Do Midsize Firms Have a Competitive Advantage? 2021 Report on the State of the Midsize Legal Market
Midsize firms may possess competitive advantages as the legal market emerges from the disruptions caused by the global pandemic. The 2021 Report on the State of the Midsize Legal Market from the Thomson Reuters Institute looks at how midsize firms weathered the challenges of 2020, and the opportunities that may lie ahead. Midsize firms proved surprisingly resilient in 2020. Demand dropped as firms switched to work-from-home, courthouses closed and clients adjusted their priorities. But strong rate growth and cost reductions for office expenses, travel, and other costs helped support revenues and profitability. Those strategies may help position midsize firms for success going forward, helping them leverage their advantages of greater agility and flexibility, and a favorable cost-value proposition. Watch the video of Barb McGivern, general manager, Midsize Law Firm Segment, Thomson Reuters, discussing the outlook for midsize firms.
