Each year the legal profession becomes more demanding. Law firms struggle to maintain and grow revenues, control costs, and retain a high-quality staff. To stay competitive, law firm managers need an unbiased evaluation of their current operations.
The Survey of Law Firm Economics contains one of the most complete, accurate, and up-to-date sets of economic statistics and financial data available about law firms. Published annually, the Survey will help you measure your firm against comparable firms in terms of financials, billing rates, billable hours, compensation, and staffing ratios. The Survey provides a meaningful baseline against which to assess your firm''s performance and profitability. It is particularly useful to those firms in the small- to mid-size law firm market.
First published in 1972, the Survey of Law Firm Economics is a valuable resource for accurate, relevant, and timely data on law firm economics.
This study is undertaken annually. An invitation to participate was sent to a selected group of law firms. These are firms that have had prior contact with ALM Legal Intelligence and include past participants and purchasers of our various surveys. Invitations to participate were also sent to various members of the Association of Legal Administrators and other law firm management mailing lists.
Only U.S. law firms are included in this study. Sole practitioners are excluded from this report. ALM Legal Intelligence has a separate report on small U.S. law firms entitled the Small Law Firm Economic Survey. This survey includes information furnished by sole practitioners through law firms with up to 20 lawyers. Information was collected in several areas for each lawyer who worked at the participating law firm for the previous year. Earnings and billable hours information is included only for individuals who worked full-time for the entire year