Continued strength in the large law firm market boosted the Thomson Reuters Peer Monitor Index (PMI) in the third quarter.

Stronger demand and productivity offset a slight easing in rate growth and a jump in direct expenses. The PMI rose one point to 63.

Demand for large law firm services rose 1.9% – the best quarterly performance since 2011. Year-to-date, demand is now up 0.9%. By comparison, at this time one year ago, demand year-to-date was slightly negative.

Litigation continues to bounce back after several years of steady decline, rising an additional 2.5% on average in the third quarter.

Worked rates rose by an average of 3.1%.

A copy of the report can be downloaded at: http://www.legalexecutiveinstitute.com/pmi-q3-continuing-rise/

 

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