2020 State Of U.S. - Thomson Reuters

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THOMSON REUTERS INSTITUTE2020S tate of U.S.Small Law Firms

2020 STATE OF U.S. SMALL LAW FIRMS“Plus ça change, plus c’est la même chose” It’s a phrase with which we are all likely familiar, albeit probably not in French. When Jean-BaptisteAlphonse Karr coined that phrase in 1848, which translate roughly to “the more things change, themore they stay the same,” there’s essentially no chance he had law firms in the 21st Century in mind.Yet during a period of unprecedented speed of change for law firms of all sizes, and even inthe years leading up to today’s tumult, certain applications of this phrase have held quite true,particularly for small law firms.This is the fourth time Thomson Reuters has produced a report on the current state of smalllaw firms in the United States. Nearly every aspect of American life has undergone significantchange during that time. Yet some things have remained relatively constant for small law firms.In particular, we note a few key themes.1. Small law firms continue to face a number of significant challenges, many of which haveremained consistent year-to-year. As has been the case in previous versions of this report, themost frequently cited example of a significant challenge for small law firms is acquiring newclient business (26% of respondents rated this a significant challenge). This is followed closelyby spending too much time on administrative tasks and not enough time practicing law (17%).2. Despite facing many of the same challenges one year to the next, most small law firms haveyet to take meaningful action. Of those firms stating they face a challenge either acquiring newbusiness or managing administrative tasks, fewer than one-third have actually implementeda plan to deal with the problem. This too is a trend that’s held consistent. High levels ofrecognition of the problems posed by various challenges has not led to significant action.3. Because of a general lack of action, there is a real opportunity for those firms willing to makethe first move. In business, there is the concept of the “first-mover advantage.” This idea holdsthat there is an advantage to be gained by being the first to offer something new to the market.While it is undoubtedly true that some small law firms have already taken a leading role toinnovate their service delivery models, there remains ample fertile ground for other firms toimplement similar changes, whether by improving business development acumen, creatingoptimal internal efficiencies for managing their law firms, or adopting technology to streamlinetheir practice.A few other key findings: S mall law firms felt increasing pressure around getting paid by their clients, felt most acutelyby firms with 10 or fewer attorneys, firms whose size make it much less likely that they haveprofessionals dedicated to managing billing and collections. O ut of all the challenges faced by small law firms, getting paid by clients is the challengethey are most likely to have taken steps to address. F or the majority of small law firms, the bulk of the pressure they feel from competition comesfrom other law firms, as opposed to DIY legal websites or alternative legal service providers. 2020 Thomson Reuters. All Rights Reserved.2

2020 STATE OF U.S. SMALL LAW FIRMS E ven with longstanding recognition of the challenges associated with acquiring new clientbusiness, most firms have not increased their marketing budgets in the past three years, anddon’t intend to increase it going forward. T he average attorney responding to the survey spends 60% of their time or less actuallypracticing law. The rest goes to managing the firm or recruiting or retaining clients. M ost small law firms say they consider client satisfaction ratings to be part of how they definesuccess (83%), yet only 36% of respondents say they actually track such ratings as a metric. W hen respondents were asked to identify their goals for their firms, most goals groupedaround addressing the top two challenges for small law firms, winning new business andmanaging the firm. F ocusing on becoming more efficient and growing existing client relationships wereidentified as the most important factors to success in the past year. I nvestment in technology or infrastructure was the most common area for increasedinvestment going forward, however, very few firms said they plan to invest in the kinds oftechnology that might help address their administrative burdens or client acquisitions. D espite all the challenges in the market, the vast majority of small law firms identifiedtheir firms as either successful or very successful.This survey, conducted in March and April 2020 at the onset of the COVID-19 pandemic andconcurrent economic woes in the United States, posed questions to 400 respondents from lawfirms ranging from solo practices up to 29-attorney firms. Their responses offer key insights intohow lawyers at small firms were starting to think of their businesses as the pandemic set in, andwhat impacts their actions, or lack thereof, had on their preparedness for economic upheaval.To be sure, many things have changed rapidly during the months between when this survey wasconducted and when any individual person might be reading this report. But one cannot fullyunderstand where they are today without first understanding where they’ve been. It is our hopethat this report serves as a good foundation for small law firms looking to implement strategic andtactical changes to improve their business outlook through the current struggles and beyond. 2020 Thomson Reuters. All Rights Reserved.3

