Do you know the RULER for law firm economics?

Law as business vs. law as profession is a conversation that has largely lost its meaning and relevance, especially in today’s economy.  Lawyers must understand some of the basic law firm economics from day 1, if not before.  I happened across an article that presents these basics along with a handy acronym, RULER:

Rates: lawyers’ hourly (or alternative) fees
Utilization: the number of billable hours a lawyer works as compared with the cost of maintaining the lawyer
Leverage: the associate:partner ratio
Expenses: what a firm must pay to do business
Realization: the amount of fees collected vs. billed