The Modern Law Practice | Legal Solutions | Thomson Reuters
The Modern Practice

The Modern
Practice

It's no secret that the legal industry is transforming at an unprecedented rate. The truth is, it's getting harder and harder for attorneys to find the time to actually practice law while running their law firm.

hours in a year to make money, based on a 60-hour week

of your time is spent on activities other than the practice of law1

That's 1,248 hours/year spent on activities other than the practice of law

Source: 2016 State of the U.S. Small Law Firm Survey, Thomson Reuters

What if you could get back some of that time, streamline your workflow, and strengthen your practice?

Explore the four pillars of success for competitive firms:

Attracting and retaining clients

Business development

Business development often gets low priority or is ignored due to other pressing issues. Still, you need to directly appeal to prospective clients that are the best fit for your firm.

78%
of small law firms say finding new clients is one of their biggest challenges.

45%
of small law firms list improving marketing and business development as a key goal.

In a buyer's market for legal services, what's the best way to strengthen your book of business?

Explore ways to build your business

Source:
State of the U.S. Small Law Firm Survey, Thomson Reuters, 2016

Client service

Today's clients expect higher levels of customer service, and they're not afraid to change firms if you fail to meet those expectations.

41%
of consumers expect an email response within six hours.

62%
of law firm leaders say clients are demanding more for less.

How can you adapt to your clients expecting everything faster?

Find ways to improve client service

Perfect your practice and your processes

Source:
Forrester Research
State of the U.S. Small Law Firm Survey, Thomson Reuters, 2016

Practicing law

Drafting and research

Legal drafting and research remain at the heart of most law practices, but today these tasks come with the pressure of faster response times and scrutinized billing.

54%
of all claimed errors in malpractice cases were substantive errors.

24%
of small firms say they do not bill clients for time spent on correcting or revising work.

How can you control the amount of time and energy spent researching, drafting, and proofing billable work?

Conduct legal research with full confidence

Be sure you're using the right resources

Source:
ABA Standing Committee on Lawyers' Professional Liability Profile of Legal Malpractice Claims, 2012-2015
State of the U.S. Small Law Firm Survey, Thomson Reuters, 2016

Matter management

Matter management involves adhering to calendaring rules, keeping clients updated on your progress, maintaining data security, and avoiding malpractice claims.

34%
of malpractice claims against small law attorneys arise from improper calendaring.

44%
of small businesses have had a cyberattack with the average cost of $8,700.

What if you could overcome the cost, data security, and technical challenges of matter management?

Overcome the challenges of matter management

Source:
ABA Standing Committee on Lawyers' Professional Liability Profile of Legal Malpractice Claims, 2012-2015
National Small Business Association Surveys, 2013

Running your firm

Client management

Today's clients want answers fast. Managing expectations, tracking matter progress, and communicating details is more essential than ever.

#1
Client service is the number one reason law firms lose high-value work.

69%
of law firms identified spending too much time on administrative tasks as a challenge.

What if you could strengthen client communication while cutting down on administrative time?

Strengthen client communication

Reduce your firm's administrative time

Source:
Altman Weil Chief Legal Officer Survey, 2016
State of the U.S. Small Law Firms Survey, Thomson Reuters, 2016

Billing

Difficult systems, poor time reporting, and unclear client agreements can make accurate billing a complicated and inefficient process.

53.9%
of small law firms have "big problems collecting bills" because of inefficient systems.

35%
of small firms say they do not bill their client for miscellaneous "wrap-up tasks" that take place after billing.

What if you could reduce the nonbillable hours that cost you thousands of dollars over time?

Find a way to get paid faster

Source:
ABA Legal Technology Survey Report, 2015
Altman Weil Chief Legal Officer Survey, 2016

Managing finances

Write-downs and fee adjustments

Whether it's time spent getting up to speed, or adjusting fees to meet client demands, write-downs add up and result in you working more for less.

31%
of matter time was reported by small law firms as written off.

52%
of firms believe that reduced realization rates will be a permanent trend.

What if you could reduce write-downs and establish clear cost expectations for your clients?

Establish accurate budgets and track your firm's profitability

Source:
State of the U.S. Small Law Firms Survey, Thomson Reuters, 2016
Altman Weil Chief Legal Officer Survey, 2016