[THREAD] I read the 2020 @goclio Legal Trends Report - the best source for quantitative data on the legal profession - and here are five stats/takeaways every legal professional should think about:

5/ Clients and lawyers agree that reviews matter. And they don't just *matter* they're the most important factor in hiring. Major shift. When @Avvo launched ~15 years ago lawyers tried to sue it out of existence. Now, the review ecosystem it helped create is invaluable.

Quick note on #5: Hat tip to @bobambrogi who called my former boss and @Avvo founder @mark_britton "The Person Who Most Disrupted Law This [Past] Decade"

4/ This quote from Utah Supreme Court Justice Dino Himonas. The problems of the justice gap are being exposed not only in this summer's protests but in the legal sector regulatory reforms accelerating across the country. Lawyers who ignore these forces do so at their peril.

3/ Don't sleep on unbundling and subscriptions. Solving the affordability problem and expanding access are central to the future of legal services. Lawyers *must* figure this problem out and these two business models - with 28% and 8% adoption - will play a central role.

2/ Advantages for firms using a combination of key law practice technologies (practice management, online payments, and CRM) are *significant* in both matter creation and revenue. Shown MOM comparison to firms not using these technologies.

A quick note/background on #1: Crises accelerate existing trends. This is no less true in legal.

1/ This is the most important graph in the 2020 @goclio Legal Trends Report. Firms using multiple key law practice technologies beat their non-tech competition in matter volume - by 10% at the height of the pandemic later reaching positive YOY territory by June. Analysis ->

More important than revenue alone *matter creation* portends future success (revenue growth, customer acquisition, etc). For lawyers thinking things will "go back" to the way they were, this graph demonstrates that future law firm survival is contingent upon tech adoption. <fin>

P.S. If you dig this content - check out our bi-weekly podcast #financiallylegal on the finance and economics of law. The most recent ep features Nika Kabiri @nikakabiri Clio Cloud Conference speaker and rockstar/statistician/lawyer extraordinaire. https://www.gravity-legal.com/financiallylegal/how-clients-make-hiring-decisions