2020 STATE OF U.S. SMALL LAW FIRMSChallenges Faced by Small Law FirmsIn each of the several past versions of this study, challenges acquiring new client business hasbeen the highest ranked “significant challenge” faced by survey respondents, with significantproportions of additional respondents rating it a “moderate challenge.” This indicates thatsmall law firms have struggled for years, and continue to struggle, with improving their businessdevelopment acumen. This is worthy of note and will be the focus of further discussion.Spending too much time on administrative tasks and not enough time practicing law has alsohistorically been an area of challenge for small law firms. Respondents to this year’s survey ratedit as the second most common challenge, with 74% of respondents rating it at least a moderatechallenge. This is closely related to a lack of internal efficiency, identified as a challenge for 57%of respondents.Perhaps as a reflection of the growing pressure exerted on the legal market by the rise of theCOVID-19 pandemic, getting paid by clients was also a frequent source of significant challenge forsmall law firms, particularly those with 10 lawyers or fewer. This could be due in part to financialdifficulties on the part of clients. But as we’ll see as we explore technology systems used by firms,it could also be due to a lack of financial backend and payment systems within these firms.The challenge of getting paid by clients could also be related to a difficulty on the part of lawfirms to demonstrate their value to their clients. While not commonly identified as a challengeby law firms responding to the survey, this could in fact be an under-recognized challenge.Firms experiencing a challenge getting paid by their clients may not be doing as strong a job ofdemonstrating value to their clients as they think, leading to clients pushing back more on costs orFigure 1: Firm Challenges2020delayingpayments.Figure 1 – Firm Challenges23% 27% 27% 21% 21%26% 26% 32% 26% 18%40% 34% 43% 36% 42% 35% 57% 32% 28% 16%50% 43% 48% 54% 58%73%64%57% 58%48%59%47%50%40%57%50%56% 58%54%40%26% 30% 26% 25% 22%Total Solo2-616% 20% 15% 10% 13% 16% 15%7-10 11-29 Total Solo 2-6 7-10 11-29 Total Solo 2-6Challenges acquiringnew client business62% 55% 65% 61% 75%17%Spending too much timeon admin tasks, notenough on practicing law20%10% 7%8% 8% 12% 3% 12% 15%7-10 11-29 Total Solo 2-6 7-10 11-29 Total SoloIncreasing complexityof technology38% 35% 40% 37% 32% 35% 35% 37% 32% 35%50% 54%55% 58% 51% 57% 58% 45% 46% 40%33%40%5% 5%Total Solo31% 36%5%2-620%4% 6%8% 6%7-10 11-29 Total SoloIncreasing pace of legaland regulatory change8%2-6Significant challenge 2020 Thomson Reuters. All Rights Reserved.Getting paid by clientsModerate challenge13%2-625%9% 12% 15% 14% 13% 15%7-10 11-29 Total Solo 2-6 7-10 11-29Lack of internal efficiencyCost control andexpense growthClients demanding morefor less or rate pressurefrom clients51% 57% 49% 47% 54% 53% 83% 57% 41% 20% 68% 75% 73% 58% 61%41%33%19% 19% 23% 18%12% 8% 9%7% 10%7-10 11-29 Total Solo 2-6 7-10 11-29 Total SoloKeeping up withcompetition from otherfirms in your practice area42% 53% 40% 43% 26% 42% 53% 49% 37% 15%60%63%49%47% 47%44%47%40%33% 37%44% 45%8%2-653% 68%42% 39%14%8% 4% 8% 3% 9%7-10 11-29 Total Solo 2-6Demonstrating the firm’svalue to potential clientsNot a challenge35%31%23% 25%7% 12% 2% 2%7-10 11-29 Total SoloManaging staff41% 35%2%1%2-67-104%11-29Retaining client businessTotal (n 403) Solo (n 161) 2-6 (n 142) 7-10 (n 40) 11-29 (n 60)4

