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, …
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Legal Executive Institute
July 16: A Men of Color Town Hall
Thomson Reuters Institute will host a virtual town hall to address issues on racial injustice and police brutality on July 16. “Beyond Inflection: A Men of Color Town Hall” aims to advance conversations on race and is a collaboration between Thomson Reuters, ABA Young Lawyers Division Men of Color Project and the National Bar Association …
Canadian Corporate Law Departments Focus on Combining Effectiveness and Efficiency
Canada looked like a growth market for the legal profession when 2020 began, and as spend was expected to grow, in-house teams’ strategic priorities centered on two core areas: being more effective and efficient. Despite the COVID-19 pandemic and the global economic fallout, these primary goals have largely remained unchanged. These are among the findings …
As COVID-19 Outbreak Looms, Large Law Firm Market Has Strong First Quarter Says Peer Monitor Index
The Q1 2020 Thomson Reuters Peer Monitor Economic Index (PMI) report, found the large law firm market saw strong growth in demand and rates in the first quarter, setting a robust foundation at the onset of the COVID-19 outbreak. It’s important to note that the bulk of the social and economic impact of the outbreak …
Competition Growing in UK Legal Market: New Entrants and US Firms Pursue Market Share
The UK legal market has a good track record of growth, with revenues up again in 2018-19. Yet the market faces rising competition from U.S. law firms and alternative legal service providers, including the Big 4 consulting firms. These are among the conclusions of a new 2020 State of the Legal Market in the UK …
Using Artificial Intelligence to Fight Financial Crimes
Amid an explosion of global financial data, combatting financial crimes and managing highly regulated transactions has become increasingly complicated. Earlier this month, a panel at LegalWeek 2020 focused on these complexities, exploring anti-money laundering (AML) trends as well as the state of legal artificial intelligence (AI) solutions in AML compliance and screening. Joseph Raczynski, a …
2019 Highlights: The State of the Legal Market
As 2019 winds down, Legal Current is revisiting milestones and key accomplishments from the Legal business of Thomson Reuters this year. Today we look at the “2019 Report on the State of the Legal Market,” released last January by the Thomson Reuters Legal Executive Institute and the Center on Ethics and the Legal Profession at …
East and West: State of the Legal Market in China 2019 Report
Imitation is often referred to as the sincerest form of flattery. When it comes to the legal market in China, there are perceptions that the Chinese business model for law firms is based on models from the West. There may be some truth to that, but there also are opportunities for firms in the West …
Can Technology Give Firms a Competitive Edge? Dynamic-Static Law Firm Report
Technology is often touted as a game changer, a field-leveler, a way for firms to gain a competitive edge over other firms. Marketing hype aside, is that really the case? The Legal Executive Institute’s Dynamic-Static Law Firm Report looked at Peer Monitor law firm data to see if use of technology helped firms perform better. …
Which Firms Are Gaining Ground? Dynamic-Static Law Firm Report
In an era of low growth, the law firm market is increasingly close to a zero-sum game where one firm’s gain is at the expense of the market share of another firm. The Legal Executive Institute’s Dynamic-Static Law Firm Report analyzes the difference between dynamic growing firms and firms that are more static and flat. …