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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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 …
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 …
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 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 …
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 …
Large Law Firm Market Has Strong Second Quarter Says Peer Monitor Index
The large law firm market scored a rare triple win in the second quarter, with strong gains in demand, rate growth and productivity. The Thomson Reuters Peer Monitor Index (PMI), which measures the relative health of the U.S. large law firm market, surged ten points to 62, its highest reading since 2011. Demand for law …