Facts & Figures: IP attorneys escape shrinking demand for legal services
From social media usage to a predicted rise in class actions, an inside look at the numbers that count
May 10, 2013 at 09:41 AM
4 minute read
The original version of this story was published on Law.com
Social Survey
Social media use among in-house counsel is at an all-time high, according to the latest installment of the In-House Counsel New Media Engagement Survey, conducted by InsideCounsel, Greentarget and Zeughauster Group. LinkedIn remains the most popular professional networking site, but Wikipedia use was also on the rise. Keep reading for more survey results:
73% Respondents who use social media tools
67% In-house counsel who used LinkedIn for professional reasons within the past day or week
65% Respondents who reported using Wikipedia for company and industry research
53% In-house counsel who said that the quality of a law firm's blog would influence their hiring decisions
53% Respondents who read general business media on their smartphones, up from 42 percent last year
Climbing Class Actions
Many general counsel have added class actions related to consumer fraud and privacy issues to their list of worries. Nearly half of GCs and CLOs at more than 300 companies predicted an increase in such suits—and a corresponding increase on the money spent defending against them—in a study conducted by Carlton Fields. The expected increase may be attributable to recent news reports about corporate data breaches and food labeling lawsuits.
45% Respondents who predicted that consumer fraud and privacy suits will be the “next wave” of class actions, up from 15 percent one year ago
14% Drop in the amount that companies spent annually per class action in 2012
$3.3 million Amount that companies expect to spend defending class actions this year, up from $3.2 million in 2012
In-Demand IP
The year isn't getting off to a stellar start for most law firm lawyers. A new report from the Peer Monitor Index reveals that in the first quarter of 2013 the overall demand for legal services from law firms fell, along with the demand for most major practice areas. The one exception? Intellectual property specialists found themselves in high demand, likely owing to the U.S. Patent and Trademark Office's recent switch from a first-to-invent to a first-to-file patent system.
-3.4% Drop in the demand for overall legal services in the first quarter of 2013
-9% Drop in the demand for labor and employment work during the same period
-3.7% Decline in demand for general litigation attorneys during the same period
5.1% Increase in the need for intellectual property patent work
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