Sign In

Will Norton

Founder and CEO at SimplyAgree

Will Norton is a multifaceted individual with a background in the legal, technology, telecommunications, film, music, and soccer industries.

He founded SimplyAgree and has experience as a CEO at the same organization. He also worked as an associate at Baker Donelson.

Will Norton's educational background includes a Juris Doctorate with a concentration in Space and Telecommunications Law from the University of Nebraska College of Law and a Bachelor of Science in Mathematics & Computer Science from the University of Nebraska-Lincoln.

Highlights

Mar 8 · linkedin

When SimplyAgree was raising our first angel funding round, the graph from Figure 4 played a prominent role in our pitch deck. It shows the gap between hours worked by law firm professionals and the percentage of those hours where they collected payment. We've known since early in the life of our company that the gap between time spent on transactions compared to what they got paid for that work was an opportunity to provide clear ROI for law firms.

From 2007 through 2016, when we started the company, that gap doubled. It stayed steady around 90% realization for the rest of the decade. When COVID hit, the demand for transactional legal work exploded and law firms had much more leverage on the time billed, bringing collected realization as high as 92%.

But why haven't realization rates gone higher? This was the second major insight we got from the True Value Partnering Institute and Thomson Reuters study on law firm rates. Figure 5 shows the percentage of worked hours billed by law firms — the rates clients are actually billed by their law firm after write down adjustments to prebills — compared to the percentage of worked hours collected by law firms — the rates clients actually end up paying following write offs on invoiced time.

As the report explains: "It becomes clear that the decline in realization — rather than being driven by client negotiations or pushback — is much more closely related to law firm behavior. . . . The decline in realization is happening even before the client is billed. . . . Put simply, clients will never be able to pay 100% of the rate they agreed to pay if they’re only billed 90% of that agreed-upon rate. Unsurprisingly, clients will take the amount they’re billed and work down from there. "

If law firms raise revenues from rate increases but lose revenues from low realization, and low realization is primarily caused by law firms failing to bill their work to clients, why aren't attorneys invoicing more of their time? And how can technology influence these billing behaviors? More on that in the third installment. Stay tuned! #legalpricing #billing #realization #legaltech

Mar 2 · linkedin

As Am Law 200 financials are rolling in (https://lnkd.in/eZ4numbQ), we've been working to educate our team on law firm economics and what drives our customers and users in their work.

True Value Partnering Institute and Thomson Reuters published an illuminating report last fall explaining some of the major dynamics defining law firm financials: https://lnkd.in/ePZuJm23.

The report describes how hourly rate growth drives law firm profitability. The key chart (Figure 2) shows just how much rate growth fell after the global financial crisis and how quickly it rebounded post-COVID.

But the key insight in the report was just how much law firms might be leaving on the table. This is a key question we've been working to tackle with SimplyAgree. I'll be posting some more insights this week on how firm realization can impact law firm profitability and how technology can be a key piece to the realization puzzle.

Will Norton
Add to my network

Location

United States