-
Technology spending is rising
Firms have increased spending 20% each year
-
Productive firms spend even more on tech
…and are 21% more profitable
-
Solos lead spending increases
Solo lawyers are increasing their technology spend at 2x the industry average
“Law firm spending has been increasing across the board since 2012—and outpacing the average inflation rate of 2.6% over the same period.”
Firms are investing more in technology
Since 2013, firms have increased their spend on software by an average of 20% each year—at a greater pace than growth in revenue.
The most productive firms spend more on technology and marketing
Firms with utilization rates above the industry average of 33%—which amounts to 3 hours of billable hours per day—spend 12% more on software and 41% more on marketing. These firms are also 21% more profitable.
