Large Law Firms

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Strong Fourth Quarter for Law Firm Market

Monday 12th Feb 2018

The large law firm market had a surprisingly strong fourth quarter as demand, rate growth and productivity all rose in the same quarter for the first time in almost five years. The Thomson Reuters Peer Monitor Index (PMI), which measures the relative health of the U.S. large law firm market, rose a sharp 11 points ...

Firms Need To Re-Evaluate Strategies in a Rapidly Shifting Market: Georgetown Law & Legal Executive Institute Report

Wednesday 10th Jan 2018

Many law firms may be unprepared for rapid changes that are transforming the legal market at an accelerating pace.  “The 2018 Report on the State of the Legal Market’ from Georgetown Law and the Legal Executive Institute says that new competitors and changing client expectations make it essential for law firms to re-evaluate strategies, even ...

Do You Know What Your Corporate Clients Are Really Thinking?

Wednesday 13th Dec 2017

Corporate clients may be evaluating outside counsel and shifting work more frequently than you might think.  A new survey from the Legal Executive Institute says more than half (58 percent) of corporate legal departments surveyed say they shift their legal work among law firms at least once every two years. Nearly one in five (18 ...

What Makes a Law Firm a Dynamic Industry Leader?

Monday 13th Nov 2017

The law firm market is becoming increasingly competitive, as described in last week’s Q3 2017 Peer Monitor Index Report. But some law firms are managing to achieve consistent above-market growth, even in this difficult environment.  What sets these firms apart?  The 2017 Dynamic Law Firms Report examined top-performing law firms and identified several key factors ...

Large Law Firm Demand Slows in Q3 – Peer Monitor

Monday 6th Nov 2017

The large law firm market slowed again in the third quarter, as declining demand more than offset higher rates, according to the (PMI). The PMI, which measures the relative health of the U.S. large law firm market, fell one point to 49. Demand for the large law firm market fell a sharp 1.9 percent — ...

“Big Law” Finds Renewed Strength at the Top: Peer Monitor

Monday 7th Aug 2017

The large law firm market has largely been split so far this year, with the very largest segment of firms seeing gains, while other segments of the market are facing more challenging conditions. The latest Peer Monitor report shows that through the first six months of the year, much of the strength in the market ...

The Starbucks Effect: Losing Profitability Six Minutes at a Time

Tuesday 20th Jun 2017

At VANTAGE 2017 Orlando, Cory Branden with Peer Monitor presented about trends and the true cost of lost productivity: Productivity. It’s a subject that we seem to be talking about all the time over the last few years. Firms want to find a way to utilize the lever and spur greater profitability, while corporate legal departments ...

Ark Group Conference Recap – KM with Kim, episode 7

Thursday 6th Apr 2017

The Ark Group recently held its conference on Best Practices & Management Strategies for Law Firm Library, Research & Information Services. In this episode of KM with Kim, we discuss a recap of the conference with Kim Stein, national KM manager for Thomson Reuters. [Audio clip: view full post to listen]

Visualized Benchmarking Data for Legal Departments from Thomson Reuters Tracker

Tuesday 21st Mar 2017

Knowing how your legal department and outside counsel are performing compared with the competition can be invaluable information. Corporate legal departments can more easily compare their performance to industry benchmarks and streamline frequently-used workflows with new automation tools in the latest update of Thomson Reuters Legal Tracker™ (formerly Serengeti Tracker™), the market-leading e-billing and matter ...

Competition, Innovation & the Death of the Billable Hour

Thursday 12th Jan 2017

The billable hour model of decades past where firms experienced little pushback on rates or number of hours spent is effectively dead, and the traditional law firm franchise is increasingly at risk. Law firms must either find ways to effectively adapt to these and other evolving competitive conditions or risk further erosion of their market ...

Peer Monitor Index Holds Steady in Q3

Monday 7th Nov 2016

Cross-currents buffeted the large law firm market in the third quarter.  Firms saw the highest rate growth in two years, but also suffered the second consecutive quarterly decline in demand. The result was that the Peer Monitor Index held steady at 48 for the quarter. Rates have been rising steadily all year. In the third ...

Top IT Priorities for Law Firm COOs & CFOs

Monday 31st Oct 2016

Balancing technology needs with budget realities can be tricky.  Seventy percent of attendees surveyed at the 15th Annual Law Firm COO-CFO Forum produced by the Legal Executive Institute said they consider technology to be a strategic differentiator for their firm.  But most also agreed on the importance of prioritizing and the need to sort out ...

Are Firms Trimming Rates for More Business? Lower Rates May Lead to Higher Demand & Revenues, Says Peer Monitor Report

Tuesday 18th Oct 2016

A new report from Thomson Reuters Peer Monitor finds that large law firms willing to accept smaller rate increases are on average experiencing higher demand and revenue growth. For many years, annual rate increases have been seen as a reliable means for firms to grow their revenues. But in an increasingly flat market in demand ...