2020 STATE OF U.S. SMALL LAW FIRMSAddressing These ChallengesAnother theme we have seen frequently throughout the years of conducting this survey is that,despite generally high levels of recognition of challenges by the leaders of small law firms,implementation of solutions to confront these challenges remains wanting.For example, only about 29% of firms saying they have a challenge acquiring new client businesssay that they’ve actually implemented a plan to address that challenge. True, an additional 31%say they’ve made a plan that they have not implemented yet, but here again, this is somethingwe’ve heard for years. We often hear about firms making plans to address challenges, but for avariety of reasons, those plans may never actually be put into action. Making a plan without takingany actions does little to actually alleviate the identified problem.Among the challenges commonly identified as “significant challenges,” getting paid by clients wasthe challenge most frequently met with action. Given the existence of a law firm as a cash-flowdependent business with little other operating capital, this is a wise move.It is notable, as well, that larger small firms, those with 7-10 lawyers or 11-29 lawyers, weregenerally more likely to have actually implemented a plan to address the challenges they face,Figure 2: Addressing Challengesregardlessof the challenge in question.Figure 2 – Addressing Challenges41% 43% 39% 48% 28%31% 36% 30%27%29%21%Total Solo31%2-650% 58% 48% 50% 39% 38% 43% 45% 27% 18%35%31%37%25%31%20%11%7-10 11-29 Total Solo29% 30%22% 20%2-634%33%27% 29%33%32%38% 25%31%41%27%31%13%7-10 11-29 Total Solo2-637% 49% 39% 35% 31%45% 51% 45% 35% 46% 53% 53% 58% 58% 44%51%31%24%34% 35%45%31%24% 26%7-10 11-29 Total Solo2-631%29%28%40%24%27% 31%17%26% 25% 39%30%25% 20% 27% 26%20% 16%15% 17%7-10 11-29 Total Solo2-67-10 11-29 Total Solo2-67-10 11-29n 309 n 117 n 105 n 32 n 48 n 297 n 119 n 97 n 29 n 49 n 240 n 106 n 78 n 26 n 35 n 264 n 69 n 97 n 29 n 50 n 233 n 45 n 86 n 23 n 45 n 235 n 75 n 72 n 25 n 51Challenges acquiringnew client business30%34%16%26% 28% 26%Total Solo2-6Increasing complexityof technology46% 58% 41% 42% 33% 30% 31% 33% 25% 31%47% 56% 43%27%Spending too much timeon admin tasks, notenough on practicing law36% 40%31%Cost control andexpense growth48% 42% 59% 48% 31% 2020 Thomson Reuters. All Rights Reserved.24% 28%25%32%23%24% 47%26%43%43% 48% 39% 42% 45%22%40%37%30%26% 24%25% 27%20%2-626%7-10 11-29 Total Solo2-6n 154 n 72 n 50 n 16 n 15 n 252 n 104 n 85 n 25 n 41 n 261 n 104 n 89 n 27 n 39 n 198 n 69 n 73Keeping up withcompetition from otherfirms in your practice areaWe have implemented changesto address the issues25%27% 21% 29% 33% 24%34%Getting paid by clients27% 38%7-10 11-29 Total Solo 2-636%29%29%50%25%28%13%7-10 11-29 Total Solo**2-67-10n 21 n 27 n 189 n 27 n 62 n 24 n 48 n 131 n 40 n 39 n 17Demonstrating the firm’svalue to potential clientsWe have a plan to address these issuesbut have not yet implementedClients demanding morefor less or rate pressurefrom clients37% 38% 48% 29% 32% 42% 63% 38%35%20%22% 19%20%11%****7-10 11-29 Total Solo 2-6 7-10 11-29 Total SoloIncreasing pace of legaland regulatory changeLack of internal efficiencyManaging staffWe haven’t yet determined howto address these issues11-29n 24Retaining client business**Sample size too small to report5

