Strength in Large Law Firm Market Lifts Peer Monitor Index
Continued strength in the large law firm market boosted the Thomson Reuters Peer Monitor Index (PMI) in the third quarter.
Stronger demand and productivity offset a slight easing in rate growth and a jump in direct expenses. The PMI rose one point to 63.
Demand for large law firm services rose 1.9% – the best quarterly performance since 2011. Year-to-date, demand is now up 0.9%. By comparison, at this time one year ago, demand year-to-date was slightly negative.
Litigation continues to bounce back after several years of steady decline, rising an additional 2.5% on average in the third quarter.
Worked rates rose by an average of 3.1%.
A copy of the report can be downloaded at: http://www.legalexecutiveinstitute.com/pmi-q3-continuing-rise/