Fanali posteriori clio 4

Clio, a cloud-based law firm practice management technology company, released its first Legal Trends Report last week based on data aggregated in the last year from 40,000 active Clio users. And it has some eye-popping information in it.First, let me say how great it is to have some data-driven information on how solos and small firms practice. Historically, this kind of data has been self-reported by smaller samples of practicing attorneys, which makes the results less reliable because of personal bias. Past surveys and reports may have provided some trend information, but it’s nice to have unbiased data to review.So, based on its 2015 user data, Clio reported on three critical key performance indicators: utilization rate, realization rate and collection rate. Here’s what they found:Utilization rate: the average utilization rate was a paltry 28%, meaning that lawyers bill only 2.2 out of 8 hours every day. While this figure does not include lawyers who use flat fee … [Read more...] about Eye-Popping Stats from Clio Legal Trends Report

A company known as Clio that provides lawyers with a cloud-based practice management system is about to get bigger.With the help of about $20 million in financing provided by Bessemer Venture Partners and others, Clio is planning to add another 100 or so employees and expand both its product development and sales efforts in the U.S., Canada and Europe, reports Robert Ambrogi’s Law Sites.A Techvibes article includes a comment from Jack Newton, a Clio founder who serves as chief executive officer for the company.“We offer our customers one of life’s most precious resources: time,” he said, explaining his view of the start-up’s success. “We’ve found that our users save an average of eight hours per week, giving them more time to spend on life outside of work. This funding will allow us to further our reach and hone our product to continue to help lawyers focus on the parts of their business they enjoy.” Related coverage:ABAJournal.com: … [Read more...] about Clio to use $20M in financing to expand cloud-based law practice management offerings

Clio has announced over 220 improvements and features to their practice management platform.CEO Jack Newton made the announcement during the opening keynote of the Clio Cloud Conference in New Orleans to an announced crowd of 1,200. The ABA Journal is a media co-sponsor of the event.Dubbed Project Apollo, the culmination of these changes is a holistic redesign and rebuild of the platform. Changes include updating the user interface, improving platform speeds by five times, rebuilding the search function, building new workflows–especially around bulk billing–and an integration with Outlook and Office 365.In an interview with the ABA Journal after the keynote, Newton was upbeat. However, with new functions and more than 70 software integrations from other companies, Newton struck a cautious note regarding these changes and expanding with “discipline.”“One of the core struggles is expanding the feature set that meets the customer needs,” says … [Read more...] about Clio announces major upgrades to platform

Clio is committing $1.1 million toward a developer fund and app contest to improve legal technology, CEO Jack Newton said Monday at the Clio Cloud Conference in New Orleans.“We believe technology will be instrumental in defining the future of the practice of law,” he said in a press release.The fund will be earmarked for companies developing technologies that integrate into the Clio cloud-based practice management platform. One part of the fund will be a Launch//Code competition, which will award a $100,000 prize for the “most creative, powerful and useful integrations for Clio.”In an interview with the ABA Journal after the announcement, Newton says he hopes Launch//Code “spurs exciting competition.” Open now to contestants, the 2018 Clio Cloud Conference will host finalists in a “Shark Tank”-style pitch competition in front of a keynote audience and a panel of judges.Newton intends for this format to become an annual competition.The … [Read more...] about Clio commits $1.1M toward developer fund and app contest

If you want to get paid faster, get a credit card machine.That was one of the main takeaways from Clio’s 2017 Legal Trends Report, released on Monday during the first day of its annual Clio Cloud Conference in New Orleans. Taking user data from Clio’s cloud management software, as well as supplemental surveys with clients and lawyers, the report provided new insights, including how attorneys lose money, how clients find an attorney and what factors matter to them when deciding on representation.The report found that 14 percent of law firm billing is not collected. In 44 percent of cases, clients lack funds to pay, while 31 percent of clients have the money but still pay late. The report also pointed out that 29 percent of firms rely on checks and 25 percent of firms use mail for billing, which slows process time and collections. However, those attorneys who accept credit cards are paid 40 percent faster.The data also analyzed consumer preferences. When asked how consumers … [Read more...] about 14 percent of law firm billing is not collected, Clio Legal Trends Report says