Midsize firms may possess competitive advantages as the legal market emerges from the disruptions caused by the global pandemic. The 2021 Report on the State of the Midsize Legal Market from the Thomson Reuters Institute looks at how midsize firms weathered the challenges of 2020, and the opportunities that may lie ahead. Midsize firms proved …
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Peer Monitor
Cost Cuts, Higher Rates Drive Peer Monitor Index Higher
Law firms finished 2020 on an optimistic note. Weakness in demand moderated, rates remained high, and firms were able to reduce several key costs. As a result, the Thomson Reuters Peer Monitor Index (PMI), which measures key law firm performance indicators hit a near-record high in the fourth quarter of 2020. Demand for law firm …
2020 May Have Been a “Tipping Point” for Law Firms: 2021 Report on the State of the Legal Market
While 2020 brought unprecedented challenges for law firms, history may look back and see the year as a “tipping point” that accelerated significant changes in the law firm market. The 2021 Report on the State of the Legal Market from the Center on Ethics and the Legal Profession at Georgetown University Law Center and the …
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 …
2020 State of the Legal Market in Europe: Opportunities for Firms Willing to Adapt and Invest
Law firms across Europe had just one major challenge to overcome earlier this year: determining how to succeed in the post-Brexit market. Of course, the COVID-19 pandemic soon topped their list of challenges. To explore how European firms are addressing these twin pressures, Thomson Reuters examined extensive data from Sharplegal and Peer Monitor for the …
ILTA>ON 2020: #CreatingTheFutureTogether
On Day 5 of ILTA>ON, sessions will focus on C-Suite/future-focused themes as well as business and legal process improvement. Two Thomson Reuters speakers will share their expertise and insights: Brent Turner from Thomson Reuters Peer Monitor and Joe Raczynski, manager of Technical Client Management. Many innovative law firms are moving to complement the traditional legal …
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 …
Second Straight Year of Growth for Large Law Firms
The large law firm market notched a second straight year of growth in 2019, according to the latest Peer Monitor report. Firms wrapped up what is arguably their best two-year period since the end of the recession, 2019 marked the first two year stretch in more than a decade where demand for law firm services …