Mid-sized law firms demonstrate increased productivity alongside challenges in timely invoice collection, while small firm counterparts size up the AI opportunities ahead
- Clio offers mid-sized law firms unique analyses to benchmark their business performance against other mid-sized firms and smaller firms in the broader legal services market
- Mid-sized firms excel at converting their efforts into revenue, yet struggle to receive timely payments, particularly when compared to smaller firms
- Mid-sized firms share cautious attitudes with small firms when it comes to AI in the legal profession, however small firms may have the competitive advantage should perceptions change
NEW YORK, Jan. 30, 2024 /PRNewswire/ – 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
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