Almost 10 per cent also said they sponsor a pension plan, compared with a negligible number of respondents last year, and around four
per cent of firms in 2014.
Our respondents also struck an optimistic tone when it comes to hiring plans, with 42 per cent planning to increase their lawyer count by the end of 2016, up from 24 per cent at the same time last year, while just over six
per cent of firms predict a downsizing.
As it stands, only 44
per cent of firms have made significant strategic changes to enhance efficiency, and only one - third of firms have looked at changing their basic pricing structure.
Sixty - nine
per cent of firms operate out of just one office, 17 per cent had between two and four offices, nine per cent had between five and 10 offices, and five per cent had more than 10.
Our Excess Insurance program continues to attract a solid 20 per cent of our target market (lawyers in firms of 50 or fewer lawyers) and in 2011 provided excess coverage to a record 1,466 firms representing 3,711 lawyers; as well, our retention rate on this program is high — with 97
per cent of firms choosing to stay with LAWPRO for their excess coverage in 2012.
Already, 63
per cent of firms surveyed said they run much of their IT in the cloud, and 62 per cent use managed services for cybersecurity.
Thankfully for those not quite up to the job, just seven
per cent of firms penalize a missed target, while 39 per cent awarded bonuses for hitting the magic number.
Around nine
per cent of firms de-equitized partners in the last year, while the Heenan Blaikie LLP collapse (read more in this month's cover story) is fresh in everyone's minds.
Luckily, this year was a good one for most partners according to the survey, with 51
per cent of firms reporting an increase in partners» earnings in the last year.
A new survey by Robert Half Legal of law firms from across Canada indicates that 71
per cent of firms say finding skilled professionals like lawyers, paralegals and legal assistants is challenging.
Meanwhile, 48
per cent of firms indicated they will hire more lawyers in the coming year, while 47 per cent are expecting to keep the same number and six per cent will reduce the number of lawyers.
About 12,000, or more than half of all private practitioners in Ontario, work in firms with five lawyers or fewer, while 86
per cent of all firms in the province contain five lawyers or less, Pawlitza said, noting they are also responsible for almost all legal services in languages other than English.
Seventy - two
per cent of firms noted staff retention and succession planning as key priorities, and half of all legal firms pointed to staff retention as an issue.
And while only 7.7 per cent outsource legal work, 20
per cent of firms with at least 250 lawyers said they outsourced legal work.
Forty
per cent of firms have annual monetary billing targets for associates, most commonly requiring them to bill under $ 200,000 a year.
It may provide some relief to newly called lawyers to hear that 45
per cent of firms that responded to the Compensation Survey plan to hire more lawyers in the coming year, 53 per cent plan to keep the same number of lawyers, and just two per cent plan to downsize.
British firms also came out bottom for publishing specific targets for improvements (20
per cent of firms compared with 62 per cent in the US) and in using recycled paper (35 per cent against 80 per cent in the US).
81
per cent of firms in your industry employ fewer than 5 people.
While Canada is ranked fifth in the world (behind the U.S., China, India and the U.K.) in terms of global venture capital investment, and many Canadian companies achieve success in their first five years, only three
per cent of firms that survive beyond that point classify as high growth.
Flat fees came in second, with 66 per cent, and 47 per cent said the use of flat fees applies in less than 25
per cent of the firm's work.
In a September 2009 article in the English Law Gazette, a London lawyer working in a two - partner firm reported that he would be closing his practice after receiving a quoted premium of # 110,000 (nearly $ 200,000 CAD, and equivalent to 25
per cent of the firm's annual turnover).
Fines of up to $ 20 million or four
per cent of the firm's turnover (whichever is greater) can be imposed for the most serious data protection offences.
Law firms stand out from other businesses in that they have to be entirely owned and controlled by lawyers (though in Quebec it is possible to set up a professional corporations where up to 50
per cent of the firm is owned by non-lawyers.)
Dan Scarrow, vice-president of corporate strategy at Macdonald Realty Ltd., estimates that 16
per cent of his firm's 1,500 sales of detached houses, condos and townhouses within the city of Vancouver last year went to buyers from China.
Not exact matches
The slowdown in mining project work has resulted in a 26
per cent fall in the number
of environmental professionals employed at the state's biggest consulting
firms over the past year.
