Just in time for fourth quarter – when many law firms are exploring rate setting with clients for the coming year – is a new Thomson Reuters report, Law firm rates in 2023: What’s working, what isn’t, and how to move forward in 2024. It examines the current and historical performance of law firm rates …
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Thomson Reuters Law Firm Financial Index: Technology Shines as a Growth Area
Despite gloomy headlines about the Thomson Reuters Q2 2022 Law Firm Financial Index, released earlier this week, the report findings saw “[a]reas of growth shine through,” including technology spending, as the Thomson Reuters Institute and others noted. The tech spending uptick was highlighted in Reuters Legal by reporter Karen Sloan: “Technology spending was also up …
Pandemic Nation: How COVID Affects Career Progression for Women Lawyers and Lawyers of Color
The impact of COVID-19 on women lawyers and lawyers of color is explored in “Pandemic Nation: Understanding Its Impact on Lawyers from Underrepresented Communities,” a white paper released yesterday from the Association of Corporate Counsel Foundation (ACCF), the Association of Law Firm Diversity Professionals (ALFDP) and Thomson Reuters Institute. The white paper examines results of …
Thomson Reuters State of the UK Legal Market 2021: Client Relationships Are Critical
While a firm’s reputation for quality and technical expertise still matter, clients are increasingly looking for law firms willing to invest in building long-term trusted relationships and a deep understanding of their business operations. At the same time, the ongoing disruptions in the legal market are resulting in renewed pricing and competitive pressures. These are …
Alternative Legal Service Providers Are Becoming Mainstream and Less “Alternative”
Alternative legal service providers (ALSPs) have accelerated their growth to a nearly $14 billion market share globally and are quickly becoming a mainstream segment of the legal market, a new study from Thomson Reuters Institute, the Center on Ethics and the Legal Profession at Georgetown Law and the Saïd Business School at the University of …
Law Firm Business Leaders Report: A Cautiously Optimistic Outlook
Among the 2020 lessons learned in the legal space are the importance of operating a law firm like a business – understanding and anticipating the realities of the market and reacting quickly – and the need for skilled business professionals to effectively manage law firms. The 2020 Law Firm Business Leaders Report from Thomson Reuters …
Navigating the New Risk Environment: Insights From the 19th Annual Law Firm COO & CFO Forum
Thomson Reuters Institute hosted the 19th Annual Law Firm COO & CFO Forum last week, and among the highlights was a session moderated by Haile Arrindell, director of Market Development for Global Large Law at Thomson Reuters. In the session A Fell Clutch of Circumstance: Navigating the New Risk Environment, panelists explored the risk environment that …
Top Performing Firms Invest in Brand Development, Operational Efficiencies
What separates the top-performing law firms from the rest of the pack? A new study looks at some of the differences. The 2020 Dynamic Law Firms Report from Thomson Reuters Institute, Peer Monitor and Acritas, part of Thomson Reuters, looked at the top quartile of law firms, as measured by overall firm profits, revenue per …
