Law firm profitability fell for a fifth consecutive quarter in Q4 2022, according to the Q4 2022 Thomson Reuters Law Firm Financial Index, (LFFI) powered by Financial Insights. The report notes that demand, productivity, and expense challenges “have nearly eaten through the record profit gains of 2021” as firms contend with multiple ongoing issues. However, …
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Law Firm Financial Index
State of the Legal Market Report: Predicting the Factors That Will Shape 2023
Ahead of the 2023 Report on the State of the Legal Market – the annual report issued jointly by the Center on Ethics and the Legal Profession at Georgetown Law and the Thomson Reuters Institute – Legal Current is looking back at the trends that shaped the industry in 2022. The 2023 report, which Thomson …
2022 Highlights: Law Firm Financial Index Reports Highlight Trends in Law Firm Profitability
Legal Current’s year-in-review series looks back at 2022 milestones for the Legal Professionals business. Today we revisit the quarterly Law Firm Financial Index (LFFI) reports from the Thomson Reuters Institute. LFFI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international …
Thomson Reuters Law Firm Financial Index: Technology Shines as a Growth Area
Despite gloomy headlines about the Thomson Reuters Q2 2022 Law Firm Financial Index, released earlier this week, the report findings saw “[a]reas of growth shine through,” including technology spending, as the Thomson Reuters Institute and others noted. The tech spending uptick was highlighted in Reuters Legal by reporter Karen Sloan: “Technology spending was also up …
Fourth Consecutive Quarter of Decline for Thomson Reuters Law Firm Financial Index
Law firm profitability continues to slide due to an inevitable cooling off in demand and a rebound in expenses, according to findings of the Q2 2022 Law Firm Financial Index, released today by Thomson Reuters. Powered by Peer Monitor/Financial Insights, the index fell for a fourth consecutive quarter – the longest such slide in its …
Thomson Reuters Law Firm Financial Index Q1 2022: Three Takeaways
Law firms will be challenged to surpass the high bar set in 2021, according to findings of the Q1 2022 Law Firm Financial Index, released today by Thomson Reuters. The index, powered by Peer Monitor/Financial Insights, showed law firm growth in demand and rates were no match for surging expenses. Legal Current shares top takeaways …