CARET Legal Releases 2023 Yearly Roundup Report Offering Strategic Insights for Law Firm Decision-Making

CARET Legal, a leading legal practice management platform for attorneys and legal professionals, today released its annual report, Strategic Insights for Law Firm Decision Making, offering vital forecasts and insights to help law firms plan for the year ahead.

This comprehensive report underscores the pivotal role of technology in reshaping the legal industry and highlights how law firms can harness these advancements to drive growth and navigate the evolving legal landscape confidently.

Key insights from the report:

• The increasing importance of practice management technology in addressing challenges and seizing opportunities in the legal sector.
• Unprecedented client demand for technology-efficient law firms, with expectations for continued growth.
• How law firms are utilizing technology to reduce administrative workloads and enhance client satisfaction.
• The impact of automated billing and payment processes in strengthening cash flow and maximizing profitability.
• A significant 92% of attorneys recognize the importance of the latest tools and technology-enabled processes in boosting productivity.
• The potential for automation in legal professional roles ? 23% of a lawyer's tasks and 69% of a paralegal's tasks.
• 80% of small law firms face challenges balancing administrative duties with the practice of law.
• 82% of legal professionals feel administrative burdens hinder their career progress.

"Lawyers spend an astonishing 44% of their day on tasks unrelated to practicing law. This striking figure emphasizes the significant challenges that have emerged in the legal landscape over the past year. However, it's important to recognize that within these challenges lie immense opportunities for growth and innovation," stated James O'Connell-Cooper, CARET Chief Marketing Officer. "At CARET, our aim is to equip legal professionals with the necessary knowledge and insights to make well-informed decisions. We're committed to driving the growth of firms and ensuring that legal professionals can confidently navigate the complexities of today's ever-evolving legal industry. With this in mind, we crafted our annual report as a valuable resource to assist in strategic planning and decision-making for the year ahead, empowering lawyers to reclaim their time and focus on what they do best: practicing law," O'Connell-Cooper added.

CARET Legal's 2023 Yearly Roundup Report is more than just a collection of statistics and forecasts; it's a guide for law firms to navigate the intricacies of a rapidly changing legal environment. The insights presented in the report are tailored to empower law firms, enabling them to leverage technology effectively, optimize administrative efficiency, and enhance overall client satisfaction. This report is not only about understanding current trends and challenges but also about unlocking potential opportunities for innovation and progress.

About CARET:

CARET Legal brings the latest in technology and automation, empowering highly skilled professionals to refocus their expertise on what truly matters.

CARET, previously recognized as AbacusNext, is the visionary force behind CARET Legal, a leading entity catering to a network of over 10,000 legal and accounting firms. Leveraging the prowess of advanced and secure practice management systems, cutting-edge HotDocs document automation, and seamless payment processing platforms, CARET propels firms, professionals, and their clientele towards new horizons of success. To learn more, visit GetCARET.com.