“While overhead expenses continued to cool during the first part of 2024, tech spending remains especially hot,” Andrew Maloney noted in Law.com’s coverage of the Q1 2024 Thomson Reuters Law Firm Financial Index. “Taking inflation into account, law firms are investing in technology at their most rapid pace since at least 2014, the report noted. …
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“Embrace the litigators in your lives:” Reactions to the Latest Thomson Reuters Law Firm Financial Index
“Embrace the litigators in your lives” may sound like a Valentine’s Day lawyer meme, but it was Joe Patrice’s takeaway from the Q4 2023 Thomson Reuters Law Firm Financial Index. Journalists’ and bloggers’ coverage of the report, released last week, emphasized how law firms’ profits rebounded in 2023, driven by rate growth and stronger demand …
- February 20, 2024
- Carrie Brooker
Firms Reconsider How Technology Shapes Productivity as Law Firm Market Returns to Profitability
Law firms showed resilience in 2023, taking advantage of shifts in market demand and aggressively raising rates while exercising restraint in costs, particularly talent costs for associates. This balanced approach of managing for both topline growth and cost controls paid dividends for firms; if they continue to successfully execute on those strategies, the market is …
- February 16, 2024
- Carrie Brooker
Record Growth in Attorney Rates in 2023: More of the Same in 2024?
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 …
- October 6, 2023
- Carrie Brooker
Q1 2023 Thomson Reuters Law Firm Financial Index: Top Takeaways
The law firm market rebounded in the first quarter due to improved growth and surging rates, according to the Q1 2023 Thomson Reuters Law Firm Financial Index (LFFI) powered by Financial Insights. However, the Thomson Reuters report noted that the recovery was uneven and uncertainty remains as to the direction of the market going forward. …
- May 8, 2023
- Carrie Brooker