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Solo In Chicago

...empowering the Second City's entrepreneurial legal community

Thursday, August 23, 2007

Small firm economics survey...

Here's a link to Minnesota Lawyers' Mutual's annual small firm economics survey. They happen to be our malpractice insurance carrier. Some interesting findings:

  • Practice areas - no surprise the top three are domestic relations, estate/probate and real estate. Although to some degree I think this is inevitable, I think you need one strong niche where you're unique and different that this non-descript group of small firm lawyers.
  • Net Income - it's eye opening that 28% of respondents had net income under $50,000 annually.
  • Advertising - largest group, 58%, still said Yellow Pages are their primary advertising investment...I guess Foonberg's right about this.
  • Non-lawyer assistants - only half of respondents have an hourly billable fee for assistants.

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