2020 STATE OF U.S. SMALL LAW FIRMSChanges to Meet ChallengesAmong those firms who said they’ve either implemented a plan to address their challenges, orhave at least developed a plan they have yet to implement, most frequently leaders at thosefirms are looking to improve, upgrade, or add technology to their tech stack to help alleviate thepressures they are feeling. Around a quarter of respondents pointed to changing technology as asolution, regardless of the size of their firm.Other common, though substantially less frequently cited changes included increasing, updatingor emphasizing marketing; monitoring or cutting costs such as salaries or overhead expenses; andimproving payment collections.Figure 3 – Changes ImplementedTotalSolo2–67–1011–29n 299n 114n 104n 30n 52Improve / upgrade / add more technology (hardware & software)26%22%28%30%23%Increase / update / emphasize marketing / advertising / promotions /networking to generate new clients14%13%10%19%20%Monitoring / cutting costs / salaries / overhead / employees / etc.12%4%15%9%14%Improve / increase payment collection / accept credit / debit cards /ACH payments10%7%14%14%9%Meeting / planning / strategizing10%9%10%12%12%Adding more / better attorneys / staff / managers10%4%10%16%9%Better communication with staff / clients9%3%12%7%9%Work smarter / more efficiently / hold accountable for productivity8%9%6%9%12%Update / better website / increase social media presence / SEO /client reviews8%10%8%7%7%Increase / monitor billing rates / hours / increase retainers8%7%6%5%14%Establish / enforce / monitor firm policies / procedures6%6%10%5%5%Employee evaluations / recognition / awards / bonuses5%0%5%7%12%Hire consultant / specialist3%2%2%7%2%Choosing new clients carefully1%2%0%4%0%Other10%19%11%0%16%None / Not sure / NA5%7%1%2%0%Changes Implemented in 2020 2020 Thomson Reuters. All Rights Reserved.6

2020 STATE OF U.S. SMALL LAW FIRMSSources of CompetitionFor most small firms, their headaches do not end with the list of challenges already discussed. Amajority of small law firms of all size also experience threats to their business due to competition,both from other small law firms and from larger law firms that compete for the same clients.These sources of competition are inextricably intertwined with the challenge small law firms feelaround acquiring new client business. The legal services market has, for a number of years, been abuyer’s market. The onset of the economic slowdown associated with COVID-19 will only exacerbatethis reality.For small firm lawyers, it is vital to stake a place in the market that differentiates them from theircompetitors, whether those competitors be other small firms or larger firms with deeper benches.Small law firms looking to compete must clearly establish what sets them apart in terms of the valuethey bring to their clients. As we’ve seen, firms generally feel they do a good job of demonstratingvalue to their clients, but the reality of some of the challenges they face suggests otherwise.In the face of strong competition, small law firms would do well to invest in a robust, integratedFigure 4 –Sourcesof Competitionmarketingplan.Figure 4 – S ources of Competition74%73%79% 78%63%52%51%55% 56%45%22%12%12%5%Other law firmsor similar size6% 5% 6% 7% 4%OutsourcingSignificantly larger lawfirms that competefor the same clients1% 0% 2% 1% 0% 2020 Thomson Reuters. All Rights Reserved.12% 14% 14%12%5%Individual consumersrepresentingthemselves pro seLegal guidance fromDIY legal websitesor services5% 4% 6% 3% 6%6%In-house CounselTotal (n 403)8%Solo (n 46)Other2-6 (n 154)9% 8%6% 8% 6% 5% 4%Law firmmatching services3% 4%None of the above7-10 (n 43)11-29 (n 57)7

