KILLING TIME - U.S. lawyers have been spending a little more of their workday on billable hours this year, compared with the last three years, but continue to devote two-thirds of their time to non-billable matters, Law.com’s Brenda Sapino Jeffreys reports. According to a 2022 Legal Trends Report made public this week by Clio, a Canadian company that provides cloud-based practice management for firms, U.S. lawyers are putting 33% of an eight-hour day, or 2.6 hours, on billable hours—a statistic known as the utilization rate. The rate was 31% for the last three years. They are also billing more hours on average for every matter they take, according to the report. With demand up, lawyers are opening new cases at a rate averaging 10% higher when compared with a baseline of 2019, and are converting that increase in new matters to more billable hours, according to the report. “The increase in billable hours indicated lawyers are capturing more billable time, taking on larger cases that require more work, or that the average case requires more time to complete,” Clio wrote in the report. Compared with a baseline of 2019, which was before the pandemic, the average lawyer caseload was 10% higher from March 2021 to August 2022, and average billable hours were up 22%. During that same time, the number of hours billed to clients—the realization rate—was up by an average of 28%, and revenue was up by 31%. That means, according to the report, that every hour of legal work has become more valuable to firms.

ON THE RADAR  - Vista Equity Partners has agreed to acquire KnowBe4, a security awareness training platform, for an equity value of approximately $4.6 billion in cash. The transaction, announced Oct. 12, is expected to close in the first half of 2023. Austin, Texas-based Vista Equity is advised by Kirkland & Ellis. KnowBe4, which is based in Clearwater, Florida, is represented by Wilson Sonsini Goodrich & Rosati and Potter Anderson & Corroon. Gibson, Dunn & Crutcher is counseling KKR & Co. The Gibson Dunn team includes partners Saee Muzumdar and Wim De Vlieger. A Latham & Watkins team led by partners Hans Brigham and Bradley Faris represent Elephant Partners. Moulton Moore Stella is serving as legal counsel to KnowBe4 founder, Stu Sjouwerman. Stay up on the latest deals and litigation with the new Law.com


EDITOR’S PICKS

More From ALM

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
April 25, 2024
Dubai

Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.


Learn More
April 29, 2024 - May 01, 2024
Aurora, CO

The premier educational and networking event for employee benefits brokers and agents.


Learn More
May 15, 2024
Philadelphia, PA

The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.


Learn More

Atlanta s John Marshall Law School is seeking to hire one or more full-time, visiting Legal WritingInstructors to teach Legal Research, Anal...


Apply Now ›

Lower Manhattan firm seeks a premises liability litigator (i.e., depositions, SJ motions, and/or trials) with at least 3-6 years of experien...


Apply Now ›

Evergreen Trading is a media investment firm headquartered in NYC. We help brands achieve their goals by leveraging their unwanted assets to...


Apply Now ›
04/15/2024
Connecticut Law Tribune

MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS


View Announcement ›
04/11/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
04/08/2024
Daily Report

Daily Report 1/2 Page Professional Announcement 60 Days


View Announcement ›