Large Law Firm Market Has Strong Second Quarter Says Peer Monitor Index
The large law firm market scored a rare triple win in the second quarter, with strong gains in demand, rate growth and productivity. The Thomson Reuters Peer Monitor Index (PMI), which measures the relative health of the U.S. large law firm market, surged ten points to 62, its highest reading since 2011.
Demand for law firm services rose 1.4 percent in the second quarter – the strongest quarter for large firms in six years.
The segment of the market made up of the largest firms – the Am Law 100 – had an especially good quarter, with the strongest growth in demand and rates of any of the market segments.
Among the practices, litigation had seen a dramatic turnaround, with demand for litigation services rising 2.2 percent in the second quarter with demand strong across all market segments.
Productivity has also turned around in recent months, rising in two of the last three quarters following years of decline. Firms have dramatically slowed their headcount growth, which grew, on average, only 0.6 percent in the second quarter.
A copy of the report can be downloaded here