Research Reports

The new and expanded Law Firm Practice Management Performance Benchmarks 2007 provides exclusive data and analysis from LOMAR’s annual law firm survey.

With this exclusive report, you can shore up your law firm’s processes for 2007 and compare performance to that of your peers in firms across the country. You get exclusive data and analysis on law firm financial management, lawyer compensation, fees and billing, staff compensation and benefits, administrators’ responsibilities, and more.

Published by IOMA and prepared by the editor of the respected monthly newsletter, Law Office Management & Administration Report, the new 2007 edition reveals key statistics from 2006, such as:

• Billing rates averaged $371 for law firm partners, $234 for associates, and $125 for legal assistants.

• Overall, 76% of the law firms we surveyed believe their 2006 gross revenues on a cash basis will be higher than they were in the last fiscal year, compared to 74% of firms who projected higher earnings last year.
  

• Firms are increasingly using alternative billing options. In 2006, only 55% of gross revenue of the law firms we surveyed was derived from hourly billing.

• About two-thirds of responding firms (65%) require that new partners buy into their firms for
  2006, compared to 85% in 2005.
  

You'll also find information about partner distributions, capitalization, staffing levels, marketing and client development, and more.