The strong start for the law firm market in 2023 continued in the second quarter with robust rate growth and demand up for the second consecutive quarter. These are among the findings of the Q2 2023 Thomson Reuters Law Firm Financial Index (LFFI) powered by Financial Insights. Legal Current highlights top takeaways from the report, …
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Insights from the Thomson Reuters Legal Geek Takeover: Maximizing Productivity with HighQ
Thomson Reuters recently hosted a Legal Geek takeover, a half day of virtual sessions on legal innovation, technology and trends. A highlight of the event was the Maximizing the Productivity of Your Legal Workflow session hosted by Tom MacDonald, product manager for Thomson Reuters HighQ, and Mark Reynolds, lead consultant for Thomson Reuters Legal Professionals …
Top Performing Firms Invest in Brand Development, Operational Efficiencies
What separates the top-performing law firms from the rest of the pack? A new study looks at some of the differences. The 2020 Dynamic Law Firms Report from Thomson Reuters Institute, Peer Monitor and Acritas, part of Thomson Reuters, looked at the top quartile of law firms, as measured by overall firm profits, revenue per …
Law Firms Leaders Optimistic About Growth, Unsure About Making Radical Changes
Law firms face numerous challenges, including those coming from clients, from within their own firms, and from the economy in general. But how much change are law firms willing to embrace to meet those challenges? The “2019 Law Firm Business Leaders Report: Outlook for U.S.-Based Local & Regional Firms” interviewed law firm leaders. They are …
Stability Returns to the Large Law Market: Peer Monitor Midyear Report
“It is encouraging to note that we have seen a return to stability in the legal market.” That’s the conclusion of the 2019 Peer Monitor Midyear Report, noting that demand for legal services was modestly higher in the first half of 2019, while rates grew at some of the highest levels seen this decade. Much …
Law Firm Rates Up But Demand Flat in Q1: Peer Monitor Index
While large law firms saw the strongest rate growth in several years in the first quarter, demand growth was flat and productivity fell. The combination dropped the Thomson Reuters Peer Monitor Economic Index (PMI) by six points to 50. Demand for large law firm services slipped 0.1%, however, that was largely a result of weakness …
Law Firm Market Dips in Q4, But Higher For All of 2018 – Peer Monitor Index
The large law firm market pulled back slightly in the fourth quarter, but for the year as a whole, 2018 saw across-the-board improvement in demand, rates and productivity. However, much of the gains were concentrated among the very largest firms. The Thomson Reuters Peer Monitor Economic Index (PMI) dropped seven points to 56 in Q4, …
Strength in Large Law Firm Market Lifts Peer Monitor Index
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 …
Biggest Law Firms Gain, Other Firms Decline in First Quarter, Says Peer Monitor
Demand for legal services at the largest law firms grew in the first quarter, even while overall demand for law firm services slumped, according to the Q1 2018 Peer Monitor report. The segment of the market made up of the largest firms – the Am Law 100 – had a strong quarter, with demand growing …
Large Law Firm Demand Slows in Q3 – Peer Monitor
The large law firm market slowed again in the third quarter, as declining demand more than offset higher rates, according to the (PMI). The PMI, which measures the relative health of the U.S. large law firm market, fell one point to 49. Demand for the large law firm market fell a sharp 1.9 percent — …
