Owning and operating a solo practice comes with its own unique challenges. Since client experiences are still fast-evolving, solos need to find new ways to distinguish themselves from larger firms—and to stay at the forefront of innovation.
This report looks at what distinguishes solos across multiple perspectives—including financial performance, personal and professional well-being, and client relationships.
3. Agenda
• Why Solos?
• Introduction to the Legal Trends Report
• 2022’s Key Metrics from the Legal Trends Report
• A Desire for Alternative Payment Methods
• Who’s Winning the New Work Era?
• Takeaways
• Questions
12. Data Sources
Clio App Data
Aggregated and anonymized data from
tens of thousands of legal professionals
in the United States.
Legal Professional and
Consumer Surveys
We surveyed 1,134 legal professionals and
1,168 consumers in April and May 2022.
458 service professionals in accounting, consulting,
and investment and financial services were
surveyed for comparison data.
Location Data
This year’s report utilizes aggregated and
anonymized IP address data to analyze where
lawyers are working from and how this has changed
over time.
18. Utilization rate
Number of billable
hours worked
Number of
hours in a day
33%
Realization rate
Number of billable
hours invoiced 84%
Number of billable
hours worked
Collection rate Number of hours
collected upon 89%
Number of billable
hours invoiced
÷ =
÷ =
÷ =
Law firm key performance indicators (KPIs)
19.
20.
21. 2.2 hours realized 5.8 hours missing
5.36 hours missing
2.64 hours utilized
8 hour work day
2 hours collected
6 hours missing
Lawyer Funnel — 2022
How many hours were billable?
22. 1.8 hours realized 6.2 hours missing
5.76 hours missing
2.24 hours utilized
Lawyer Funnel — 2016
8 hour work day
1.5 hours collected
6.5 hours missing
How many hours were billable?
Insight from the 2016
Legal Trends Report
Legal
Trends
Report
2016
Powered by Clio