Yesterday was the first day of the Clio Cloud Conference 2021. Clio does a fantastic job of wowing the attendees and creating a community of loyal followers.
Every year the don’t-miss speaker is CEO and Founder, Jack Newton. Jack has big visions. And his execution with Clio has been huge. In April of this year, Clio raised a $110M dollar Series E funding with a $1.6B valuation. When Jack speaks, people are eager to hear what Jack is planning next.
Of the many announcements from Clio today, three are:
- Clio Payments: Jack Newton says, “…the most frequent point of friction in attorney-client relationships is collections.” Clio Payments is integrated with the Clio cloud-based practice management platform and syncs with accounting platforms, such as Quicken and Xero.
- Clio Ventures: Clio will invest in “promising early stage companies and diverse founders” developing for the Clio platform. Clio has acquired a few companies, most recently Lawyaw, a YC-backed legal document automation company, which had been a Clio partner.
- Clio 2021 Legal Trends Report: I look forward to this annual report, full of timely data. The PDF is a free download with registration. I highly recommend that you take a look at it.
I’m highlighting a few points which interested me. There is much more in the report.
First Key Take-away: Client expectations have changed
As we saw in the 2020 Legal Trends Report, the pandemic understandably accelerated clients’ willingness to work with a lawyer remotely. With Clio’s annual data collection, they were able to illustrate the change from 2018 to 2021.
The report further digs into this data by stage of engagement and type of remote communication medium.
Second Key Take-away: Remote services are only part of the picture
I’ve yet to see any survey of criteria on choosing a lawyer in which responsiveness was not the top criteria. Here, “Responsiveness to questions” leads “Price transparency” by a hair. No technology, no remote or in-person meeting capability, is likely to surpass the importance of responsiveness.
Third Key Take-away: Growing firms are really growing.
This data mirrors the data which we saw in early 2021 with respect to the blockbuster year that Big Law had in 2020. See the report for a deeper dive, for example, that growing firms are more likely to be using on-line payments, client portals, and CRM.
And there is more fun stuff!
Vicariously, I like to study the hourly rates by state and by practice.
Also, the KPI data on utilization, realization, and collection rates is eye-opening.
I’d like to thank Clio for widely sharing this fascinating data about the legal market each year. They are committed to the legal community.