The recent debate among managing partners about whether law firms should be focusing on wider issues than profits per equity partner (PEP) has highlighted the question of what really drives firms forward and whether robust financials are, in isolation, a good indicator of a firm’s long-term health.
In today’s increasingly competitive culture, should law firms not be identifying new key performance indicators (KPIs) which measure more than just their ‘bottom line’? Firms may be ignoring a range of new metrics which are fundamental management tools in assessing their underlying performance and ultimately driving the firm forward.
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