Clio’s second annual Legal Trends Report is an even more in-depth look into the state of the American legal industry. Included in this year’s report is data from two supplementary surveys that offer further insights into how lawyers spend their time. This groundbreaking report helps lawyers make informed, data-driven decisions based on benchmark data.
Last year, the Legal Trends Report introduced three key performance indicators—utilization, realization, and collection rates—to measure how much of a lawyer’s workday contributes to actual earnings. A key finding was that the average lawyer’s utilization rate—the number of hours billed in a typical workday—was only 2.3 hours. Worse, when factoring in realization and collection rates, firms only collected an average of 1.6 hours of billable time per day. This prompted Clio to investigate how lawyers are spending their non-billable time, and to identify opportunities for improving collection and realization rates.
To address these questions, eight Clio data scientists examined 1,026,038 matters, 10,981,286.13 hours billed, and $2,562,864,876.43 in billables to create this year’s Legal Trends Report. They increased the scope and scale of analysis, including two supplementary surveys: one of nearly 3,000 lawyers (both Clio users and non-Clio users) to continue the investigation into how lawyers are spending their time, and one of over 2,000 consumers to understand how clients are finding and choosing their legal representation.
By leveraging anonymized, aggregated data from over 60,000 Clio users, the Legal Trends Report provides new insights into topics including average billing rates by state, practice area, and role; law practice-specific key performance indicators; and how efficiency scales with firm size.
“We are continuously pushing the industry forward while simultaneously bettering our offerings—the Legal Trends Report is no different,” said Jack Newton, CEO and Co-Founder of Clio. “The data provides critical insights that are foundational to running a successful practice. Unlike self-reported data, this anonymized and aggregated data eliminates factors like social desirability bias, and makes the Legal Trends Report a uniquely trustworthy window into the legal world.”
Also new this year, is the Legal Rates Benchmark Tool, which lets users input their state, practice area, and hourly rate to benchmark against other lawyers, therefore allowing them to make more informed, data-driven decisions.
Download the 2017 Legal Trends Report for all the industry data you need to drive your legal practice.
Legal Trends Report Dives Deeper into Industry Data (Sponsored) was originally published on Lawyerist.com.
source https://lawyerist.com/legal-trends-report-industry-data-sponsored/
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