The State of Small Law Firms
- Aug 4, 2021
- 1 min read
Read this if you are a solo or small firm owner:
Ninety-five percent of small law firms consider themselves to be either “successful” or “very successful.” But at the same time, they continue to face significant challenges. Seventy-six percent say that acquiring new client business is a significant or moderate challenge. A similar percentage (74%) say the same about spending too much time on administrative tasks instead of practicing law. As a result of those management and administrative burdens, the study found that small firm lawyers, on average, spend only 60 percent of their time doing client work.
Despite the acknowledged challenges, only 29 percent of firms have actually implemented plans to address client acquisition. An even smaller number – 20 percent – have implemented plans to reduce their administrative workload.
“Small firm lawyers have unique challenges, as they are oftentimes not only lawyers but also small business owners and managers in running their practices,” said Mark Haddad, general manager of the Small Law Firm business for Thomson Reuters. “Juggling those roles reduces the amount of time spent practicing law."
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