Facts & Stats

Facts & Stats

Quick Takes

25 percent* The proportion of senior roles held by women.
34 percent The percentage of businesses with no women in senior leadership.

For tips on how to improve diversity and inclusion at your firm, check out this month’s Innovations column, “Prime Your Workplace for Diversity and Inclusion."

Source: Grant Thorton's Women in Business

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Industry Insights

The 2017 Aderant Business of Law and Legal Technology Survey suggests business of law professionals see improving operational efficiency as a driver of profit, and it presents a pivotal opportunity for a modern law firm to get ahead. They polled more than 100 respondents from U.S. law firms. Some key findings:

1. Top law firm challenges. Respondents indicated the top challenges facing law firms today are a) pricing pressure, b) improving operational efficiency, c) winning new business, d) growing more business from existing customers, and e) improving law firm agility and adaptability.

2. The billable hour reigns; firms don’t see broad AFA demand. The median number of law firm client accounts structured under alternative fees arrangements (AFAs) — those invoiced by a model other than the billable hour — is 14 percent.

3. Law firm billing benchmarks and challenges. More than half cite the sprawl of complex and lengthy outside counsel guidelines and the proliferation of e-billing technology as the most difficult aspects of law firm billing.

4. Collaboration inside law firms is changing for some firms. The market dynamics that are changing the legal industry are not just external. Nearly half (47 percent) of respondents said who they collaborate with, inside the firm, is different from five years ago.

5. Top legal tech tools. The top technology tools that deliver the most benefit for law firms include a) document management, b) financial applications and ERP, c) business intelligence, d) matter pricing and planning, and e) case management.

Read the full report here.

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Public Not Fully Aware of Cyber Risks

The recent HBO hacking is just another high-profile case in a series of reminders about how at risk company’s confidential information may be. In fact, a recent poll from the Pew Research Center underscores just how important education in this area is for employees. The results reveal just how little most know about the complex world of cybersecurity.

The following are the percentage of users who answered “not sure” to questions about cybersecurity:

  • 20: Public Wi-Fi (even if password protected) is not always safe for sensitive activities.
  • 43: Email is not encrypted by default.
  • 54: https:// in a URL means the information entered into the site is encrypted.
  • 73: A botnet is a networked set of computers used for criminal purposes.

For more on cybersecurity and law firms, be sure to check out the October issue of Legal Management.