It’s still early in the year, so legal experts continue to offer predictions about the path of 2014’s legal economy. Today, I share a rather good report, this one from Georgetown Law School, specifically its Center for the Study of the Legal Profession. Perhaps not surprisingly, it’s titled “Report on the State of the Legal Market.” (Legal profession experts should begin hiring great headline-writers; they really should.)
I will let you dig into the blissfully brief (15-page) report. But I share just two of their charts so you can see the trajectory we’re on.
The first chart is in regard to legal demand:
And the second table I share reflects the continued gap between hours worked, hours billed and (gulp) hours collected on:
And I must offer a hat tip to the ever-watchful Katie Mayer of The Artigue Agency Public Relations for spotting the WSJ article. Thanks, Katie!
I continue to stumble across the notion that the challenges in the legal market center around the need for changes in approach and imagination (says the guy no longer in practice; easy for me to say). But I urge you to look at a previous post in which a change in view led to increased service delivery, increased client satisfaction—and, we assume, increased profitability.
Of course, that related to the medical profession. But who knows; we may learn something.Follow @azatty