2020 STATE OF U.S. SMALL LAW FIRMSChanges in Marketing and SpendDespite widespread recognition for years of the challenge posed with acquiring new client business,and nearly 30% of respondents saying they’ve implemented a plan to address that challenge, morethan half of respondents report no change in their marketing spend in the past three years. The onlyexception to this comes among firms with 11-29 attorneys, where 38% reported no change, with 22%reporting growth in marketing spend of between 1-3%. In general, larger small firms were more likelyto grow their marketing spend than smaller firms, regardless of the rate of growth.Figure 5 –Marketing Change in Spending Last 3 YearsFigure 5 – C hange in Marketing Spending in Last Three Years52% 52%57%54%38%4%8%4%1% 2%Decline morethan 5% annually4% 6% 2% 4% 4%4% 6% 4% 4%Decline 3–5%annually0%Decline 1–3%annuallyNo change22%14%14% 12%10%Grow 1–3%annuallyTotal (n 403)8% 9% 7% 7%Grow 3–5%annuallySolo (n 161)12%7%2%7% 8% 8%Grow more than5% annually2-6 (n 142)7-10 (n 40)8%5% 6%11%15%Don’t know11-29 (n 60)The numbers look virtually identical with regard to planned growth of marketing spend. Smallerlaw firms still see majorities planning no change to their marketing spend. And fewer firmswith 11-29 lawyers plan to grow their marketing spend in the next three years than did so in thepast three years.On a positive note, it is encouraging that even though this survey was fielded during the start ofthe pandemic shutdowns, very few firms reported planning to cut marketing spend in the comingthree years. It is difficult to say whether that still holds true as the state of the economy continuesto be in flux. It should be noted, though, that even those firms planning to hold fast on their currentlevels of marketing spend will find themselves with diminished buying power year-over-year dueto normal inflation. 2020 Thomson Reuters. All Rights Reserved.8

2020 STATE OF U.S. SMALL LAW FIRMSIt is also worth noting that even in the face of potentially contracting marketing budgets, firmscan find opportunities to address their challenges with acquiring new client business through astrengthened focus on marketing activities with a higher return on investment. A smaller overallmarketing budget may actually result in better returns if that smaller budget focuses on a strong,integrated marketing strategy with a focus on maximizing return.One additional note, while the question addresses both marketing and advertising spend, we treatthem as essentially the same for the purposes of discussion here as any advertising should be partof a broader aligned marketing plan, rather than being considered a separate effort.Figure 6 –Marketing Change in Next 3 YearsFigure6–C hange in Marketing Spending in Next Three Years62%50%3% 4% 3% 4% 0%1% 0% 1% 0% 2%4% 3% 3% 3% 6%Decline morethan 5% annuallyDecline 3–5%annuallyDecline 1–3%annually19%22%16%17%21%Total (n 403)6%10%Grow 3–5%annuallySolo (n 161)8%4%1%4%1%6%Grow more than5% annually2-6 (n 142)46%43%No change17%10%Grow 1–3%annually51%7-10 (n 40)9% 8%6%12%15%Don’t know11-29 (n 60)“A smaller overall marketing budget may actually result in betterreturns if that smaller budget focuses on a strong, integratedmarketing strategy with a focus on maximizing returns.” 2020 Thomson Reuters. All Rights Reserved.9

2020 STATE OF U.S. SMALL LAW FIRMSTypes of Marketing ActivitiesFree listings in online directories, social media advertising, and reputation management are themost common types of marketing activities for small law firms, but there is a clear dichotomybetween larger small law firms and solo attorneys in terms of their adoption.More solo attorneys admit that they do no marketing or advertising (33%) than say they engagein any of the listed types of marketing (the highest was 30% who say they use free online directorylistings). In general, a surprising number of respondents say that their small law firm does not doany marketing.Generally, more small law firms say they use print directories than targeted or pay-per-clickFigure 7 – Typesof Marketing despiteActivities the boom over the past several years in online commerce. We do note,onlineadvertising,however, the proportion of firms who do engage in social media efforts, purchase listings in onlinedirectories, or run a blog.Figure 7 – Types of Marketing Activities52%42%39%44%38%30%44%35%34%29%27%21%Free listing inonline directories20%Social mediaadvertising25%40%28%Reputationmanagement27% 25%23%32%28%Purchasing listing inonline directories24%17%25% 26%23%22% 20%28%12%Print advertisingOnline blogging22%17%23% 24%18%Listing inprint directory33%17%14%18%12%18%18%4%Pay-per-click oronline advertising0%3%8% 6%Radio advertising3% 1%5%0% 0%TV advertisingTotal (n 403)Solo (n 161)14%20% 21% 20%19%22%15%4%1% 0% 3% 0% 0%Billboardadvertising2-6 (n 142)Other7-10 (n 40)Our firm doesn’t do anymarketing or advertising11-29 (n 60)“ a surprising number of respondents say that their small lawfirm does not do any marketing.” 2020 Thomson Reuters. All Rights Reserved.10

