Peer Monitor Index falls in second quarter
The Hildebrandt Institute Peer Monitor Economic Index (PMI), which measures the relative health of the legal marketplace, fell four points in the second quarter of 2012 to a reading of 51, its third decline in the last four quarters.
PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international markets. According to the index, sagging demand for law firm services combined with accelerating headcount and expense growth to sharply curtail firm profitability.
Demand for law firm services was down 0.2 percent in the second quarter compared with the same time a year earlier. Demand for litigation work was flat and IP litigation rose 0.2 percent. Labor and employment work continues to be strong and was up 4.7 percent; labor and employment is one of the few practice areas that has shown consistent demand growth over the last year and a half
For more information about the PMI and to review the latest PMI report, visit http://peermonitor.thomsonreuters.com.