The global market for voice AI speakers is expected to grow at a compound annual rate
of 43
per cent to reach US$ 2.1 billion by 2020, according to analysis
firm Gartner.
The investment indicator in the Business Outlook Survey weakened significantly from the summer report, as the balance
of opinion between
firms planning more spending on machinery and equipment versus those predicting less dropped to 17
per cent from 29
per cent in the summer and 35
per cent at the start
of the year.
That's led to cases where some
firms, such as Canopy Growth Corp., have reported gross margins in excess
of 100
per cent.
Microcap fund manager Acorn Capital has increased its stake in listed Perth - based financial planning
firm Plan B Group Holdings to control almost 10
per cent of the voting power.
Neither existed in Germany or the Netherlands just a few years ago, but they now account for 17
per cent and 32
per cent of their respective markets, the analysis
firm says.
In Ontario, for example, around 82
per cent of 18 - to 29 - year - olds consumed alcohol in 2015, according to a report from equity research
firm Cowen and Co..
In total, around 55
per cent of our American clients who own
firms have already actively enquired about this issue in the last six months.
Performance
of the different offerings was uneven; two large funds launched at the company's peak tumbled by 20
per cent at one point, damaging the nascent
firm's reputation.
The whole concept
of inversion, and the simpler relocation
of smaller
firms» HQs, is driven by one simple desire — to avoid America's corporate tax rate which headlines at 35
per cent, which is the highest corporate tax rate in the industrialized world.
Perth gold exploration
firm Enterprise Metals has completed a capital raising
of $ 1.2 million, which was achieved through the placement
of 24 million shares valued at 5
cents per share.
New York - based resource investment company Sigur Minerals has taken a $ 1.9 million placement in Walkabout Resources, representing 19.9
per cent of the Perth - based junior exploration
firm's stock.
Shares in engineering
firm Monadelphous Group fell sharply today after it posted a 27
per cent slide in profit on the back
of lower activity in the resources and energy sectors and predicted contracting margins would remain under pressure.
Exploration
firm Red River Resources has seen its share price jump by over 80
per cent after it entered into a $ 6.5 million agreement with the administrators
of collapsed explorer Kagara, for the sale
of its projects in northern Queensland.
Perth exploration
firm Hannans Reward has entered into a joint venture agreement with Reed Resources for 20
per cent interest in its Lake Johnston nickel sulphide project west
of Norseman.
That's according to new stats from app tracking
firm SensorTower, which found that total installs
of the top 15 apps in the United States dropped 20
per cent year over year in May.
Buffett's move could be imminent after the Bank
of America passed the second round
of the annual bank stress tests Wednesday, allowing the
firm to raise its dividends up to 48
cents per share annually.
«According to [analytics
firm] Sensor Tower, on July 11 (6 days after its July 6 US launch), Pokémon Go was generating US revenue
of $ 1.6 million
per day on iOS, from the 10 million downloads on iOS devices, implying spending
of $ 0.16
per person
per day,
of which Apple keeps 30 % (five
cents),» Martin adds in her note.
Microsoft's Windows Phone software holds a distant third place behind Apple's iOS and Google's Android, with a worldwide market share
of 3.7
per cent in the second quarter, according to research
firm IDC.
Amazon has 15
per cent of the $ 1.8 billion U.S. market for movie and TV show rentals and downloads, trailing Apple's 58
per cent, according to Dan Cryan, an analyst with market research
firm IHS.
And about 45
per cent of Americans stream television shows at least once a month, according to research
firm eMarketer.
That's 17
per cent of all e-commerce, according to Anne Zybowski, vice-president
of retail insights at research
firm Kantar Retail.
Most important, a survey last year by WDS, a Xerox - owned
firm, showed that three - quarters
of iPhone users stick with the brand when upgrading their devices, compared to 58
per cent for Samsung.
Even after its 100
per cent acquisition, ModiFace will remain based in Toronto to stay close to the University
of Toronto where Aarabi continues to be a professor and where the
firm has established research partnerships.
His
firm owns nearly 15
per cent of Aimia, according to Thomson Reuters.
Seedrs makes money by taking roughly 6
per cent commission on funds raised, and then a share
of any increase in value when the company is sold — similar to the «carry» earned by private equity
firms.