2014 got off to a good start, according to the Peer Monitor Economic Index. The PMI rose 4 points to 56 in the first quarter report, reflecting improved demand and rates compared with the year-earlier period.

Transactional practices were particularly strong, including corporate work, real estate and tax work. That helped make up for continued weakness in litigation.

Expenses increased, while productivity fell slightly as law firms continue to add lawyer headcount faster than demand.

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