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The Good and the Bad of Solo Practice: Clio’s Latest Legal Trends Report for Solos
By Jim Calloway
Empirical data about solo law practice used to be difficult to locate. Clio, a legal practice management solution, has stepped into the breach with its Legal Trends reports. Its 2023 Legal Trends for Solo Law Firms has been released. It uses anonymized data from Clio customers and survey data from legal professionals and consumers. Noted legal tech journalist Bob Ambrogi points out the contrast between the good and bad aspects of being a solo attorney in his post The Good and the Bad of Solo Practice, Per Clio’s Latest Legal Trends Report for Solos.
Here are some of his observations:
The good: Solos are able to choose where and when to work and how much work to take on.
The bad: Solos are constrained by the fact that there are only so many hours in a day and one lawyer can only do so much.
The good: Solos are well situated to prioritize work-life balance.
The bad: They are much more likely than non-solo lawyers to work nights and weekends.
The good: Solos have lower overall costs of operation than non-solos.
The bad: Solos hourly rates are 20% lower than those of non-solo lawyers ($269 vs. $324) and their rates are not keeping pace with inflation.
Read Bob’s post for the rest of his observations and summary. The post also has a link to download the entire Clio Legal Trends report and it only costs you your email address.