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Infographics are an increasingly popular way to visualize data within the legal industry. Infographics are particularly useful for quickly understanding what data means by using visual references, such as space, size and sequence. For those so inclined, we’ve curated a couple dozen infographics related to the legal industry on a Pinterest board titled Law Infographics.
While the Pinterest board rounds up a variety of infographics from all across the industry, we’ve also invested in developing some infographics of our own. The infographics we’ve created are usually based on survey data we collected, credible data from trusted third-parties, and in one instance, based on a massive volume of legal invoice data. To that end, and in random order, here are 6 Business of Law Infographics you might have missed.
1. The State of Law Firm CRM
This infographic is based on a survey of 91 respondents who overwhelmingly work in larger law firms. Most of the respondents were from marketing or business development backgrounds, however about a quarter of respondents reported positions held as practicing attorneys, IT staff or administrative support.
- A key finding: 63% said their law firm planned to invest more in law firm CRM in the next 12 months.
2. Join the Legal CRM Revolution
Our colleagues in the UK put this infographic together based on data presented in several news articles. It’s an interesting way to analyze and mold multiple data points into one cohesive and visually compelling story. In this case the story speaks, in part, to the globalization and the trajectory of international law firm mergers & acquisitions.
- A key finding: 50% of the top UK law firms anticipate merging with or acquiring an international law firm in the next three years.
3. The Risk of Malpractice for Attorneys
This infographic was compiled by the Law Firm Practice Management team and is based primarily on ABA data. The infographic was presented as part of truly exceptional webinar featuring Todd C. Scott, a risk management advisor with Minnesota Lawyers Mutual Insurance Company. We’ve summarized the webinar here: Eight Simple Tactics to Minimize Attorney Malpractice and provided a link to the recording.
- A key finding: Statistically, attorneys on average can expect three malpractice claims over the course of their career.
4. The Rise of the “Large Enough” Law Firms
This report was produce by the LexisNexis CounselLink team and what sets it apart is that the data is based on approximately $10 billion in actual invoices. In other words, it’s not a survey of opinions, but how corporate legal departments are actual investing their legal spend. The news was first reported by The Wall Street Journal in October 2013: Smaller Law Firms Grab Big Slice of Corporate Legal Work; and we’re looking forward to analyzing data for a new report this spring.
- A key finding: Law firms with between 201 and 750 attorneys, the “large enough” earned 55% of the high value litigation work, which was up significantly from 41% in 2010.
5. Lawyers are Warming up to the Cloud
This infographic is based on a survey of 279 independent attorneys, working at law firms in the U.S. with no more than 20 attorneys on the books. Published in January 2014, it gauged their perceptions of law firm cloud services and indicated that the legal cloud is poised for growth despite concerns over security and ethics.
- A key finding: 72% of lawyers polled believe that law firms overall are more likely to consider a cloud service in 2014.
6. Where Do the Billable Hours Go?
This is based on a billable hours survey conducted in 2012 — so the data is just shy of two years old. Still is an interesting benchmark that found a 33% gap between hours worked and hours billed; firms with between 11-20 attorneys has the smallest gap with just 8%.
- A key finding: 6.9 is the reported average billable hours worked per day.
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Please let us know in the comments if any of these studies or infographics are particularly useful. We’d like to take comments and feedback from the community into account as we consider other studies we might conduct.
Photo credit: Flickr via Creative Commons
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