We have fine-tuned our system and knocked back the bulky overhead. Our attorneys keep more of what they earn, spend less time managing the administrative tasks, and get to stay focused on what is most important in their business.
Below is a breakdown of the average industry rates and key components that directly affect your take-home.
GET TO THE NUMBER YOU CARE ABOUT
Average Hours (weekly):
Average Billable Hours (weekly):
Billable Hours (annually):
Average Billed Realization Rate:
Average Collection Rate:
45 – 55%2
Operational & Administrative
Part-time: $400 – $800 / month
Full-time: $3,000 – $4,500 / month
Outsourced: $500 – $2,500 / month8
15 Hours: $635 / month
30 Hours: $1,180 / month
50 Hours: $1,880 / month19
Self-managed IT Services: $40,000 / year
Outsourced IT Services: $1,000 – $1,500 / month20
Marketing and Brand Awareness
$6 – $50 / month4
5% of Sales Revenue9
Social Media Management
$300 – $500 / month3
$2,000 / year (estimated)
$3,000 – $10,000 / year (estimated)
$1,000 – $2,000 / year (estimated)
Technology & IT Infrastructure
CRM & Matter Management
$35 – $125 / month per user5
$15 / month per user15
$6 – $18 / month per user6
$20 / month per user18
Call Receptionist Service
$94 – $684 / month16
$10 – $40 / month7
Estimated Actual Costs
(Estimate does not include 5% revenue budgeted for marketing and advertising)
$36,252 – $155,424
Business Development, Networking, Building and Implementing Processes and Procedures, Administrative Tasks
37.5 non-billable hours / week
Estimated Opportunity Costs
$694,575 lost revenue
If you identify with these traits, you will fit right in:
- Motivation: You are driven, entrepreneurial, and have a desire to build something of your own in a big, bold way.
- Attitude: You have a positive, forward-thinking attitude.
- Leadership: You stand out in your area of expertise as a thought leader and a doer.
- Adaptability: You like new technology and embrace change in what you do.
- Delegation: You bring people together to get the job done while cultivating a positive, respectful, and efficient team environment.
We value our brand and the quality of work we offer our clients. While we always welcome new opportunities for expansion outside of our current areas of expertise, it has to be done the right way and under the right circumstances.
- Grow an existing firm practice: Expand upon one of our established practices within Intellectual Property, Corporate Transactional Law, or Data Privacy.
- Offer a specialized approach: Offer a specialized focus in patents, trademarks, copyrights, entertainment law, mergers & acquisitions, general business transactions, software and technology law.
- Trailblaze a complementary practice: Create value and spearhead a new, complementary practice area to our firm. Potential practice areas may include, for example: commercial real estate, construction law, labor and employment, commercial litigation, IP litigation, and tax law.
Consider this your chance to take the reigns. You may be a senior associate at a medium or large firm, with your own clients, but without the respect and independence that you deserve. You may be a senior associate or a partner at a smaller firm, looking for a forward-thinking team to take you to the next level. You may be a solo practitioner who is tired of the crushing administrative burden and could benefit from the right support to build upon what you have already created.
The ideal person to join our team has a book of business that they are looking to grow and expand. We can help you grow your legal career on your own terms.
As long as you have an active bar license in the states (where you may need one), we provide you the freedom to work wherever you can succeed. Our firm’s cloud-based technology platform and distributed team can support you from any office location, city, or state.
how this opportunity can take your practice to the next level.
Where did we compile our industry data from?
Here are the Resources:
- 2020 Legal Trends Report. Clio. (2020, August). Retrieved November 3, 2021, from https://www.clio.com/wp-content/uploads/2020/08/2020-Legal-Trends-Report.pdf.
- Barnes, H. (2021, May 20). Overhead ratios of a law firm. LawCrossing.com. Retrieved November 3, 2021, from https://www.lawcrossing.com/article/900010148/Overhead-Ratios-of-a-Law-Firm/.
