracking these metrics, firms want regular reporting on return on investment (ROI) for marketing and business development activities—activities such as mailings, events, sponsorships, firm ticket programs, and any other activity that can be measured and tied to expenses. These reports enable attorneys, chief marketing officers and chief business development officers to justify budget requests and on-going activities.

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