Groundbreaking Clio Research Reveals Vast Market Opportunities for Remote Legal Services

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Posted: October 26, 2021 at 1:00 p.m. EDT|Update: 7 hours ago

New Levels of Technology Adoption Herald a Future of Cloud-Based Legal Services That Extend Beyond Physical Borders

VANCOUVER, BC, October 26, 2021 / PRNewswire / – Today, Clio, the world’s leading provider of cloud-based legal technologies, released the highly anticipated Legal Trends Report 2021, which illustrates the remote legal services market and how law firms are better positioned today to meet growing demand.

Groundbreaking Clio Research Reveals Vast Market Opportunities for Remote Legal Services (CNW Group / Clio)

Following information from last year’s report, which showed significant levels of technology adoption among law firms, this year’s research indicates that new technological capabilities are part of a longer-term shift. which will be driven more by consumer demand for more remote services. legal services.

“We have achieved a new one-off balance in technology adoption, and this has set us on a course for a dramatically reshaped future of law,” said Jack Newton, CEO and founder of Clio. “The consumer demand for more distant legal solutions is undeniable, and Clio is at the forefront of the vision of the legal operating system that will enable the next generation of legal practices. “

Consumer demand for remote legal services is reaching unprecedented levels

In 2018, only 23% of consumers were open to working with a lawyer remotely. Today, as this year’s report reveals, 79% of consumers see the ability to work remotely with a lawyer as a key factor in choosing who to work with and 67% said they would look for a lawyer with options. both remotely and in person. when looking for a lawyer.

Fueled by the rapid adoption of technology, changing client demand for remote interactions indicates that law firms will need to continue to adapt to these trends to meet client expectations.

The evolution of the preference for videoconferencing illustrates this evolution in demand. In 2018, less than 5% of consumers indicated that video conferencing would be their first choice for communicating with a lawyer at any point in their case. In 2021, 58% wish to have the possibility of having a consultation by video.

Growing businesses embrace cloud-based, customer-centric technology

Data in the report also shows that companies using technologies that allow more distant interactions with law firms have experienced substantial revenue growth compared to other firms. The report looked at the adoption of the technology among companies that have experienced tremendous revenue growth in recent years. The “Growing Companies” group identified in the report has increased its revenues by 135% on average since 2013.

By comparing growing companies to others, these companies had adopted cloud-based, customer-centric solutions at much higher rates than other companies. Overall, the Growing Firms cohort was:

  • 37% more likely to use online payment solutions
  • 41% more likely to use online customer portals
  • 46% more likely to use online customer care and customer relationship management (CRM) solutions

Each of these solutions gives businesses the ability to work remotely with their customers by enabling online payments, sharing electronic documents and other information, and managing entries with electronic forms. The success of these companies underscores the importance of understanding how to effectively harness the advantages of these flexible technologies in an ever-changing and highly competitive market.

Law Firm Spending Indicates Lawyers Are More Favoring Remote Capabilities Over Physical Offices

Data from the report shows that when it comes to financial spending, businesses are focusing less on investing in physical office space and more on improving their digital capabilities with practice management software.

Survey data shows that legal professionals are the most likely to view legal practice management software as a significant expense (67%) and they are the most likely to spend on additional software in the future ( 61%). Office space was where law firms were least likely to invest (27%). The implications of these investments indicate that overall, the legal industry will be better prepared to create more technology-driven customer experiences.

Online payments set new standards for law firms

This year’s report also revealed a continuing upward trend in demand for convenient online payment options in the legal process. Online payments (66%) were the preferred method of paying for legal services, followed by automated payment plans (61%).

While growing law firms are 37% more likely to use online payments than other firms, the report points out that all firms have experienced high adoption rates since 2013.

At the same time, when it comes to making legal services more accessible through flexible payment plans, Clio has continued to make progress over the past year. In 2020, 72% of consumers said they preferred to pay for legal services using payment plans, while this year 81% said a business’s ability to offer payment plans influences their hiring.

Remote solutions create valuable market opportunities to reach new customers

Previous research indicates that many Americans are unable to access legal services and that many rural communities are disproportionately underserved. According to an ABA study, there are 54 counties that don’t have a single lawyer, and 182 others that only have one or two. But this is not an exclusively rural problem. According to the World Justice Project, 77% of legal issues receive no legal support.

Remote technologies offer law firms the advantage of providing legal services to underserved markets by eliminating geographic barriers. Lawyers based in urban centers may work with rural clients; lawyers can also operate from more remote locations to serve urban markets.

“Technology offers new flexibility and convenience that benefit both lawyers and their clients,” Newton said. “Through the prism of technology and innovation, the potential for improving access to justice cannot be underestimated.

For six years, Clio has published the Legal Trends Report, now widely regarded as the trusted resource for insight into the current and future state of the law. Using the aggregated and anonymized data of tens of thousands of legal professionals and of attorney and consumer surveys, Clio builds a holistic picture of the legal industry today and future trends. The Legal Trends Report 2021 is available for free at clio.com/ltr.

About Clio
Clio transforms the legal experience for everyone with cloud-based, customer-centric legal technology. Clio has become a company to watch globally after obtaining a US $ 6 million Series B investment in 2012 by German company Acton Capital, a company US $ 20 million Series C investment in 2014 by Bessemer Venture Partners and one of the largest investments in legal technology and Canadian history in 2019 with a US $ 250 million Series D round table led by TCV and JMI Equity. In 2021, Clio makes history again by becoming the world’s first law firm management unicorn with a US $ 110 million Series E investment led by T. Rowe Price Associates, Inc. and OMERS Growth Equity. Learn more at clio.com.

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