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 …
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large law firms
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 — …
Q1 PMI: Large Law Firms Improve Demand & Rates But Struggle with Collected Realization
Two steps forward, one step back for large law firms in the first quarter. Demand for legal services rose, as did rates, helping boost the Thomson Reuters Peer Monitor Index to its highest mark in almost two years. Demand rose 0.3%, and worked rates were up 3.0%, one of the strongest quarterly rate growth figures in more than …
Peer Monitor Index Holds Steady in Q3
Cross-currents buffeted the large law firm market in the third quarter. Firms saw the highest rate growth in two years, but also suffered the second consecutive quarterly decline in demand. The result was that the Peer Monitor Index held steady at 48 for the quarter. Rates have been rising steadily all year. In the third …