As 2019 winds down, Legal Current is revisiting milestones and key accomplishments from the Legal business of Thomson Reuters this year. Today we look at the “2019 Report on the State of the Legal Market,” released last January by the Thomson Reuters Legal Executive Institute and the Center on Ethics and the Legal Profession at …
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East and West: State of the Legal Market in China 2019 Report
Imitation is often referred to as the sincerest form of flattery. When it comes to the legal market in China, there are perceptions that the Chinese business model for law firms is based on models from the West. There may be some truth to that, but there also are opportunities for firms in the West …
Can Technology Give Firms a Competitive Edge? Dynamic-Static Law Firm Report
Technology is often touted as a game changer, a field-leveler, a way for firms to gain a competitive edge over other firms. Marketing hype aside, is that really the case? The Legal Executive Institute’s Dynamic-Static Law Firm Report looked at Peer Monitor law firm data to see if use of technology helped firms perform better. …
Which Firms Are Gaining Ground? Dynamic-Static Law Firm Report
In an era of low growth, the law firm market is increasingly close to a zero-sum game where one firm’s gain is at the expense of the market share of another firm. The Legal Executive Institute’s Dynamic-Static Law Firm Report analyzes the difference between dynamic growing firms and firms that are more static and flat. …
Law Firm Pricing Insights Report Examines Evolving Pricing Practices
“Price is what you pay. Value is what you get” — Warren Buffett Figuring out how to price legal matters is an increasingly complicated balancing act. Firms are under pressure to make sure the rates they charge provide good value for clients in terms of the services provided, while maintaining adequate profit margins for the …
Infographic: Is Litigation Back for Big Law?
Litigation remains the largest single practice law for large law firms, despite a steady decline in demand in recent years. Steady decline, that is, until this year. Litigation is seeing a pickup in demand so far in 2018. What is driving this demand? Is litigation back? Or is it just a temporary blip? This new …
Forum Magazine: Improved Firm Relationships, Financial Intelligence and Performance
As noted earlier this month, the Fall 2018 issue of Forum magazine is now available and explores the broader theme of “The Art of Balancing Profitability and Value” in the legal industry. Among the featured articles is a closer look at the results of LEI’s “Dynamic Law Firms” study, which explores strategies that have the best …
Legal Services Industry Mid-Year Report Tells a Compelling Story
The “story” of the legal services market looks to be a pretty compelling summer read this year. The upbeat part of the story is that the law firm market is showing renewed signs of strength, by some measures enjoying its strongest first six months in years. But the true page–turning element is that the entire …
Performance Gaps Among Large Law Firms Narrowing
The large law firm may be becoming more competitive. Firms in the highest-performing segment of the market may be pulling back towards market averages, as their performance gap over the rest of the market has narrowed somewhat. That’s among the findings of The Dynamic Law Firms Study: A 2017 Year-End Update from the Thomson Reuters …
2018 Legal Executive Forum: Law Firm Demographics and the Talent Landscape
With its broader theme of “Culture, Client Service & Law Firm Talent Transformation,” the 2018 Legal Executive Institute Forum featured a panel discussion with “Gen X” law firm executives on the opportunities and challenges of leading firms during a period of major economic and cultural change. The panel’s moderator, Cristina A. Carvalho, managing partner at Arent Fox …