2024 Benchmark Report 1: Law Firm Finances
Backed by key data, explore the challenges legal practices face when addressing expenses, the average amount different practice areas charge for retainers, as well as solutions that can scale your firm with confidence.
In this 2024 Benchmark Report Part on Law Firm Finances, you’ll discover data-driven insights from MyCase and LawPay legal practitioners on the typical expenses that are incurred for each practice area, the challenges of managing internal expense spending, and how tech tools such as MyCase Smart Spend help firms successfully track and capture every expense.
We also analyze average retainer amount requests and client payment methods (by firm size). With this information, your firm can view the positive effects of client online payments and compare your current retainer numbers with those of your peers—ensuring competitive rates.
Key insights of the report include:
- Data on law firm expenses: Explore the biggest expense categories, total number of expenses, average expenses per case, and expense payment methods (all separated by practice area).
- Insight on retainer rates: Learn about the average retainer amount requests (by practice area) and top retainer payment methods.
- Benefits of MyCase Smart Spend: Discover how this feature, the first spend management solution for the legal industry, helps your firm effortlessly pay, track, and manage firm and client expenses.