ALMResearchBlog

Data Content 09

I've just returned from a conference called Data Content 09 run by Infocommerce Group.  To oversimplify, the gist of the two day conference is how companies can use data to create new products, improve current products, collect additional data or license existing data for others to use.

Being in the research and marketing business - content is king.  I know you've heard that before, so have I.  What made me actually pay attention this time is the new ways companies are using different forms of data to enhance their businesses.  User generated content, was a big topic.  Customer reviews and self-submitted profiles continue to grow - and as one participant pointed out - as they grow, the volume of information that gets collected makes them more valuable, and actually drives more user generated content.  Mobile was another big topic.  It's amazing how many iphone apps exist, and even more amazing how many people pay for them and use them.  The question of the day was not "should we develop an iphone app?  it was "what iphone app should we develop?"

How does content relate to your law firm competitive intelligence and business development? 

Well think about your CRM system;  Are you using it to it's fullest?  Capturing as much information as possible on each contact and centralizing that data so that others in the firm with the same contact can append their info? Making them all search-able by practice area, geography, company, industry etc?

How about billing and collections?  Do you know what your realization rates are?  By practice?  Or office?  That information is available in the market to benchmark and compare.  (Full disclosure:  yes, that is a survey that we sell.)

Compensation is another area. And as the market continues to be difficult, many firms are looking at aggressive compensation plans based on performance metrics other than just hours billed. 

Bottom line is that there are plenty of places to look within a law firm, or company, to find information that will either help you run more efficiently, or will create new opportunities for business.

2008 GC Salary Survey: Just Released!

 

Just released! Corporate Counsel Magazine's salary survey of the 100 highest paid General Counsel in the Fortune 500. Despite the rough economy, General Counsel at the top companies are pulling in formidable compensation packages. This year’s list is rife with six and seven figure salaries and multi-million dollar bonuses, which combine to form the rankings for total cash compensation (salary + bonus). Columns in the spreadsheet also include stock grants, option grants, and stock cash-outs. The searchable, sortable, electronic spreadsheet is available from the ALM Research Online Store.

 

 

 

Survey: Women in Large Firms Advance at Same Rate as Men, but Earn Less

According to a survey conducted by the National Association of Women Lawyers and reported in the National Law Journal, the nation's largest law firms are in a bit of a holding pattern when it comes to the advancement of women within the firms. The group's second annual survey shows the numbers of women in equity partnership and management have stayed about the same since last year, while the pay disparity between male and female attorneys has increased at certain levels.

Librarian Salaries: 2007 SLA Survey Shows Pay Increases Outpace Inflation

The Special Libraries Association recently released the results of its 2007 Salary Survey and Workplace Study. The study contains salary information and other data from respondents in Europe, including the UK. According to the press release, the average salary increases for SLA members in the U.S and Canada have outpaced inflation yet again. Based on salaries as of April 2007 for U.S. based respondents, the increase in salaries for 2007 over 2006 was 5.1%. This is 1.1% higher than the increase from 2005 to 2006. The average salary for U.S. members who answered the survey was US$ 69,446, compared with US$ 67,400 reported in 2006. The average for Canadian members was CAN$ 67,171 compared with CAN$ 65,522 in 2006. Salaries for Canadian members were 4.9% higher on 1 April 2007, than a year earlier, while the CPI had increased just 2% in the same period. More information about the survey can be found here.

Marketing Salaries: North American Firms Pay 24% More to Their Managers

According to a recent “snapshot survey” on marketing salaries by PM Forum, North American firms pay 24% more than U.K. firms to their managers an directors, though they pay similar amounts to junior marketers. Global firms pay the highest, as do firms with headcounts of between 1,000 and 10,000.

The survey, which had 470 marketing respondents in professional services firms worldwide, also found that law firms pay 12.3% more to marketers than accountancy firms. A free report is available by click here .

Recent Release: 2007 NLJ 250

The 2007 electronic NLJ 250 provides demographics of the nation's largest law firms, and rankings based on the number of full-time attorneys. Data included in the spreadsheet includes: total number of attorneys, equity partners, non-equity partners & associates, starting salaries for first-year associates, branch office locations and number of attorneys by branch office, key marketing contacts, and more. This product is available free to subscribers and may be accessed in the ALM Research Store. Non-subscribers may purchase this searchable, sortable spreadsheet for $400.

Salaries: 2008 Guide from Robert Half Legal

Thanks to Geoffrey Gussis, who writes on Careers for the In-House Blog, for the tip that the 2008 Robert Half Legal Salary Guide  is now available. Gussis focused on the news for corporate attorneys: “In-house attorneys will see average gains of 3.8 percent over 2007 levels. First year associates can expect annual base compensation to rise 4.9 percent to between $63,750 and $91,000. Average starting salaries for licensed attorneys with 10 or more years of experience will rise 4.1 percent, to the range of $126,000 to $210,750 annually.” But the guide provides information for law firm attorneys also, as well as for paralegals, legal secretaries, and other legal support staff.

And don't forget that we offer a free Associate Salary Update spreadsheet to subscribers, which is free to non-subscribers with the purchase of one other product from the ALM Research Store. For more information, contact [email protected] or call 888-770-5647.

ALM Research E-Newsletter: Tech Focus

The October/November issue of the ALM Research e-newsletter, NewsLine, went out today. The focus of this issue is Technology. Technology surveys, technology studies, technology reports. Ratings of products, rankings of law firms, products law firms and legal departments are using, trends in budgets and salaries, trends in purchasing.

If you're not already a subscriber to the newsletter, you can access the current NewsLine by clicking here and you can subscribe to the newsletter by clicking here.

Associate Salaries: Story of the Year?

It’s one of the most popular topics on the blog. Mention “salaries” or “compensation” and the links light up. In response to one of our last postings on the subject, a reader, “Judy,” suggested that we mention LawWages.com, a “comprehensive career portal and resource center” for the legal profession. Of course, our parent company, ALM Media, also sponsors the LawJobs.com site, which includes a salary calculator from Salary.com.

We reported last month on American Lawyer’s September feature and rankings having to do with associate salaries. And blogger Dennis Kennedy did a great round-up of links to on-going buzz about associate salaries (“Recruiting, Paying and Retaining Lawyers: Quite a Discussion Going”).

So, we’ll mention once again that we’re offering a spreadsheet of updated salary information for NLJ 250 firms and beyond. This file is free to subscribers, and free to anyone else who has purchased a product from the ALM Research Store recently. To get the link, just send an email to [email protected], asking for the Associate Salary Update.

NALP Study on Women in the Profession

NALP (National Association for Legal Placement) recently published a report called Women in the Profession, which is part of their on-going longitudinal research project, “After the J.D.,”  which is following the careers of 4,500 lawyers, over a 10-year period, who were admitted to practice in 2000. The study on women is based on a portion of the data collected.

A story in the National Law Journal about the report focused on the fact that fewer women work as solo practitioners and fewer women than men work in private law firms. A few other salient points in the report include men work more hours than women and earn more, men are more likely to join partners for meals and recreation, women report more experiences of discrimination in the workplace, and were less satisfied with their opportunities for advancement.

The full report is available from NALP by clicking here.