ARLINGTON, Va., Nov. 10, 2016 /PRNewswire-USNewswire/ -- Bloomberg Law today released its first annual Labor & Employment Practice Benchmarks Report, which offers practitioners a comprehensive review of how their peers conduct many facets of the practice, including business development, talent recruitment, the use of technology, and fee and compensation structures. A complimentary executive summary of the survey report is available online at http://on.bna.com/AzpT3060JvX and is being offered to attendees of the ABA Section of Labor and Employment Law's 10th Annual Conference, November 9-12 in Chicago. Exclusive access to the full report is available to subscribers of Bloomberg Law.
"This is a helpful tool for labor and employment attorneys to understand the larger landscape in which they are practicing and make better informed business decisions," said Adam S. Forman, Member, Epstein Becker Green, who participated in the survey's design.
"This survey report is a valuable addition to Bloomberg Law, which offers more tools and content for labor and employment practitioners than any other resource," said Victoria Roberts, Vice President and General Manager for Labor & Employment, Benefits and HR at Bloomberg Law. "In crafting this report, we were aiming to provide visibility into what is driving competitive advantage in labor and employment practices across the country. Essentially, we want to give attorneys a 'peek behind the curtain' into other firms' practices so they can evaluate how their practice stacks up against the competition."
Among the key findings:
- Over half of all matters (58 percent) are settled, and of those, nearly two-thirds (65 percent) are settled pre-judgement.
- Larger firms (51 or more attorneys) are more likely to offer a fixed fee structure, with 77 percent offering this option, as compared to only 37 percent of smaller firms.
- Among the law firms that offer fixed fees, they negotiate with half of their clients (48 percent) with an average discount of 13 percent. Nearly four in ten firms offering fix fees respond that they are somewhat profitable (39 percent), nearly the same amount say they break even (37 percent) and one in four respond that they are somewhat unprofitable (24 percent).
- Social media use is far from ubiquitous, with LinkedIn the most utilized social media tool. However, less than seven in ten attorneys (69 percent) use LinkedIn.
Within the full report, each chapter includes a full-page infographic showcasing the top-line findings on that specific topic. The survey was conducted during June and July of 2016 and and the report is based on responses from over 400 labor and employment practitioners. The respondents represent a mix of attorneys from labor and employment practices around the country including Am Law 200 and boutique firms.
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About Bloomberg Law
Bloomberg Law helps legal professionals provide world-class counsel with access to actionable legal intelligence in a business context. Bloomberg Law delivers a unique combination of practical guidance, comprehensive primary and secondary source material, trusted content from Bloomberg BNA, news, time-saving practice tools, market data and business intelligence. For more information, visit www.bna.com/bloomberglaw.
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SOURCE Bloomberg BNA