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Low Profit Margin
by Barbara Lewis MBA and Dan Otto MBA

Oftentimes, Centurion Consulting Group finds that firms don't know what their profit margin is.  This statistic is important to gauge how you perform against other law firms (30% is the national average --  before partner draws) and to determine which services are most profitable.  Sometimes firms opt for the volume work which sacrifices that profit margin.

Action Step:

Calculate your firm's profit and potential work profit margin.  Investigate ways to improve it.

Profit Margin Formula:

(Revenues-Expenses)/Revenues

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