PMI shows improved law firm demand
The Peer Monitor Economic Index (PMI) rose two points to 57 in the third quarter, reflecting improved demand for law firm services. It was the third consecutive quarterly gain in demand and the strongest jump since Q4 2012. Year-to-date demand, as measured by billable hours, is now up 0.9 percent. However, weak rate growth and flat productivity are holding back market growth.
Transactional practices continue to be among the strongest, while litigation continues to struggle but managed to show flat demand for the quarter.
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