Data is critical for understanding market trends and preparing for the future. Here are a few statistics portraying the current state of the legal industry and the development of the legal technology sector. Enjoy the read.

1. A Few Eye-Opening Stats on the state of the legal sector
The state of the legal market at present

2. CHAPTER 1: The State of the Legal Market

3. Good news for mid-sized firms
They are not only performing better but they are also out- performing their larger counterparts, MHA’s report shows.

4. Good news for mid-sized firms They have not only experienced a growth in revenue but also an improvement in their Profits per Equity Partner. The same indicator dropped by 2% for large firms.

5. Firms are not out of the danger zone yet..
‘’However, firms need to keep tight control of costs to ensure that fee income converts into profits and cash flow remains healthy.’’
Karen Hain Head of professional practices group at MHA

6. …and some have managed to follow Hain’s advice

7. Small law firms are struggling…
If mid sized firms are experiencing growth, the situation doesn’t look as bright for small firms.

8. Small law firms are struggling…
Karen Hain Head of professional practices group at MHA
“The Jackson Review’s impact on personal injury lawyers coupled with the shrinking of the Legal aid funds has impacted on many practices.’’

9. CHAPTER 2: The Role of Technology In The Grand Scheme Of Things

10. Technological developments

11. Technological developments …in 2014

12. Technology helps law firms cut costs

13. …because the costs of technology itself have gone down

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16. Sources: Raconteur’s 2014 Legal Efficiency Report The MHA Professional Practices Benchmarking Report 2014, Vodafone’s ‘’New IT Crowd’’ Report Addleshaw Goddard’s ‘Law Rethought’