- Barraclough, D. (2021, July 29). Social Media Management Pricing 2021: What are the costs? Expert Market US. Retrieved November 3, 2021, from https://www.expertmarket.com/social-media-marketing/social-media-management-pricing.
- Carney, L. (2021, October 4). How much does a website cost in 2021? (full breakdown). Website Builder Expert. Retrieved November 3, 2021, from https://www.websitebuilderexpert.com/building-websites/how-much-should-a-website-cost/.
- Clio Cost & Pricing. Clio. (2021, October 26). Retrieved November 3, 2021, from https://www.clio.com/pricing/.
- Compare flexible pricing | google workspace (formerly G Suite). Google. (n.d.). Retrieved November 3, 2021, from https://workspace.google.com/pricing.html.
- ESIGNATURE plans and pricing. DocuSign. (2021, October 4). Retrieved November 3, 2021, from https://www.docusign.com/products-and-pricing.
- How much do bookkeeping services for small businesses cost? Bookkeeping, Accounting & Controllers for Businesses and Nonprofits. (n.d.). Retrieved November 3, 2021, from https://www.growthforce.com/blog/how-much-bookkeeping-services-cost-small-businesses.
- How much should you be spending on marketing? Nuphoriq. (2019, December 12). Retrieved November 3, 2021, from https://nuphoriq.com/create-a-marketing-budget/.
- Josten, W. (2021, August 4). Law firm billing in a crisis: No time for a free-for-all. Thomson Reuters Institute. Retrieved November 3, 2021, from https://www.thomsonreuters.com/en-us/posts/legal/crisis-billing-no-free-for-all/.
- Legal Trends for Solo Law Firms. Clio. (2021, February 22). Retrieved November 3, 2021, from https://www.clio.com/resources/legal-trends/2021-solo-report/read-online/.
- Miki, S. (2021, October 4). 10 tips to improve law firm profitability. Clio. Retrieved November 3, 2021, from https://www.clio.com/blog/law-firm-profitability/.
- Palmer, J., & Ouyang, L. (2021, June 28). Analysis: Survey finds lawyer burnout rising, well-being falling. news.bloomberglaw.com. Retrieved November 3, 2021, from https://news.bloomberglaw.com/business-and-practice/analysis-survey-finds-lawyer-burnout-rising-well-being-falling.
- Paralegal salary by state: All Criminal Justices Schools. All Criminal Justice Schools. (2021, July 1). Retrieved November 3, 2021, from https://www.allcriminaljusticeschools.com/legal-and-paralegal/paralegal-salary-by-state/.
- Plans and pricing. Box. (2016, March 21). Retrieved November 3, 2021, from https://www.box.com/pricing.
- Posh virtual receptionist pricing: Cost of a virtual receptionist. Posh Virtual Receptionists. (2021, August 10). Retrieved November 3, 2021, from https://posh.com/pricing/#pricing-section.
- Strom, R. (2019, September 19). Big law is humming, but collections keep tumbling. news.bloomberglaw.com. Retrieved November 3, 2021, from https://news.bloomberglaw.com/us-law-week/big-law-is-humming-but-collections-keep-tumbling.
- Turner, J. (2021, July 27). How much does VoIP cost?: Compare pricing plans. Tech.co. Retrieved November 3, 2021, from https://tech.co/business-phone-systems/voip-cost-price-breakdown.
- Virtual paralegals and legal secretaries plans and pricing … (n.d.). Retrieved November 3, 2021, from https://www.equivityva.com/paralegal-pricing/.
- What does tech support for small business needs cost? The AME Group. (2020, December 22). Retrieved November 3, 2021, from https://www.theamegroup.com/what-does-tech-support-for-small-business-needs-cost/.
- Why your law firm isn’t anywhere near as profitable as you think. Yahoo! Finance. (2017, October 7). Retrieved November 3, 2021, from https://finance.yahoo.com/news/why-law-firm-isn-apos-051405311.html.