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I L T A N E T . O R G
W
hile legal industry surveys,
trend reports, and technology
surveys are plentiful in the
large/global and small law firm
space, there's a noticeable gap in
comparable data when it comes to the mid law firm market.
We have been partnering with midsize firms on their
business and technology needs for decades and wanted to
shine a light on their unique experiences.
With that in mind, several
months back, Actionstep
partnered with a research firm
in the U.S. to unearth and share
mid-market data. We wanted to
capture details on trends and
challenges that impact most
U.S. mid-market firms and
better comprehend what keeps
these legal professionals up
at night. Thus, the inaugural
edition of the 2023 Midsize
Law Firm Priorities Report
was published focused on better
understanding the factors that
matter most, including broader
business priorities, resource
challenges, stress factors and
mental health, as well as overall work satisfaction.
Trends and insights that stood out
• While almost all legal professionals reported that
they enjoy aspects of their work, stress is still
an issue. Almost three-quarters (72%) of legal
professionals report that they have experienced
stress, felt burnout, or been overwhelmed by work in
the past year. The specific causes of stress among law
firm employees vary, but legal professionals in the
study cite understaffing or lack of resources (44%) as
the top factor contributing to their stress at work in
the past year, followed closely by demand or pressure
from clients (42%).
• 92% of law firm professionals are feeling the squeeze
from understaffing and under-resourcing. Issues
with being understaffed or lacking resources have
been particularly difficult for
midsize law firms to address
during recent tight labor
markets. Hiring new employees
isn't always an option, and
getting new staff up-to-speed
with a firm's systems and
processes can take a long time,
leaving other staff to pick up the
slack.
• More than half of the
participants identified new
revenue opportunities as their
top business priority. In a tie
for second place were managing
the cost of doing business and
recruiting and retaining talent,
which are essential for growth.
Also, recruiting and retention relate to employees
who increasingly need to manage multiple roles and
various responsibilities while balancing billable
requirements with administrative tasks. And as
client service expectations change and become more
elevated, it is accelerating the digital transformation
that many firms are experiencing.
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I L T A N E T . O R G
"92% of law firm
professionals are
feeling the squeeze
from understaffing
and under-
resourcing."
