Lunch Hour Legal Marketing

Learn how to responsibly embrace AI across your firm's marketing mix and avoid the common pitfalls by listening to the latest episode of Lunch Hour Legal Marketing! Gyi Tsakalakis and Conrad Saam are diving into Clio - Cloud-Based Legal Technology's Legal Trends Report: https://lnkd.in/gsD2EMjM #LegalTrendsReport #AIMarketing

"95% of our marketing originated is from search." "Digital marketing gets very little respect among the senior attorneys deciding budget, salary, etc." "Is this as ironic as I think it is, or should I be looking at it differently. Both. The only think more lowly than the in-house marketing director is the agency marketer. Here's a clip from our latest Lunch Hour Legal Marketing.

How do you do handle attribution from legal directories? Conrad and I discuss in the latest Lunch Hour Legal Marketing. I'm genuinely curious about how many firms are using something like CallRail to hold their advertising accountable all the way through to their CRM. Show of hands?

What advice would you give to a firm looking to start building a brand? What are some of the things you have seen effective? Another Lunch Hour Legal Marketing Live clip.

The Legal Trends Report is a highlight for me every year at #ClioCon. We have a team of researchers and data scientists who apply some of the most rigorous analyses to the most comprehensive data sets in the legal industry. As a result, we provide incredible insight into the most pressing issues faced by law firms today. The most stunning trend this year is undoubtedly the rapid adoption of AI. Our data shows that 79% of legal professionals are using AI in some way, making it one of the most rapidly-adopted technologies in the history of legal. This is meaningful because AI has the potential to transform the nature of legal work, allowing lawyers to produce more work, more quickly, and at a much higher quality. But the implications of AI are more profound than many realize. Based on analysis of aggregated and anonymized billing data from over 7 million work tasks in Clio, we determined that 74% of hourly work could be automated with generative AI solutions like ChatGPT. On the one hand, this could be really good for clients. But on the other, it means that firms billing primarily by the hour could see drastic reductions in time spent on client work. In fact, $27,000 could be at risk on a per-lawyer basis. This is the type of existential problem that many law firms will face, and a key reason that we’ll see more law firms very quickly adopt more value-based billing. Already, lawyers are relying more on flat fees. Adjusted for inflation, revenue from flat fee matters has increased by 51% since 2016. And the data shows flat fees have operational benefits: they’re 5x more likely to get billed almost immediately, and 2x as likely to get paid right away. Perhaps most troubling in this year’s report, however, is the data from our latest secret shop. We hired a third-party research company to reach out to 500 law firms to learn what it’s like trying to find a lawyer in 2024. As it turns out, 48% of firms were unreachable by phone, and our shoppers couldn’t get email responses from 67% of firms. For the 260 million legal problems faced by Americans every year—the legal profession needs to do better. And it can do better. Technology, and AI in particular, will play a pivotal role. The most productive firms using Clio—those putting more time into their clients each day—spend 41% more on technology than their peers (and are 21% more profitable). I have no doubt that investment in AI will increase the abilities of legal professionals industry-wide. But firms that remain hung up on how much time they spend on their clients are going to be left behind. Instead, firms that figure out how to reimagine their business are going to be the ones that create the most benefit for themselves, and for their clients. This is just the tip of the iceberg of what’s included in this year’s #LegalTrendsReport. You can get it for free at clio.com/ltr-2024.