Running a solo law firm requires you to wear many hats — attorney, marketer, administrator, and business owner. But one of the most overlooked roles is data analyst. The truth is, what gets measured gets managed. Tracking the right Key Performance Indicators (KPIs) gives you the clarity to make smarter business decisions, identify growth opportunities, and ensure your firm is on the right path.
Below are the most important KPIs every solo lawyer should be monitoring.
1. New Leads Per Month
Your leads represent potential clients — the lifeblood of your firm. Tracking how many new leads you generate each month helps you gauge the effectiveness of your marketing and referral strategies.
Why it matters:
- Identifies which marketing efforts drive results.
- Helps you set realistic revenue forecasts.
- Shows seasonal or trend-based fluctuations in demand.
Pro tip: Use your CRM or practice management software (like Lawmatics or Clio Grow) to automatically track where leads come from.
2. Consultations Scheduled and Conversion Rate
Not every lead becomes a paying client. Tracking how many consultations you schedule — and what percentage convert to paying clients — tells you whether your intake and sales process is working.
Formula:
Conversion Rate = (Clients Hired ÷ Consultations Held) × 100
Why it matters:
- Highlights bottlenecks in your intake process.
- Shows if you need to refine your consultation scripts or follow-up process.
- Helps forecast revenue more accurately.
3. Average Revenue Per Client
This KPI measures how much revenue each client brings to your firm on average.
Formula:
Average Revenue Per Client = Total Revenue ÷ Total Clients
Why it matters:
- Helps you price your services appropriately.
- Reveals opportunities for upselling or offering higher-value services.
- Allows you to focus on your most profitable case types.
4. Client Acquisition Cost (CAC)
This measures how much it costs you to acquire a new client.
Formula:
CAC = (Total Marketing + Sales Costs) ÷ Number of New Clients
Why it matters:
- Ensures your marketing efforts are cost-effective.
- Helps you balance between paid ads, referrals, and organic marketing.
- Guides decisions about where to invest your marketing budget.
5. Utilization Rate
Utilization rate measures how much of your available working time is billable.
Formula:
Utilization Rate = (Billable Hours ÷ Total Hours Worked) × 100
Why it matters:
- Reveals how efficiently you’re using your time.
- Helps identify when to outsource administrative or marketing tasks.
- Ensures you’re balancing client work with firm management.
6. Collection Rate
It doesn’t matter how much you bill if you’re not collecting.
Formula:
Collection Rate = (Payments Collected ÷ Total Billed) × 100
Why it matters:
- Ensures cash flow remains steady.
- Highlights issues with your billing process or payment terms.
- Helps maintain financial health and avoid chasing overdue invoices.
7. Matter Turnaround Time
This tracks how long it takes to complete a case from intake to close.
Why it matters:
- Improves client satisfaction and referrals.
- Identifies inefficiencies or bottlenecks in your workflow.
- Helps you forecast workload and cash flow more accurately.
8. Client Satisfaction and Reviews
Client experience is a powerful growth driver. Collect feedback after each matter and track your average rating or Net Promoter Score (NPS).
Why it matters:
- Drives referrals and repeat business.
- Uncovers weaknesses in communication or service delivery.
- Builds your reputation online.
9. Referral Rate
Referrals are often a solo lawyer’s most valuable marketing source.
Why it matters:
- Measures how satisfied and loyal your clients are.
- Helps identify strong referral sources to nurture.
- Guides whether to implement a more structured referral system.
10. Net Profit Margin
At the end of the day, profitability determines sustainability.
Formula:
Net Profit Margin = (Net Income ÷ Total Revenue) × 100
Why it matters:
- Shows how much of your revenue turns into profit.
- Helps assess spending and pricing strategies.
- Ensures long-term financial stability.
Final Thoughts
As a solo lawyer, your time is limited — but tracking these KPIs doesn’t have to be complicated. Start small: pick three to five metrics that align with your goals, and review them monthly. Tools like Lawmatics, Clio, or QuickBooks can automate most of this tracking so you can focus on serving your clients.
By measuring what matters, you’ll not only practice law — you’ll build a thriving, efficient business.