2. A Year of Fewer Clients
For 2016, the American Bar Association (ABA) reports a 1.1% increase in the total number of “resident active” attorneys in the US, or 1,315,561. The annual average is +1.23% for 2014–2016, compared to a +1.77% annual average for 2011–2013.
Data from The American Lawyer and Citi Private Bank reveal that the demand for legal services declined from a 1.8% increase during Q to a 0.3% increase for the first three quarters of the year. Revenues have similarly slowed from +5.8% to +3.7%.
Increased associate compensation also contributed to this decline, as it increased % for the first nine months of 2016, compared to 3.0% for the first six months.
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3. Rates Reveal Source of Revenue Decline
Clio’s Legal Trends Report 2016 reveals that during 2015 attorneys logged just 2.2 hours of billable time per day, actually billed just 1.8 hours per day and collected revenues for just hours per day.
Although average billing rates increased 10.5%, or $22.00, from 2010 to 2016, this percentage is essentially the same as the National Consumer Price Index during the same period, or 10.6%.
Not surprisingly, attorneys in Washington, DC had the highest average billing rate of $281, compared to Tennessee’s $173 (#42). When Washington DC’s rate is adjusted for the cost of living, the “real” rate is $238, which moves it to #7 on the real-rate list.
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4. Female Attorneys’ Position in Private Practice, 2015
American Bar Association (Various sources), May 2016
Position
Partners
Equity partners
Managing partners (200 largest law firms)
Associates
Summer associates
Percent
21.5%
18.0%
44.7%
47.8%
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5. Looking for a Legal Eagle
Data from The Media Audit’s Orlando, FL and Spokane, WA 2016 surveys show that essentially the same percentage of men and women 18+ used an attorney during the past 2 years, but in Denver, CO, it was men, 39%, and women, 61%.
Another interesting contrast among the markets is that adults 35–44 had the largest percentage in Orlando, at 21.4%, but it was adults 55–64 in Denver, at 28%, and Spokane, at 26.1%.
In terms of income, $50K–$75K had the highest percentages in Orlando, at 25.2%, and Denver, at 25.4%, but in Spokane, the largest percentage was $35K–$50K, at 18.5%.
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6. The Law on the Move
Although the ABA’s 2015 Legal Technology Survey Report found that 73% of lawyers access the Internet regularly or occasionally when outside the office, mobile technology usage declined slightly from 2014.
The likely reason is that fewer attorneys, 25– 60 years of age, and 9% more attorneys, 60+ years of age, responded to the survey, and there is less mobile usage among the older general population as well as older attorneys.
Not surprising, the smartphone, at 90%, was the mobile device most attorneys used; followed by laptop, 79%; and tablet, 49%. Apple’s iOS platform continued to be their preference, at 68% on smartphones and 83% on tablets.
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7. Short-Term Crisis Mode
The legal industry is faced with large-scale retirements, as almost half of all partners in The American Lawyer’s 200 firms are either of Baby Boomer age or older. According to an industry report, 16% of current partners will retire within 5 years and 38% within 10.
This major exodus of aging attorneys and the less-than-expected cadre of Millennial-age replacement lawyers are expected to cause a serious shortage of lawyers through 2025.
By 2026, industry analysts predict a reversal, as there will be a larger diversity of legal careers, and Amazon, Google, Target and Sam’s Club and similar companies could all be offering legal services.
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8. Advertising Strategies
As a lead generating method, attorneys can use the powerful combination of TV and digital to offer a free evaluation for the first 50 or 100 callers. Call it “Don’t Make Yourself a Legal Target” or “Know Your Legal Vulnerabilities.”
With fewer female attorneys, but a world of more independent women, there is an excellent opportunity for a female attorney or law firm to use TV and digital aggressively to brand themselves as specialists in women’s issues and their special legal needs.
Recommend a “Legal Happy Hour” promotion. Law firms use early morning news to invite its strong young-adult audience to an after-work happy hour in a bar’s rented room, with a presentation from and informal legal discussions with Millennial-age lawyers.
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9. New Media Strategies
In addition to displaying their law degrees and practice license, suggest that attorneys also display their Yelp and/or legal-services ratings and framed images of selected clients with a brief testimonial statement in their office and/or reception area.
Polls and surveys are excellent methods to engage with the public and clients on social media or through campaigns. Ask questions about common legal issues that are likely to affect most individuals and/or businesses. This can also be a lead-generating tactic.
Attorneys should use their mobile device for a daily social media post with an important or interesting legal insight based on their work for a client that day or some event or activity they observed and its possible legal implication. This could allow them to include a photo
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