Bar News - August 20, 2014
Surveying the Economics of Law
By: Dan Wise
Members are encouraged to participate in a NH Bar Association-commissioned survey on law practice economics to be circulated via email next month.
The findings will provide Bar members with key information, such as billing rates, income levels for various practice settings, locations, practice areas, and years of experience.
Applied Statistics Laboratory (ASL), of Ann Arbor, Mich., is conducting the survey for the NH Bar Association and has conducted similar research for bar associations across the country.
The upcoming survey focuses on essential economic measures of law practice, including income, hourly rates, expenses, rate of uncollected fees, and use of technology. It will also provide updated information on income variations by gender. New to the survey this year will be questions about law school debt and the use of practice management software.
Assisting in the development of this year’s survey is Arthur Greene, a New Hampshire lawyer and law practice management consultant, and Dennis Delay, a New Hampshire economist. In conjunction with the release of the survey findings in early 2015, Delay will present information on macroeconomic factors that will shape the market for legal services in the next few years.
Links to the survey will be emailed to all members after Labor Day and will be resent in subsequent weeks to boost the response rate. Please respond and complete the survey; consult with staff or professionals who keep your books if necessary. It is important for as many members as possible to complete the survey. There will be a drawing for some valuable items, including a tablet computer, to encourage participation.
In 2006, the NH Bar Association published a compilation of law office economic data from a membership survey. This report includes income information for various practice areas and attorneys’ levels of experience. The upcoming report will be more detailed.