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 …
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Peer Monitor
Large Law Firm Demand Continues to Drop — Peer Monitor Index
Demand for large law firm services fell 1.4% in the fourth quarter – the third consecutive quarterly decline and the biggest drop since Q1 2013. For the full year, demand fell 0.6% – the first annual decline in demand since 2013. Those are among the key findings from the Thomson Reuters Peer Monitor Economic Index (PMI) report for …
- February 13, 2017
- Leonard Lee
Competition, Innovation & the Death of the Billable Hour
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 …
- January 12, 2017
- Leonard Lee
Are Firms Trimming Rates for More Business? Lower Rates May Lead to Higher Demand & Revenues, Says Peer Monitor Report
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 …
- October 18, 2016
- Leonard Lee
Australian Law Firm Demand Still Declining, Says Peer Monitor Report
The Australian legal market suffered its fourth consecutive year of declining demand, according to a new report issued by Peer Monitor and Melbourne Law School, “2016 Australia: State of the Legal Market,” based on financial data drawn from the Australian offices of 21 major law firms. Demand for Australian firms declined an average of 1.9% across firms …
- September 28, 2016
- Leonard Lee
Declining Litigation Demand May Be Due to Client Pressure, Latest Data Shows
Litigation demand – long-seen in steady decline over the past several years – may actually be a more complicated issue, with client push-back on billing playing a larger role in falling demand numbers than any actual decline in the number of litigation actions, according to a new report by the Legal Executive Institute and Thomson …
- September 21, 2016
- Alex Cook
Peer Monitor Shows Weakening Demand and Rates
After a string of seven consecutive quarters of rising demand, the Peer Monitor Economic Index saw flat demand for large law firm services in the fourth quarter of 2015. The new report showed that the PMI fell two points because of weak demand and rates. But much of the decline in overall demand was accounted …
- February 17, 2016
- Leonard Lee
2016 State of the Law Firm Market
James W. Jones, senior fellow at the Center for the Study of the Legal Profession, discusses the “2016 State of the Legal Market” report by the Center for the Study of the Legal Profession at Georgetown University Law Center and Thomson Reuters Peer Monitor
- January 11, 2016
- Leonard Lee
The Legal Industry’s “Kodak Moment” – A Lesson for the Future of Law Firms?
Remember the Kodak Instamatic camera? Long before cellphones and selfies, it seems we all had one. But now they’ve faded away like aged Kodachrome film. The 2016 State of the Law Firm Market report from Georgetown Law and Peer Monitor provides a snapshot of the legal industry, warning that similar fates could be in store …
- January 7, 2016
- Leonard Lee
PMI holds steady
The Peer Monitor Economic Index (PMI) was unchanged for the second consecutive quarter, holding steady at 54 in Q2. Slightly higher demand was offset by weak rate growth and falling productivity. Demand for large law firm services rose 0.4% during the second quarter – while it was the sixth consecutive quarterly gain, it was also …
- August 5, 2015
- Leonard Lee