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As the most comprehensive analysis of the legal industry, the Legal Trends Report consolidates vital information on lawfirm performance while illuminating the influential factors driving changes in legal practice. For lawyers in mid-sized firms, we provide unique insights with our annual Legal Trends for Mid-Sized LawFirms report.
When it comes to payments, is your firm giving clients the flexibility they desire and deserve? Electronicpayments are essential if you want to provide an excellent client experience while increasing your firm’s efficiency and revenue. What are electronicpayments? Scheduled payments.
A legal industry report released today by the sibling legal technology companies LawPay and MyCase provides unique insights into the technology tools that matter most to smaller lawfirms in the post-pandemic era. Other types of cloud software used by firms: Calendar management software, 44%. Firms Ready for Remote Work.
Not surprisingly, the pandemic drove greater use of electronicpayments across all industries, with the volume of electronicpayments up 11.2 % in the first quarter of 2021 over the prior year. With e-payments, the time it took firms to collect invoices decreased by 20.4%, and their collections increased by 6.7%
In fact, during 2022’s “Great Resignation,” a third of lawyers who quit their jobs did so to start their own solo practices, according to Legal Trends for Solo LawFirms , a report published today by law practice management company Clio. One clear takeaway is that there are both good and bad aspects to solo practice.
Poor cash flow is a problem that no lawfirm wants to have. For a lawfirm, client portals make it more likely that clients will pay their bills on time. Lawfirms who accept online payments typically get paid faster, and those payments are easier to track for all parties.
economy, smaller lawfirms are showing greater optimism about their futures, as evidenced by the face that they are either maintaining or increasing their 2023 budgets across most key categories, according to a survey report released today. Many of these firms are actually investing more in their practices instead of scaling back.”
In fact, during 2022’s “Great Resignation,” a third of lawyers who quit their jobs did so to start their own solo practices, according to Legal Trends for Solo LawFirms , a report published today by law practice management company Clio. One clear takeaway is that there are both good and bad aspects to solo practice.
. – Jodi Donato, Donato Law In the fast-paced environment of law, staying on top of billing best practices isn’t just beneficial; it’s essential for building trust with your clients, improving your realization rate and cash flow, and growing your practice.
As the legal industry’s most in-depth examination into the state of legal practice, the 2023 Legal Trends Report brings together critical insights on the biggest challenges facing modern lawfirms. Today, the average lawyer has a heavier caseload and earns more for their firm than in previous years. Total lockup.
Recognized as the most in-depth analysis available, the report brings together essential data on lawfirm performance and sheds light on the forces driving change in legal practice. Now, were putting the spotlight on solo and small firms with the release of the 2025 Legal Trends for Solo and Small LawFirms report.
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