2020 STATE OF U.S. SMALL LAW FIRMSThe Impact of MarketingDespite acknowledging a challenge acquiring new business, many respondents say that their firm’sclient base, i.e., the number of clients served by the firm, has increased over the past three years.Anothertheir client base has held steady. The largest sign of potential trouble lies amongFigure 8 The25%Impactsayof Marketingthe 24% of solo lawyers who reported their client base has decreased more than 5% per year over thepast 3 years.Figure 8 – The Impact of Marketing25%24%22%26%30%15%8%5%3%0%Decline morethan 5% annually4% 3% 4% 4% 4%3% 1% 4% 3% 2%Decline 3–5%annuallyDecline 1–3%annually26%21%15%12% 13%22%16% 15% 15% 16%18%12%3%Grow 1–3%annuallyTotal (n 403)Grow 3–5%annuallySolo (n 161)18%17%21%16% 17% 14%7%Grow more than5% annually2-6 (n 142)No change7-10 (n 40)Don’t know11-29 (n 60)“ many respondents say that their firm’s client base hasincreased over the past three years.” 2020 Thomson Reuters. All Rights Reserved.11

2020 STATE OF U.S. SMALL LAW FIRMSThe Importance of Existing ClientsFor the majority of small law firms, the bulk of their annual revenues come from existing clients.Roughly half of responding firms report that they receive 30% or less of their revenue each yearfrom new clients. Here again, solo attorneys are the exception, with the majority of solo law firmsreceiving 50% or more of their revenue from new clients each year, owing most likely to the typesof clients served and the services being offered (e.g., family law, criminal defense).Figure 9 New Client RevenueIt is, perhaps, ironic, that solo lawyers were also those who were most likely to have reporteddeclines in their marketing spend over the past three years, and were less likely to increase theirmarketing budgets over the coming three years.Figure 9 – New Client Revenue25% 26%11%11%15% 16%17%13%19%15%21%16%18% 19%5%0-10%8% 10% 8% 7%6%11-20%9% 10% 10%21-30%12%10% 12%61-70%Total (n 403)8% 6% 8% 9% 6%9% 8%41-50%14%71-80%Solo (n 161)6%31-40%14%3% 4%0%51-60%15%9%2-6 (n 142)6%4%1%4%4%8%81-90%7-10 (n 40)4%1% 3%91-100%11-29 (n 60)“ the bulk of their annual revenues come from existing clients.Roughly half of responding firms report that they receive 30%or less of their revenue each year from new clients.” 2020 Thomson Reuters. All Rights Reserved.12

2020 STATE OF U.S. SMALL LAW FIRMSFinding Time to Be a LawyerRoughly 60% of a small firm attorney’s time is spent practicing law. That means that 40% is spentelsewhere. And given that practicing law is what attorneys are paid to do, it is no surprise that 64%of respondents said they face a challenge from spending too much time on administrative tasks.Particularly for small firm lawyers, administrative burdens can be consuming, especially incomparison to their counterparts at larger firms. Larger firms often have deeper benches of alliedprofessionals tasked with managing tasks like IT, marketing, billing, and collections. In smallerfirms, these tasks fall much more commonly to the partners. This can be seen in the 20% of timespent managing the firm by respondents from firms with 11-29 attorneys. These firms arguablyhave more complex operations due to larger staff and overhead, increasing the amount of timethat must be devoted to management.Time being a finite commodity, small firm lawyers should be focused on finding efficient solutionsto internal operations and management so as to optimize the amount of time they can spendFigure 10 Time Allotmentpracticinglaw.Figure 10 – Time Allotment58% 57% 59%61%55%20%13%Practicing law10% 11%15%14%14%5% 5% 5% 5% 6%Managing the firmTotal (n 403)18%Solo (n 161)Growing the firm /marketing activities2-6 (n 142)11% 9%Meeting or speakingwith clients7-10 (n 40)10% 11% 10% 8% 10%Dealing withadmin tasks11-29 (n 60)“Roughly 60% of a small firm attorney’s time is spentpracticing law. That means that 40% is spent elsewhere. 64% of respondents said they face a challenge fromspending too much time on administrative tasks.” 2020 Thomson Reuters. All Rights Reserved.13

