Regular readers know we spend a lot of time reviewing and writing about legal industry studies on these pages. Perusing these pages will show we published more than 30 individual posts in 2014 – about both qualitative and quantitative research.
Some of this research stems from projects we developed – others are derived from projects from across the industry, including law firm surveys and law department benchmarking reports. We look at both data focused on law firms and also that which is focused on corporate counsel.
As 2014 draws to a close, here’s a look at six studies — a quick reference guide to legal industry studies — conducted by the LexisNexis software division with links to additional resources and downloads for those interested in digging deeper.
1. Law Department Optimism Rises
This survey of 95 legal professionals working for U.S.-based legal departments found that 70% of believe this year (2014) has been better than the last year (2013).
- SlideShare Presentation: Legally Optimistic
- Infographic: Legal Infographic: What are the Top Corporate Legal Goals?
- PDF Report: Inside Counsel Perspectives and Priorities
- Webinar: Pulse-Check Survey of Legal Department Operations
- Blog Post: 10 Telling Statistics from Optimistic Legal Departments
- Blog Post: In Evaluating Outside Counsel, Corporate Legal says Relationships…
2. Future of eDiscovery in Large Law
This independent survey of 125 U.S. law firms was commissioned by LexisNexis and conducted by The Cowen Group. Overall the study found large law firms anticipate a 6 to 8 percent increase in their spending next year in eDiscovery software products. This research was not release public in its entirety since it was specifically designed to validate some of our internal market assumptions.
3. Billing and Strife in Small Law
This survey of 309 U.S.-based law firms found that more than 73% experience past due accounts. Yet for many lawyers, asking a client for money they earned is embarrassing, uncomfortable and for some, even “distasteful.”
- SlideShare Presentation: Past Due – The Discomfort of Collections in Law Firm Billing
- Infographic: Challenges of Law Firm Billing
- PDF Report: Nine Signs Your Firm May Be Its Own Worst Collections Enemy
- Blog Post: Collections Conversations Leave Lawyers Uncomfortable
- Blog Post: Law Firms that Discount have more Past Due Clients
- Blog Post: 5 Solid Tips on Law Firm Billing and Invoicing
- Blog Post: 8 Things Lawyers Say they Would Change about Billing
4. Trends in Enterprise Legal Management (ELM)
The LexisNexis ELM Trends report is not a survey – it’s a report based on actual law firm invoices processed through our systems. While the sample size continues to grow, this particular study is based on more than $15 billion in legal spend and 3 million invoices, representing 450,000 matters gathered over the past 5 years. Key findings noted that M&A billings almost doubled as a percentage of legal spend in 2013 – and that activity has mostly benefited the “Second Largest” law firms.
- Infographic: Corporate Legal Continues Law Firm Consolidation
- Webinar: The Meaning Behind the Metrics
- PDF Report: Growth in M&A Billings Benefits ‘Second Largest’ Law Firms
- Blog Post: ELM Trends: Corporate Legal Continues Law Firm Consolidation
- Blog Post: What are the Going Law Firm Rates by Practice Area?
5. Law firms and File Sharing
This survey of 282 U.S.-based law firms demonstrated a disconnection between expressed security concerns and the measures law firms employ to project themselves and clients. Some 73% of law firms say file sharing grew in importance year-over-year, yet un-encrypted email remains the most common means of collaboration.
- SlideShare Presentation: Law Firm File Sharing in 2014
- Infographic: Problematic Portrait of File Sharing in Law Firms
- PDF Report: File-Sharing in the Legal Industry
- Blog Post: Study tells a Story about Law Firm File Sharing
- Blog Post: Legal Tech: How Safe is it to Hit Send?
6. Rise of the Law Cloud
This study of 279 practicing attorneys in the U.S. gave us an indication that use of the cloud would grow over the course of 2014. A majority – 72% said their law firms were more likely to use the cloud this year. Has it proven to be true?
- SlideShare Presentation: The Law Cloud Poised for Dramatic Growth
- Infographic: Law Firms are Warming Up to the Cloud
- PDF Report: Cloud Technology in the Legal Industry
- Blog Post: Study: 2014 Shaping Up as Year of the Law Cloud
- Blog Post: The Legal Cloud: A Question of Security, Ethics
- Blog Post: Leaked! Supreme Court of Legal Tech: Cloud v. Premise
- Blog Post: 5 Reasons to Try Cloud-based Practice Management, Free!
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We are interested in your thoughts – what aspects of the legal industry would you be interested in learning more about next year? Perhaps we can consider conducting another survey.
Photo: Flickr; JD Hancock; CC BY 2.0
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