The legal industry continues to rebound from the effects of the pandemic, but much uncertainty still remains. The Thomson Reuters Peer Monitor Index hit a record high in the second quarter as demand returned to pre-pandemic levels or higher, and law firm profitability soared. But questions about the direction of the economy and global trade …
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Peer Monitor Index
Thomson Reuters Peer Monitor Index Hits Record High as Law Firm Profitability Soars
The large law firm market saw a substantial recovery in the second quarter from the economic impact of the last year, with demand for law firm services rising above pre-pandemic levels. With rates remaining high, and many overhead expenses continuing to shrink, the Thomson Reuters Peer Monitor Economic Index (PMI), a composite index of law …
Law Firm Market Continues to Recover: Q1 Peer Monitor Index
The law firm market continues to show encouraging signs as it recovers from the effects of the COVID-19 pandemic. The Thomson Reuters Peer Monitor Economic Index found that demand for legal services dipped slightly in Q1, falling 1.0%. However, that was in comparison against Q1 2020 which was a strong quarter prior to the economic …
2020 Highlights: Peer Monitor Insights on Law Firm Performance in the Pandemic
With an unprecedented and tumultuous year winding down, Legal Current is revisiting how Thomson Reuters thought-leadership reports tracked the progress of the law firm market during 2020. The year kicked off with the 2020 Report on the State of the Legal Market, one of several studies Thomson Reuters publishes throughout the year drawing on Peer …
Demand for Law Firm Services Endures Largest Quarterly Drop Since 2009: Peer Monitor Index
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, …
Demand for Large Law Firm Services Surges in Q3: Peer Monitor Index
Demand for large law firm services surged in the third quarter to one of its highest levels since the end of the recession. The Thomson Reuters Peer Monitor Economic Index Report (PMI) says the PMI rose three points to 56 — its second consecutive quarterly gain. However, lagging productivity and rising costs dampened profitability slightly. …
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 …
Large Law Firm Market Rebounded Slightly in Second Quarter
The large law firm market regained its footing somewhat in the second quarter. After a weak start to the year, demand rebounded in Q2 and rate growth remained strong, lifting the Thomson Reuters Peer Monitor Economic Index (PMI) three points to 53. However, productivity continues to fall, dampening profitability. Demand for law firm services rose …
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 …
