You
were
taught
many
skills
in
law
school,
like
how
to
think
like
a
lawyer
and
conduct
legal
research.
But
many
topics
were
likely
excluded
from
your
law
school
curriculum,
including
effective
client
communication
and
law
firm
management
After
you
hung
a
shingle,
these
gaps
may
have
become
more
evident,
requiring
significant
time
and
financial
investment
to
bridge
the
learning
curve.
From
marketing
and
client
intake
to
tracking
expenses
and
getting
paid,
you’ll
need
to
address
many
issues
to
unlock
law
firm
revenue
and
expansion
drivers.
Fortunately,
there
is
no
shortage
of
information
on
running
a
streamlined
law
firm,
from
CLE
courses
to
books
to
online
resources.
The
Value
Of
Industry
Benchmark
Data
One
way
to
get
up
to
speed
is
by
comparing
your
firm
to
industry
benchmarking
data.
By
understanding
how
other
lawyers
are
running
their
practices
and
achieving
success,
you
can
apply
what
you’ve
learned
to
your
law
firm’s
operations
to
increase
marketing
and
growth
opportunities.
For
this
type
of
data,
look
no
further
than
two
Benchmark
Reports
released
this
year
from
MyCase
and
LawPay:
Benchmark
Report
Part
1:
Law
Firm
Finances
and
Benchmark
Report
Part
2:
Getting
Clients.
These
reports,
based
on
anonymized
law
firm
data,
provide
a
wealth
of
marketing
and
financial
insights.
Client
Intake
Conversion
Data
One
important
client
intake
metric
addressed
in
these
reports
is
conversion
rates.
Comparing
your
firm’s
conversion
rates
with
those
of
firms
with
the
same
practice
areas
can
be
very
instructive
and
help
you
to
better
determine
whether
your
client
intake
processes
are
running
as
smoothly
as
possible.
Data
from
the
reports
indicates
that
the
practice
area
with
the
fastest
conversion
rates
is
personal
injury
law,
with
just
three
days
between
lead
intake
and
conversion
to
client,
while
bankruptcy
and
immigration
share
the
slowest
conversion
timelines
at
16
days.
These
disparities
highlight
the
varying
complexities
in
practice
areas
and
the
differing
expectations
of
potential
clients.
By
understanding
these
benchmarks,
you
can
set
realistic
goals
for
improving
your
firm’s
intake
processes
based
on
the
specific
needs
and
timelines
of
your
practice
areas.
Consultation
Appointments
Another
key
factor
influencing
conversion
rates
is
the
percentage
of
consultation
appointments
held
for
each
of
your
firm’s
practice
areas,
as
well
as
the
revenue
generated
from
consultation
fees.
Data
from
the
reports
showed
that
across
various
practice
areas,
an
average
of
14%
of
prospective
clients
attend
consultations
before
retaining
a
law
firm.
Trust
and
estate
clients
top
the
list,
with
27%
attending
consultations,
followed
closely
by
immigration
clients
at
21%.
In
contrast,
personal
injury
and
criminal
law
practices
see
the
lowest
rates
of
consultation
attendance,
at
7%
and
8%
respectively.
These
numbers
suggest
that
in
certain
practice
areas,
clients
are
more
likely
to
seek
legal
advice
before
deciding
to
hire,
making
consultations
an
important
touchpoint
in
the
conversion
process.
Firms
operating
in
high-consultation
areas
could
capitalize
on
this
by
offering
structured,
paid
consultation
packages,
while
firms
in
low-consultation
areas
may
want
to
focus
on
streamlining
intake
and
initial
contact
to
expedite
conversion.
Tracking
Consultation
Fee
Revenue
Tracking
consultation
fee
revenue
is
critical
to
optimizing
a
law
firm’s
marketing
strategy.
It
provides
insight
into
how
initial
client
interactions
directly
contribute
to
a
firm’s
profitability
and
highlights
areas
where
the
firm
may
be
leaving
money
on
the
table.
This
data-driven
approach
not
only
boosts
immediate
revenue
but
also
supports
long-term
business
growth.
When
it
comes
to
tracking
revenue
from
consultation
fees,
the
benchmark
data
showed
that
more
than
3,000
reports
analyzing
consultation-related
revenue
were
generated
within
a
two-week
period.
This
large
number
highlights
the
importance
of
understanding
how
these
initial
meetings
contribute
to
overall
profitability.
Referral
Sources
And
Lead
Forecasting
Reporting
Meanwhile,
analyzing
lead
referral
sources
allows
firms
to
pinpoint
which
marketing
channels
or
relationships
are
driving
the
most
business.
By
focusing
on
these
data
points,
law
firms
can
refine
their
marketing
efforts,
ensuring
resources
are
invested
in
the
strategies
and
channels
that
yield
the
highest
return.
Data
from
the
reports
also
indicates
that
lead
referral
sources
were
a
major
focus
for
firms,
with
over
1,000
reports
run
over
the
course
of
a
year
to
track
lead
origination.
In
comparison,
lead
forecasting
reports,
which
track
potential
future
revenue,
were
less
commonly
generated,
with
only
250
reports
run.
Nevertheless,
both
sets
of
reports
offer
valuable
insights
for
long-term
strategic
planning.
By
analyzing
these
trends,
you
can
better
allocate
resources
and
refine
marketing
strategies
to
plan
for
improved
growth
and
revenue
generation.
Expense
Tracking
Lastly,
when
examining
the
financial
landscape
across
practice
areas,
the
data
reveals
notable
differences
in
the
number
of
expenses
incurred
by
law
firms
in
one
year.
Family
Law
matters
lead
with
the
highest
expenses,
totaling
312,550,
followed
by
Personal
Injury
matters
at
181,064,
and
Trusts
and
Estates
at
164,817.
These
numbers
reflect
the
resource-intensive
nature
and
complexity
of
these
practice
areas.
In
contrast,
Employment
Law
and
Bankruptcy
matters
incurred
far
fewer
expenses,
at
33,624
and
28,713,
respectively.
Among
other
things,
these
lower
figures
suggest
less
overhead,
providing
important
insights
for
firms
looking
to
manage
costs
more
effectively.
If
your
firm
is
seeking
ways
to
enhance
growth
and
profitability,
these
reports
offer
a
valuable
roadmap
for
improving
financial
performance
and
strategic
decision-making.
By
analyzing
this
data,
you
can
refine
your
firm’s
marketing
strategies,
adjust
pricing
models,
and
allocate
resources
more
efficiently
to
optimize
profitability,
firm
growth,
and
overall
client
satisfaction.
Nicole
Black
is
a
Rochester,
New
York
attorney
and
Director
of
Business
and
Community
Relations
at
MyCase,
web-based
law
practice
management
software.
She’s
been
blogging
since
2005,
has
written
a
weekly
column
for
the
Daily
Record
since
2007,
is
the
author
of
Cloud
Computing
for
Lawyers,
co-authors
Social
Media
for
Lawyers:
the
Next
Frontier,
and
co-authors
Criminal
Law
in
New
York.
She’s
easily
distracted
by
the
potential
of
bright
and
shiny
tech
gadgets,
along
with
good
food
and
wine.
You
can
follow
her
on
Twitter
at
@nikiblack
and
she
can
be
reached
at
[email protected].