LawNext cover image

LawNext

Ep 224: Unpacking the 2023 Clio Legal Trends Report, with Joshua Lenon, Clio’s Lawyer in Residence

Oct 30, 2023
33:00
Snipd AI
Joshua Lenon, Clio's Lawyer in Residence, unpacks the 2023 Clio Legal Trends Report. Highlights include increased productivity and technology adoption in law firms. The report introduces a new metric, 'lock up,' for measuring financial health. Discussion on revenue trapped in un-billed or un-collected state and the use of AI tools in the legal profession.
Read more

Podcast summary created with Snipd AI

Quick takeaways

  • Law firms have seen a remarkable increase in productivity since 2016, thanks to the adoption of technology.
  • There is growing interest in AI in the legal profession, with 51% of lawyers expressing interest and 38% believing AI can reduce their workload.

Deep dives

The Importance of the Legal Trends Report

The Legal Trends Report aims to help law firms be sustainable by providing benchmarks and insights. The report relies on aggregated anonymized usage data from tens of thousands of law firms using Clio software. It offers a unique and accurate data set, revealing previously unknown information about the legal industry. The report tracks key performance indicators such as utilization, realization, and collection rates to measure individual and industry-wide performance. In recent years, there has been a remarkable increase in productivity among law firms, thanks to the adoption of technology. The report also includes new metrics like lock-up, measuring trapped revenue in unbillable or uncollected states, and highlights the positive impact of AI tools on increasing efficiency.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode