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 …
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Peer Monitor
Law Firm Rates Up But Demand Flat in Q1: Peer Monitor Index
While large law firms saw the strongest rate growth in several years in the first quarter, demand growth was flat and productivity fell. The combination dropped the Thomson Reuters Peer Monitor Economic Index (PMI) by six points to 50. Demand for large law firm services slipped 0.1%, however, that was largely a result of weakness …
- May 14, 2019
- Leonard Lee
Thomson Reuters Peer Monitor Joins With LawVision to Boost Law Firm Performance
Law firms are under more pressure than ever to develop effective rate strategies. Thomson Reuters and LawVision, a leading legal consulting firm, today announced a joint effort to develop new digital strategies and data-driven metrics powered by Peer Monitor’s leading financial benchmarking data to drive law firm performance and profitability. Peer Monitor’s anonymized industry benchmarking …
- April 2, 2019
- Leonard Lee
Can Midsize Firms Compete with the Largest Firms?
The sheer size of the largest firms is often perceived as an advantage, providing more resources, broader geographical reach and other benefits. The “2019 Report on the State of the Legal Market: A View from the Midsize Firms” from the Thomson Reuters Legal Executive Institute concludes that despite these assumed disadvantages, Midsize firms – those …
- February 19, 2019
- Leonard Lee
Biggest Law Firms Gain, Other Firms Decline in First Quarter, Says Peer Monitor
Demand for legal services at the largest law firms grew in the first quarter, even while overall demand for law firm services slumped, according to the Q1 2018 Peer Monitor report. The segment of the market made up of the largest firms – the Am Law 100 – had a strong quarter, with demand growing …
- May 14, 2018
- Leonard Lee
Firms Need To Re-Evaluate Strategies in a Rapidly Shifting Market: Georgetown Law & Legal Executive Institute Report
Many law firms may be unprepared for rapid changes that are transforming the legal market at an accelerating pace. “The 2018 Report on the State of the Legal Market’ from Georgetown Law and the Legal Executive Institute says that new competitors and changing client expectations make it essential for law firms to re-evaluate strategies, even …
- January 10, 2018
- Leonard Lee
Large Law Firm Demand Slows in Q3 – Peer Monitor
The large law firm market slowed again in the third quarter, as declining demand more than offset higher rates, according to the (PMI). The PMI, which measures the relative health of the U.S. large law firm market, fell one point to 49. Demand for the large law firm market fell a sharp 1.9 percent — …
- November 6, 2017
- Leonard Lee
Highly Successful Law Firms Have Greater Business Development, Marketing and Technology Focus
Some law firms have been able to notably outperform their peers even though the overall large law firm market is experiencing flat to little growth. A new report from the Thomson Reuters Legal Executive Institute suggests that investments in areas such as business development, marketing and technology may be a key factor defining the higher-performing …
- September 6, 2017
- Leonard Lee
Big Law & the Battle for Market Share
Large law firms have faced their share of challenges in recent years. But while the challenges and opportunities may be similar across firms, how they respond – and consequently, the rewards and downturns – have been far from similar across the market. On the surface, the latest Peer Monitor report shows a large law market …
- August 9, 2017
- Leonard Lee
“Big Law” Finds Renewed Strength at the Top: Peer Monitor
The large law firm market has largely been split so far this year, with the very largest segment of firms seeing gains, while other segments of the market are facing more challenging conditions. The latest Peer Monitor report shows that through the first six months of the year, much of the strength in the market …
- August 7, 2017
- Leonard Lee