Whether it’s through search engine optimization efforts or paid ads on Google or Bing, there are many ways to generate online leads. If your firm is investing time, effort, and revenue into lead generation, it’s important to measure your efforts’ success. Here are a few metrics you should look at when determining if your lead generation campaigns are running smoothly:

Number of Leads Generated

This one is pretty straightforward—are your lead generation campaigns yielding enough cases to keep your firm afloat? The number of leads a firm needs varies wildly of course. Solo attorneys may just need to sign one or two new clients per month, while nationwide law firms with a dozen attorneys may need to sign upwards of 2,000 new cases every year.

If your lead generation efforts aren’t bringing in enough clients, you’ll need to supplement your own marketing with other sources. This might include traditional marketing efforts like billboard or other outdoor ads, or it might be from a third-party lead provider.

Revenue Per Lead

Revenue per lead (RPL) is how much each lead generated earns in legal fees. It’ll likely take well over a year to determine your average RPL from a digital lead generation source, as most claims take a while to resolve. For example, the average Social Security disability claim isn’t approved for over two years.

Why might your RPL vary by lead generation source? Some sources are higher quality than others. For example, paid ads often yield better cases than SEO efforts because you can display your ad on the most desirable queries, narrowing down the pool of claimants who see your ad. High quality leads should be more profitable (think SSDI claims vs. SSI), so once you’re able to determine your RPL you can adjust your lead generation efforts accordingly.

Cost Per Case

Cost per case (CPC) is the metric we like to use most often at eGenerationMarketing. Your CPC is the total dollar value spent signing one new client from a particular marketing source. To calculate your CPC you’ll need to divide your total number of new clients by the spend for one ad campaign.

So what’s a “good” CPC? It totally depends on your area of law. If a personal injury attorney and a Social Security attorney both have CPCs of $500, the PI attorney is making more money—personal injury claims are usually settled for more than $10,000, while the average Social Security disability settlement is just $3,200. A good rule of thumb is to never spend more than 15% of your firm’s expected revenue per case on one marketing channel.

Our clients can expect a CPC of $300 from their Social Security disability leads, while PI attorneys have an average CPC of $550. Some clients who are particularly proactive have even lower costs. To learn more about how you can supplement your own legal lead generation efforts with our high-quality Social Security disability, personal injury, workers’ compensation, and employment law leads, give us a call today at 617.800.0089.