Resurgence in Transactional Practices Leads Law Firm Growth
The Q2 2024 Thomson Reuters Law Firm Financial Index (LFFI), powered by Financial Insights, showed continued strong growth for law firms amid a resurgence in transactional practices and solid fundamentals in the second quarter of 2024. Released today by Thomson Reuters, the report showed a healthy outlook for law firms with overall demand up 2.4% compared to Q2 2023.
Growth in demand was led by the counter-cyclical practices of litigation. Yet a notable Q2 shift in demand showed that counter-cyclical practices are no longer the sole drivers of overall growth.
Demand for transactional practices, which includes general corporate, M&A, real estate and tax practices, returned to growth mode for law firms following nearly three years of subpar performance. Transactional fees worked – a proxy for revenue – saw the greatest Q2 resurgence of any cyclical practice group, driven by increased billing rates.
For more insights, read the Thomson Reuters Innovation Blog or download a copy of the Q2 2024 LFFI report.
