Key Law Firm Profitability Metrics Every Lawyer Should Know
This course has been approved for 1.0 hours of General CLE Credit. Course Number 3105.
Ever wonder how much you should charge for your legal services? That’s a tricky question. Sure, it can be tempting to just check what the competition is doing, but that’s just part of the picture. The key is to demonstrate the value of your services and set your rates accordingly, considering factors like your experience and the time sensitivity of your work. You also need to make sure your rates will allow you to run a profitable business.
It can be complicated figuring out your rates, but it doesn’t have to be! In this CLE, you’ll learn how to easily calculate two key profitability metrics for your law firm—customer acquisition cost (CAC) and customer lifetime value (LTV)—and how to use those metrics to set your firm up for long term financial success.
- Learn the basics of unit economics, including how to easily calculate customer acquisition cost (CAC) and customer lifetime value (LTV) for your law firm.
- Find out how you can use these two profitability metrics to make pricing, rate setting, and other operational decisions for your law firm.
- Learn how having a basic understanding of financial metrics can help your law firm become more profitable.