2020 STATE OF U.S. SMALL LAW FIRMSMost View Themselves as SuccessfulDespite the numerous challenges they face, most small law firms consider themselves to be eithersuccessful or very successful. This may be part of the reason why many small firms appear reluctantto implement changes to the challenges they see, because the feeling of success can be a stronginhibitor of a drive to change. However, it is important to note that small law firms recognize thatthey face a high degree of competition from larger law firms, and many of these firms are making thesame types of changes small firms have been putting off.To look more directly at the idea of why small law firms largely view themselves as successful, it isuseful to look at how they choose to define success.Figure 11 – Success Characterized1%1%5%5%7%22%28%66%27%70%Total68%Solo lawyern 4032-6 lawyersn 161n 1421%4%4%29%39%66%57%7-10 lawyersn 40Very successful 2020 Thomson Reuters. All Rights Reserved.Successful11-29 lawyersn 60Neither successful nor unsuccessfulNot successful14

2020 STATE OF U.S. SMALL LAW FIRMSThe most common measures of success for small law firms are overall profits, repeat business, andclient satisfaction ratings. It is encouraging to see overall profits edging ahead of overall revenues asa measure of firm success, placing the emphasis for success on the bottom line.Figure 12 Measures of SuccessHowever, how closely these measures of success are monitored may be a different story.Figure 12 – Measures of Success98%83%88%82%79%83%86%80%85% 87%92% 94%85%79%83%78%82%83%79%58%Client satisfactionratings80%79%82%Repeat businessOverall profitsWork/life balance86%70%51%46%42%46%42%38%36%34%Total (n 403) 2020 Thomson Reuters. All Rights Reserved.Case win percentageSolo (n 161)Revenue per partner2-6 (n 142)40%37%43%25%20%Overall revenues48%45%7-10 (n 40)Profits per partner11-29 (n 60)15

2020 STATE OF U.S. SMALL LAW FIRMSDespite 83% of respondents saying that client satisfaction ratings were part of how they definedsuccess, only 36% say they actually track them. A similar, though smaller, divergence can be seenwith repeat business, where only 52% of respondents say they track it as a metric, while 86% saidit was part of how they defined success.Smallwere much more likely to track overall profits and revenues. Interestingly, more firmsFigure 13 firmsMetric Trakingreported tracking revenue per partner than those who said it was part of their definition of success.Figure 13 – Metric Tracking98%91% 91%89%93% 91%90%96%79%77%68%52% 52% 52% 50%57%74%61%55%19%Overall profitsOverall revenuesRepeat businessRevenue per partner66%58%47%46%36%33%28%47%33%30%22%17% 19% 18%21%14% 15%20%19%8%Client satisfactionratingsTotal (n 403) 2020 Thomson Reuters. All Rights Reserved.Case win percentageSolo (n 161)Work/life balance2-6 (n 142)7-10 (n 40)Profits per partner11-29 (n 60)16

