“While overhead expenses continued to cool during the first part of 2024, tech spending remains especially hot,” Andrew Maloney noted in Law.com’s coverage of the Q1 2024 Thomson Reuters Law Firm Financial Index. “Taking inflation into account, law firms are investing in technology at their most rapid pace since at least 2014, the report noted. …
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Law firm profitability
Record Revenue and Rate Growth: Top Takeaways from Q1 2024 Thomson Reuters Law Firm Financial Index
Law firms achieved elevated revenue growth in the first quarter of 2024 and continued to heavily invest in technology. These are among the findings of the Q1 2024 Thomson Reuters Law Firm Financial Index (LFFI), powered by Financial Insights. Legal Current shares key takeaways from the report, which found that law firms returned to a …
- May 6, 2024
- Carrie Brooker
Record Growth in Attorney Rates in 2023: More of the Same in 2024?
Just in time for fourth quarter – when many law firms are exploring rate setting with clients for the coming year – is a new Thomson Reuters report, Law firm rates in 2023: What’s working, what isn’t, and how to move forward in 2024. It examines the current and historical performance of law firm rates …
- October 6, 2023
- Carrie Brooker
Australian Law Firms Rally Despite Expense Growth Challenges
Australian law firms finished the second half of fiscal year (FY) 2023 strong, rebounding in the face of softening demand and rising expenses in the first half of the year. That’s among the takeaways from the 2023 Australia: State of the Legal Market Report, which examines Thomson Reuters Financial Insights data from 20 law firms …
- September 12, 2023
- Carrie Brooker
2023 Report on the State of the Legal Market: 10 Takeaways
A year of uncertainty awaits law firms, with multiple factors threatening profitability, including falling demand and productivity, rising expenses, shifting client outlooks, and inflation. These are among the findings of the 2023 Report on the State of the Legal Market, issued today by the Center on Ethics and the Legal Profession at Georgetown Law and …
- January 10, 2023
- Carrie Brooker