Tuesday 14th May 2019
While large law firms saw the strongest rate growth in several years in the first quarter, demand growth was flat and productivity fell. The combination dropped the Thomson Reuters Peer Monitor Economic Index (PMI) by six points to 50. Demand for large law firm services slipped 0.1%, however, that was largely a result of weakness ...
Tuesday 19th Feb 2019
The sheer size of the largest firms is often perceived as an advantage, providing more resources, broader geographical reach and other benefits. The “2019 Report on the State of the Legal Market: A View from the Midsize Firms” from the Thomson Reuters Legal Executive Institute concludes that despite these assumed disadvantages, Midsize firms – those ...
Tuesday 12th Feb 2019
The large law firm market pulled back slightly in the fourth quarter, but for the year as a whole, 2018 saw across-the-board improvement in demand, rates and productivity. However, much of the gains were concentrated among the very largest firms. The Thomson Reuters Peer Monitor Economic Index (PMI) dropped seven points to 56 in Q4, ...
Tuesday 14th Aug 2018
The large law firm market scored a rare triple win in the second quarter, with strong gains in demand, rate growth and productivity. The Thomson Reuters Peer Monitor Index (PMI), which measures the relative health of the U.S. large law firm market, surged ten points to 62, its highest reading since 2011. Demand for law ...
Friday 8th Jun 2018
Solo and small firms looking to manage their law practice and client matters more efficiently are finding a solution with the newly enhanced Thomson Reuters Firm Central, a leading cloud based management solution. The new performance dashboard provides views of key metrics and financial reports. Firms can utilize Firm Central to quickly and easily view ...
Monday 14th May 2018
Demand for legal services at the largest law firms grew in the first quarter, even while overall demand for law firm services slumped, according to the Q1 2018 Peer Monitor report. The segment of the market made up of the largest firms – the Am Law 100 – had a strong quarter, with demand growing ...
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 ...
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 ...
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 ...
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 ...
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 — ...
Tuesday 24th Oct 2017
Corporate legal departments say their most effective cost controls are enforcement of billing guidelines, reductions on invoice expenses, and working with law firms that pro-actively show their value. At the same time, many legal departments are not using fixed or flat fees, matter budgets, competitive bidding through requests for proposals (RFPs) or reallocation of work ...
Monday 23rd Oct 2017
Technology was a common theme at the Association of Corporate Counsel (ACC) annual meeting, from the opening plenary on blockchain, to sessions on payment fintech and cybersecurity. Technology-related contracting continues to attract significant interest among lawyers, whether it’s utilizing automation or machine learning in the drafting and review processes, or substantive issues that typically arise in ...
