2024Tableofcontents4INTRODUCTION6Soloandsmallfirmsversuslargerfirms7Newthisyear8Datasources9PART1:THESTATEOFLEGALPRACTICEFORSOLOANDSMALLFIRMS11Solofirmsaren’tkeepingupwithConsumerPriceIndex(CPI)increases13Soloandsmallfirmsareopeningmorenewmattersthaneverbefore14Billingandcollectionperformanceisstrongamongsoloandsmallfirms,yetbillablehoursaredropping16Marginalgainsleadtomajorgrowth16Keyperformanceindicators25PART2:LOCKUP27Whysoloandsmallfirmsshouldcareaboutlockup28Measuringlockup29Realizationlockup31Collectionlockup32Totallockup34Featuresandworkflowsassociatedwithreducedlockup37Howsoloandsmalllawfirmscanreducelockup2LegalTrendsforSoloandSmallLawFirms38PART3:GETTINGPAIDFASTER40Soloandsmallfirmsreportstrugglingwithbillingandcollections43Firmsstruggletobillandcollectpayments45Onlinepaymentsgetsoloandsmallfirmspaidfaster48Clientsalsowanttopayonline50Soloandsmallfirmsaremorelikelytouselegalpracticemanagementandonlinepaymentssoftware52Howsoloandsmalllawfirmscangetpaidfaster54PART4:THERISEOFARTIFICIALINTELLIGENCE(AI)56LawyershavesimilarattitudestowardsAIinthelegalprofession57Staffingandbarassociationissuesaretopofmindforsoloandsmallfirmlawyers59SoloandsmallfirmsarereadytoadoptAItechnology61WhatdofirmswanttouseAIforinthefuture?63ThebenefitsofAIforsoloandsmallfirms64DoAIattitudesdifferbetweensoloandsmallfirmsandpotent...
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