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.