2020 STATE OF U.S. SMALL LAW FIRMSThe well-worn business school maxim that “you can’t manage what you don’t measure” holds truefor small law firms, as does its corollary, “measure what matters.” Among those firms who trackedkey metrics, almost none saw declines in those metrics that were not influenced by external forces.Some firms who measure metrics like revenues and profits did see those metrics decline, but thereare a host of economic factors which can lead to such declines. In contrast, those firms who trackedmetrics like client satisfaction or repeat business were highly likely to see those metrics either holdsteady, and in many cases improve, sometime substantially.Figure 14 – Metric Changes1%19%1%8%16%2%11%36%Revenue per partner11%33%Overall profits1%1%6% 6%8%34%55%37%Overall revenues0.5%10%35%37%36%2%17%0.5%Client at businessSignificantly improved 2020 Thomson Reuters. All Rights Reserved.Work/life balanceSomewhat improved65%40%Case win percentageStayed the sameSomewhat worseProfits per partnerSignificantly worse17

2020 STATE OF U.S. SMALL LAW FIRMSGoals and PrioritiesWhen asked to identify their top three goals for their firms, respondents unsurprisingly gravitatedto goals related to the challenges they previously identified. Some 33% of respondents identifiedincreasing or improving business development as a goal. To that we can add: 26% want to be seen as ‘best of the best’ 21% want to differentiate from their competition 19% want to enhance their reputation in the local communityAll of these can easily be seen as goals related to improving business development.Firms were also quick to select goals that addressed their challenges with lack of internal efficiencyor spending too much time running their firms. 2

Out of all the challenges faced by small law firms, getting paid by clients is the challenge they are most likely to have taken steps to address. For the majority of small law firms, the bulk of the pressure they feel from competition comes from other law firms, as opposed to DIY legal websites or alternative legal service providers.

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Independent Personal Pronouns Personal Pronouns in Hebrew Person, Gender, Number Singular Person, Gender, Number Plural 3ms (he, it) א ִוה 3mp (they) Sֵה ,הַָּ֫ ֵה 3fs (she, it) א O ה 3fp (they) Uֵה , הַָּ֫ ֵה 2ms (you) הָּ תַא2mp (you all) Sֶּ תַא 2fs (you) ְ תַא 2fp (you

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Merchants Fleet Management (Merchants Hooksett, NH 02/06/2020 Viewed 02/26/2020 Automotive Group, Inc.) Mercury Paint Corporation BROOKLYN, NY 02/06/2020 MobilityTRANS Canton, MI Submitted 03/16/2020 03/16/2020 . SILSBEE FORD INC. SILSBEE, TX 02/06/2020 Submitted 03/17/2020 03/17/2020 SILSBEE TOYOTA SILSBEE, TX Submitted 03/17/2020 03/17/2020 .

Aug 24, 2018 · State House 38 Brian McGee state House 40 Pamela Jean Howard State House 41 Emily Anne Marcum State House 43 Carin Mayo State House 45 Jenn Gray state House 46 Felicia Stewart State House 4 7 1Jim Toomey State House 48 IAlli Summerford State House 51 Veronica R. Johnson State House 52 John W. Rogers, Jr. State House 53 Anthony Daniels

Weekformule start voorjaar 2020 : Locatie: “Domein Koningsteen” in Kapelle-op-de-Bos (Brabant) Start : 17 maart 2020 Trainer: Ann Sterckx Data: Maart : 17 en 18 maart 2020 April: 23 en 24 april 2020 Mei: 12 en 13 mei 2020 Juni: 10 en 11 juni 2020 September: 16 en 17 september 2020 Oktober: 20 en 21 oktober 2020

Mar 20, 2020 · 2020-02-24 61 48 2 6 5 - 2020-02-25 95 77 4 8 5 1 2020-02-26 139 98 9 18 11 3 2020-02-27 245 156 17 50 17 5 2020-02-28 388 254 27 82 20 5 2020-02-29 593 379 47 113 43 11 2020-03-01 978 624 70 141 110 33 2020-03-02 1501 nr nr nr nr nr 2020-03-03 2336 nr nr nr nr nr

Week 2 of fall semester Sep 14 2020 Sep 15 2020 Sep 16 2020 Sep 17 2020 Last day of online class add for fall classes Sep 18 2020 Sep 19 2020 Sep 20 2020 Week 3 of fall semester Sep 21 2020 Sep 22 2020 Last day to elect pass/fail for fall