Law firms finished 2020 on an optimistic note. Weakness in demand moderated, rates remained high, and firms were able to reduce several key costs. As a result, the Thomson Reuters Peer Monitor Index (PMI), which measures key law firm performance indicators hit a near-record high in the fourth quarter of 2020. Demand for law firm …
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large law firm market
Demand for Law Firm Services Endures Largest Quarterly Drop Since 2009: Peer Monitor Index
The Q2 2020 Thomson Reuters Peer Monitor Economic Index (PMI) report showed the large law firm market struggled in the second quarter as a result of stay-at-home orders, court closures and broader economic slowdowns. The PMI dropped by six points to 51, with demand for law firm services enduring its largest quarterly drop since 2009, …
Demand for Large Law Firm Services Surges in Q3: Peer Monitor Index
Demand for large law firm services surged in the third quarter to one of its highest levels since the end of the recession. The Thomson Reuters Peer Monitor Economic Index Report (PMI) says the PMI rose three points to 56 — its second consecutive quarterly gain. However, lagging productivity and rising costs dampened profitability slightly. …