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 …
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Peer Monitor
Thomson Reuters Q4 2021 PMI: Strong Performance Tempered by Increasing Expenses
Last year closed with strong performance across key law firm metrics – including demand, rates, and productivity – but the positives were tempered by the intense talent war driving up compensation costs, according to the Thomson Reuters Peer Monitor Economic Index (PMI), released today. The fourth-quarter 2021 PMI, a composite index of law firm market …
2022 State of the Legal Market: What Will Be This Year’s Defining Factors?
Thomson Reuters will issue the 2022 Report on the State of the Legal Market next week, reviewing U.S. law firms’ performance over the past year and examining how firms are responding to current trends in the legal industry. The annual report is issued jointly by the Center on Ethics and the Legal Profession at Georgetown …
2021 Highlights: Report on the State of the Legal Market
As the 2021 clock ticks down, Legal Current is looking back at the milestones and key accomplishments from the Legal Professionals business of Thomson Reuters. Today we revisit findings of the 2021 Report on the State of the Legal Market, which showed this year may have been a “tipping point” that accelerated significant changes in …
2021 Highlights: Law Firm Talents Wars
As 2021 winds down, Legal Current is looking back at the milestones and key accomplishments from the Legal Professionals business of Thomson Reuters. Today we look at three recent thought-leadership reports that provided insights into how law firms are handling the rising competition for talent: the 2021 Law Firm Business Leaders Report, the Q3 2021 …
2021 Highlights: Peer Monitor Insights into Law Firm Performance and Recovery
As 2021 comes to a close, Legal Current is looking back at the milestones and key accomplishments from the Legal Professionals business of Thomson Reuters. Today we revisit findings of the quarterly Peer Monitor Economic Index reports through the first three quarters of 2021 and the insights they provided into how law firms are recovering …
Thomson Reuters Peer Monitor Index: Talent Wars Are a Drag on Law Firm Performance
The large law firm market continues its strong recovery – with high marks for demand, rates, and productivity – but the intensifying war for talent is a growing drag on law firm performance, according to the Thomson Reuters Peer Monitor Economic Index (PMI), released today. The third-quarter 2021 PMI, a composite index of law firm …
Discussing the Outlook for the Legal Industry
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 …
Do Midsize Firms Have a Competitive Advantage? 2021 Report on the State of the Midsize Legal Market
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 …
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 …