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 for by Am Law Second Hundred firms (101-200).  Am Law 100 and midsize firms saw growth in demand in the fourth quarter.  Transactional practices — corporate, real estates and taxes — were strong.  However litigation fell for the thirteenth consecutive quarter.

Rate growth remains a concern.  Worked rates rose only 2.4% in the fourth quarter, compared with 2.6% in Q3.

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