Do you know what it costs to land a new client for your law practice?
A Cost Per Case (CPC) analysis – which calculates how much you spend to acquire one new client – will reveal how much bang you’re getting for your marketing bucks.
Here’s the formula: CPC = Budget Spent on Marketing, Advertising and Promotion ÷ Number of New Clients.
Clearly, CPC is not Advanced Calculus. It will vary from practice to practice, depending on the type of case, size of firm, geographic region, and other factors.
But marketing gurus say a CPC of approximately 15 percent is a good target to shoot for.
“There is no perfect guideline,” according to this source. “Most CPCs will be profitable if you are spending around 15 percent or less of your expected [fee] per client.”
Here’s an example. A Social Security disability attorney earns an average fee of $3,000 per case. The attorney wants to run a pay-per-click ad campaign on Google. To land one new client, the attorney should spend no more than $450 on the campaign to hit the 15 percent CPC target
Want to make 2023 your healthiest and most prosperous year ever? Join us on Wednesday, December 7 at 12 noon CT for our Third Annual Lawyer Wellness CLE webinar. This year’s program, “You’re Not Broken: The Neuroscience of Lawyer Well-being,” will use evidence-based research to help boost your personal and professional well-being and enter the new year with renewed enthusiasm. The presenter is Colleen Byers, JD, a seasoned litigator, mediator, legal educator, certified yoga instructor, and 2020 North Carolina Lawyer of the Year. Colleen will show you how to work with neurobiology rather than against it, how to make “Emergency Landings” in stressful situations, and how to avoid “amygdala hijack.” This free, one-hour webinar will help you manage end-of-year holiday stress. And you’ll obtain 2022 CLE credit without leaving your desk! Register here.
How to Get More Clients Per Marketing Dollars
The following suggestions are from business writer Jan Hill and Lawmatics:
Organic leads. These come when prospects find you through a general Google search rather than clicking on an ad.
Search Engine Optimization (SEO). This strategy optimizes your website content by using relevant keywords.
Pay-Per-Lead (PPL). With PPL, you pay an advertising company for every qualified lead they generate for you.
Social media leads. “According to an Attorney at Work survey, 96 percent of the 302 lawyers who responded said they use social media like LinkedIn, Facebook, Twitter, and YouTube to bring in new clients,” Hill writes.
Referrals from lawyers in other practice areas. Building a referral network with other lawyers is a win-win proposition.
Take care of your existing clients. They’ll sing your praises to their friends and family.
Do you practice in Wisconsin, Texas, Minnesota, Ohio, Illinois, Indiana or Michigan? Is your professional liability coverage managed through Alta Pro? If so, you’re automatically a member of the Alta Pro Risk Purchasing Group (RPG), which offers a wealth of benefits for your practice: free, cutting-edge CLE webinars featuring top experts tackling timely topics; the Pro Practice Playbook; the Pro Practice Blog; Reminger’s ProLink risk management assistance; Reminger’s Claim Repair Hotline; discounts on CLIO practice management software; tax savings on health insurance; and access to the Risk Pro, who can help keep your firm safe and successful. Register here and start enjoying your Alta Pro RPG benefits.