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A Handy Reference Guide to 6 Legal Industry Studies

A Handy Reference Guide to 6 Legal Industry Studies

Regular readers know we spend a lot of time reviewing and writing about legal industry studies on these pages.  Perusing these pages will show we published more than 30 individual posts in 2014 – about both qualitative and quantitative research.

Some of this research stems from projects we developed – others are derived from projects from across the industry, including law firm surveys and law department benchmarking reports.  We look at both data focused on law firms and also that which is focused on corporate counsel.

As 2014 draws to a close, here’s a look at six studies — a quick reference guide to legal industry studies — conducted by the LexisNexis software division with links to additional resources and downloads for those interested in digging deeper.

1.  Law Department Optimism Rises

This survey of 95 legal professionals working for U.S.-based legal departments found that 70% of believe this year (2014) has been better than the last year (2013).

2. Future of eDiscovery in Large Law

This independent survey of 125 U.S. law firms was commissioned by LexisNexis and conducted by The Cowen Group.  Overall the study found large law firms anticipate a 6 to 8 percent increase in their spending next year in eDiscovery software products.  This research was not release public in its entirety since it was specifically designed to validate some of our internal market assumptions.

3. Billing and Strife in Small Law

This survey of 309 U.S.-based law firms found that more than 73% experience past due accounts. Yet for many lawyers, asking a client for money they earned is embarrassing, uncomfortable and for some, even “distasteful.”

4. Trends in Enterprise Legal Management (ELM)

The LexisNexis ELM Trends report is not a survey – it’s a report based on actual law firm invoices processed through our systems.  While the sample size continues to grow, this particular study is based on more than $15 billion in legal spend and 3 million invoices, representing 450,000 matters gathered over the past 5 years. Key findings noted that M&A billings almost doubled as a percentage of legal spend in 2013 – and that activity has mostly benefited the “Second Largest” law firms.

5. Law firms and File Sharing

This survey of 282 U.S.-based law firms demonstrated a disconnection between expressed security concerns and the measures law firms employ to project themselves and clients. Some 73% of law firms say file sharing grew in importance year-over-year, yet un-encrypted email remains the most common means of collaboration.

6.  Rise of the Law Cloud

This study of 279 practicing attorneys in the U.S. gave us an indication that use of the cloud would grow over the course of 2014.  A majority – 72% said their law firms were more likely to use the cloud this year.  Has it proven to be true?

* * *

We are interested in your thoughts – what aspects of the legal industry would you be interested in learning more about next year?  Perhaps we can consider conducting another survey.

Photo:  Flickr; JD Hancock; CC BY 2.0

If you enjoyed this post, you might also like:
25-Plus Predictions for the Legal Industry in 2015

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.

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