Martindale-Avvo’s Business of Your Practice Report: Navigating the Legal Landscape in 2023
The Business of Your Practice report sheds light on the 2023 legal landscape, offering insights into attorneys’ challenges and strategies for success in an ever-changing environment. Our main takeaways:
- Attorneys are deeply passionate about helping others, but non-legal tasks often take up a significant part of their day, emphasizing the importance of business skills in their profession.
Key Insight: Most attorneys got into the profession to help people, and this remains their primary motivation. With an added focus on work-life balance, attorneys report that the firm-level marketing and administrative duties detract from time spent with clients or family.
- Attorneys have a cautious but optimistic outlook on the impact of Artificial Intelligence (AI) in law, and recognize the need to adapt.
Key Insight: AI has been a popular topic of conversation in the legal technology sector, and the feedback we received was lengthy. Most approach AI with a healthy dose of skepticism, pondering the confidentiality ramifications of its use, but do recognize that it could supplement a practice.
- When it comes to online marketing, attorneys understand their online reputation is of paramount importance. They favor referrals, yet securing client reviews for their profiles remains a challenge.
Key Insight: We have often heard from our attorneys that securing positive reviews is difficult, and we are working hard to make that easier for both the attorney and the client. We’re developing masterclass-level guides from others who secure reviews like a pro, and we’ll share those details with you.
- As for future planning, most firms opt for moderate growth and work hard to adapt to changing economic conditions.
Key Insight: The majority of attorneys prefer moderate growth, meaning they take sure risks and move business forward thoughtfully and strategically. We also discovered that flexibility during economic flux was of utmost importance, even if attorneys and business leaders preferred to stay the course.
This report is a glimpse into the legal world of 2023, offering insights and guidance for attorneys and firms alike. We look forward to continuing this annual tradition of providing invaluable information to the legal community.