The Peer Monitor Economic Index (PMI) was unchanged for the second consecutive quarter, holding steady at 54 in Q2. Slightly higher demand was offset by weak rate growth and falling productivity.

Demand for large law firm services rose 0.4% during the second quarter – while it was the sixth consecutive quarterly gain, it was also one of the weakest gains during that period and is down from the 0.6% gain seen in Q1.

Transactional practices (corporate, real estate, tax) remained strong, while litigation fell for the twelfth consecutive quarter.