Data has the power to transform industries. Before last year, the legal profession never used real-world data to capture industry insights. Eye-opening knowledge acquired from Clio’s 2016 Legal Trends Report showcased that lawyers may not be as productive as they think.
The average utilization rate for lawyers was just 28%. Assuming an eight hour work day, lawyers only bill 2.24 hours of time to their clients. The data also revealed that the average firm collects payment on only 1.5 hours of billable time per workday.
How can lawyers make up the lost six hours of time each day? Is technology the answer? Can lawyers increase their productivity and in turn their profitability?