2024LegalTrendsfor Mid-SizedLaw hirmsPublished by Clio
Table ofContentsMid-sized firms versus smaller firms7Newthis yearData sourcesPART1OTHFSTATFOFIEGALPRACTICE:HOWAREMID-SIZEDFIRMSMEASURINGUP?11Mid-sized firms arentopening many more cases relative to 20161316 Billine and collecton performance s strong among mid-sized frm18Key performance indicators,PART226LOCKUP28Whylockupmatters29Measuringlockup30Realizationlockup32Collectionlockup33Totallockup34 Features and workflows associated with reduced lockup36 How midksized law fims an reduce lockupPART337GETTINGPAIDFASTER39 Clients and mid-sized frms agree: billing takes to long Why etine paid fster matters for mid sized law frms414244Clentsalsowant topayonline,2|legalTrendsforMid-SizedLowfirms
48Payingby credit cardHowrmidsized law frms can getpaid fster49PART451THERISEOFARTIFICIALINTELLIGENCE(AI52midsized firms57UsingAItoolsinpractice58 What would mid-sized and smaller firms want to use AIforin the future?6061 Do Al attitudes differ between lawyers in mid-sized firms andpotentialclients?6265 Clio's investmentin mid-sized law firmsAPPENDIXA66APPDATACOLLECTION67APPENDIXB69SURVEYDESIGN70Surveydesign3|legalTfendsforMid-SizedlowFfirms
Introduction4|LagalTrends forMidl-SizedlowFfimg
To remain competitive, mid-sized firms will needto overcome the challengesassociatedwithcomplex and diverse orqanizational structuresAmonglawfirms of all sizes, mid-sized firms havetraditionally enjoyed an advantageous position at theintersection of size and diversity of work.As thesefirms grow and expand, they have enjoved the benefitof increased resources, allowing them to take on morework exnand theiroverhead.and serviceclientacrossavarietvofpracticeareasAnd. with rapid advancements in new svstems and technologies ovethe pastyear, the legal profession has seen tremendous growth.Indeed lawyers in midsied frmsae billing more hours ad colleting more opportunities forinnovation createendless possibilities for moderrlaw firms.But are mid-sized frms taking advantageoftheseopportunities? Whilemid -sized firms are seeingsuccess interms of billable hours and collected revenu, heroverallperformane inbillingadcolections sugestthat many frms are failing to optimize their workflows.5|LegalTfendsfor.Mid-SizedlowFfirms,
We also see greater pessimis m among mid-sized firms when we explore attitudes towards the arrival of artificial intelligence(A)-and with itthe risk that some firms may fail to remain competitive amongst a newgeneration ofAl-enabledfirms.To ke pace mid ied irms wlled overcome he alenges associated with complex and diverse organizational structuresAdapting andevolving to improve processes-whether that involvesinew billing methods or embracing the role that Al can play in automating legal workflows-is equally critical.The 2024legal!Tena frMidsStzalLaw Fimusrepotlols atwhat distinguishes midsized law frms from smalle practces.Sincenoone-size-fits-all measure of success exists, this report provides insight intkeytrends across multiple perspec...
