Clio, the world’s leading provider of cloud-based legal technology, unveiled its 2024 Legal Trends for Mid- Sized Law Firms report at the Legalweek New York conference. The report highlights crucial areas impacting mid-sized law firms, defined as firms with 20 or more employees. It encompasses financial performance, the impact of legal technology, and—new this year—includes perceptions of artificial intelligence in legal practice.
The 2024 Legal Trends for Mid-Sized Law Firms report reveals that the average lawyer in a mid-sized law firm is earning more than ever before, but still has significant billing and collection hurdles. Lockup, a new cash flow metric introduced this year, underscores a collection issue among mid-size law firms that if left unsolved, could create liabilities for firms. Getting paid faster is a key theme in this year’s report, with smaller law firms outpacing their mid-sized firm counterparts in adoption of online payments. The report also covers AI trends throughout the legal sector, unpacking how mid-sized law firms differ in their approach from smaller firms, and in some cases, even their clients.
“With the advent of AI, we have entered a new era of technology education and adoption across the legal sector, and we know that firms who find a way to leverage the technology are going to have a competitive advantage,” said Jack Newton, CEO and Founder of Clio. “This report uncovers an essential overview of how mid-sized firms are keeping up with the pace of rapid innovation, something that becomes increasingly difficult with larger business infrastructures and staff. And let’s be clear, AI is not the only piece of the puzzle—tech adoption, particularly in collections and payments, is still lagging behind in certain workflows among the mid-sized firm segment. I encourage legal professionals to leverage this rich data to see where the competitive advantages lie among firms who make their technology work harder for the overall health of the firm.”
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