New this year
This year’s report reveals a remarkable increase in law firm productivity as technology adoption continues to rise. Legal professionals are actively embracing technology solutions to enhance workflow efficiency, boost financial performance, and optimise time management.
Legal productivity is higher than ever before
Compared to 2016, the average legal professional earns more than two and a half times more revenue for their firm than they did in 2016. Productivity is at its highest point since the inception of this report, and while there is still room for improvement.
Lockup: A new metric to measure law firm financial health
New to this year’s Legal Trends Report is a metric to measure the financial health of a law firm: Lockup. Lockup measures how effectively a law firm bills and collects on its revenue, a crucial component of a thriving business.
Law firms are improving their bottom line through online payments
Billing and payment processes have historically posed significant challenges for law firms when interacting with their clients. However, the adoption of online payment options has considerably alleviated the friction clients experience when settling their legal bills.
Embracing innovation in the era of AI
The positive outcomes from technology adoption are motivating a portion of the legal industry to enthusiastically embrace innovation. Those who continue to lag behind, failing to meet evolving client expectations, risk being left in the wake of industry advancements.
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The Legal Trends Report provides information on the most important issues faced within the legal profession. By analysing aggregated and anonymised data from tens of thousands of legal professionals in the U.S., supported by extensive survey research, the report offers unique insights into law firm efficiencies, hourly rates, and other key metrics for success.
Clio is powering the future of legal services for lawyers and their clients through a suite of cloud-based solutions, including legal practice management, client intake and CRM, and client-lawyer communication and collaboration software. Clio has been transforming the industry for over a decade with customers spanning 100 countries, and the approval of bar associations and law societies globally. Clio continues to lead the industry with initiatives like the Legal Trends Report, the Clio Cloud Conference, and the Clio Academic Access Program. Clio has been recognized as a Deloitte Fast 50 and Fast 500 company and a market leader by G2 Crowd. Learn more at clio.com/uk.