Here are my raw notes from the first morning of the 2016 Clio Cloud Conference in Chicago. Good stuff so far. #cliocloud9
Jack Newton CEO
Much more about getting energy up, this is the fourth Clio Cloud Conference, 210 attendees at first conference, this year 700, talks about some new “get in to Clio” things, talks about the history of Clio, essentially, wanted to reshape legal market, started in 2007 at ABA Tech Show, 150,000 users across 78 countries, law as a data-driven enterprise, creating a frictionless experience for our clients, Legal Trends Report, data comes from 60 billion in billing from Clio customers, 232 is average billing rate for US attorneys, 210 in 2010 compared to 232 in 2016, not kept pace with inflation (CPI), DC has highest average, Iowa lawyers charge on average $120 per hour, $200 is average family law billable hour rate, flat rate accounts for only 7-8% of family law billing, utilization rate is about 28% (available hours/charge hours), utilization rate goes up as law firm size goes up, solo’s have 22% utilization rate, realization rate is value of billed hours/actual amount billed , 81% realization rate, 81% realization rate in family law, collection rate is total collected revenue/valued of bill collected, 86%, CC payments are paid earlier, average workday is 8 hours and you collect 1.4 hours in actual payments, holy crap these numbers are bad, Clio is shifting from solos to larger firms, improved app, advanced tasks, Clio is named after Greek muse of history, Clio Apollo,
Mastering the Intake Process
Brian Jeffries at New Law in Phoenix, developing workflow automation application
Lexicata CEO is presenter, initial interaction is any interaction (social media, phone call), you want a uniform brand across the board, 45% of law firm websites are not empathetic, less than 50% of prospective client messages are not returned within 3 days or less, 35-50% of leads are retained by the first responder, 48% of salespeople never follow up with a prospect, follow up!, #1 reason for hiring a lawyer is trust, “rule of 7” (7 interactions to build trust), rapportive if you use gmail, information collection part of the funnel, Lexicata for client intake, retention, electronic signature, analyzing results
Exploring Clio’s New Law Firm Index
“What gets measured gets managed” Drucker, average hourly in Utah is $190, Nevada is $255, top state for real billable hour is NV (real billable hour is spending index v. billable hour), people bill less as the week goes on, seasonality of services, family law new cases goes down as the year progresses, utilization rate is second highest in UT, how does flat fee work in comparison?
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