In the realm of law firm internet marketing, achieving a revenue-to-cost ratio of 5:1 is typically considered a satisfactory benchmark. This means that for every dollar spent on your marketing efforts, law firms should ideally be generating five dollars in revenue. To put it differently, the average cost per acquisition (CPA)—the expense incurred to gain each new case—should ideally be about one-fifth of the average value of each case. These costs include not only pay-per-click expenses but also factors like web design costs, the value of your time, and any other relevant expenditures.
However, keep in mind that the competitive nature of online marketing for law firms may result in a higher CPA. But don't let this deter you: if the average value of your cases is high, a higher CPA may still yield a positive ROI. Take, for example, the high-cost of search engine marketing for mesothelioma lawsuits, where firms are known to pay hundreds of dollars per ad click, in contrast to the few dollars or cents typically spent. This substantial investment can still produce a worthwhile ROI as the average settlement for a mesothelioma case often exceeds $1 million. Given that these cases are typically managed by personal injury lawyers working on a contingency basis, the hefty marketing expenditure is often justified by the substantial return.