2024 Legal Trends for Mid-Sized Law Firms

With rapid advancements in new systems and technologies over the past year, mid-sized firms have tremendous opportunities for growth and efficiency. To harness these opportunities and remain competitive, however, mid-sized firms will need to overcome the challenges associated with complex and diverse organisational structures.

This report looks at mid-sized law firms across multiple perspectives—including performance trends, strategies for improving payment collections, and attitudes towards artificial intelligence.

While the survey focuses on US mid-sized firms, the findings can also be extrapolated to UK firms. The similarities in market dynamics, technological advancements, and business challenges make the insights and recommendations applicable to mid-sized law firms in the UK.

In the report:

Industry benchmark data

See how your mid-sized firm stacks up against the competition in billables, collections, and hourly rates.

Understanding lockup

Shorten the time between work performed and payment received by leveraging our “lockup” metric.

Getting paid faster

Understand how client preferences and key technologies impact how quickly your mid-sized firm bills and receives payment.

The rise of AI

Explore the transformative potential of artificial intelligence in the legal profession alongside insights into how lawyers in mid-sized firms (and their clients) perceive these tools.

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The Legal Trends for Mid-Sized Law Firms report features research conducted for the annual Legal Trends Report, which provides information on the most important issues faced within the legal profession. By analysing aggregated and anonymized data from tens of thousands of legal professionals in the US, supported by extensive survey research, the report offers unique insights into law firm efficiencies, attitudes towards technology, and other key metrics for success.

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