Personal injury has the most expensive leads in this dataset by a factor of three, and the economics still work, for firms built to convert them. Signed cases settle from $10,000 fender-bender territory to seven figures, contingency fees run a third or more, and that spread is why intake quality decides everything: two firms buying identical leads can see tenfold differences in revenue per lead depending on case selection and signing speed.
The number that matters is cost per signed case, not cost per lead. Benchmark signing rates run 8 to 18 percent of raw leads, dragged down by unqualified callers, out-of-jurisdiction inquiries, and cases below the firm's threshold. At a $450 median lead price and a 12 percent signing rate, a signed case costs about $3,750, which a $30,000 average fee absorbs without strain and a $9,000 average fee does not.
Speed dominates this vertical more than any other. Injury claimants contact multiple firms in one sitting, and industry studies have repeatedly found the first firm to respond signs the majority of contested cases. A firm with 24-hour intake staffed by trained signers can pay top-of-band lead prices profitably; a firm routing after-hours calls to voicemail is donating its lead budget to competitors regardless of what the leads cost.
Worked example
A worked example: a firm averaging $15,000 in fees per signed case at 45% effective margin keeps $6,750 per case. Signing 12% of leads puts $810 of value on each lead, and the divide-by-three ceiling lands at $270, just under the market's cheap end. The same firm averaging $30,000 per case clears $540 ceilings comfortably. In PI, average case value is the verdict.
The case-value caveat: averages deceive in PI because settlements follow a power law. One policy-limits case can carry a quarter of marketing spend, and a run of soft-tissue cases can make a good lead source look broken. Judge sources on six months of signed-case economics, never a single month.