In this episode, Gabriel Stiritz and Tim McKey discuss the essential Key Performance Indicators (KPIs) that every personal injury law firm owner should understand. They delve into the critical metrics that determine the financial health of a law firm, including expense categories, attorney compensation, marketing costs, and profit margins. The conversation emphasizes the importance of knowing these numbers to effectively manage a law firm and adapt to changing market conditions. Tim shares insights on how different types of law firms may have varying ratios and the significance of referrals in generating high-value cases.
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