I have recently been hired as our firm's first firm administrator. We are an insurance defense firm with 14 attorneys located in Memphis. This is my first law firm. Previously I managed a mid-size CPA firm in the area. I am interested in your thoughts concerning law firm revenue benchmarks.
Surveys vary. However, national averages for all firm – types – sizes, etc. tend to be around $385,000 per lawyer. I have firms averaging $250,000 to $550,000 and up. So it varies by location, type of practice, size of firm, etc. However, I believe that $300,000 per year per lawyer should be considered a realistic goal for all firms, all sizes, all practice areas, and all locations. For some firm this might be a stretch – but I believe it to be an attainable goal.
John W. Olmstead, MBA, Ph.D, CMC