As the pace of legal technology innovation increases, Thomson Reuters announced today it is entering into a partnership with global law firm Morgan Lewis to collaborate on new artificial intelligence (AI) driven legal products. Through the partnership, Morgan Lewis will provide feedback to help shape new Thomson Reuters products. “We’re committed to providing the best …
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How Law Firms Are Changing Their Support Staffing
A lot of attention has been paid lately to lateral hiring and associate compensation, but changes are also taking place in law firm staffing. Thomson Reuters Institute recently completed its annual analysis on law firm staffing ratios. Today, we’ll talk about what the new trends are with Isaac Brooks, senior industry data analyst, and Natalie …
Osborne Clarke Powering Its Global Digital Transformation With 3E Cloud Care
As Osborne Clarke moves swiftly to digitally unify its future-focused international legal practice of more than 925 lawyers across 25 worldwide locations, it is adopting Thomson Reuters 3E Cloud and 3E Cloud Care to provide global enterprise business management. “The investment in 3E demonstrates our commitment to a cloud-first IT strategy that provides our people …
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 …
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 …
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 …
2020 May Have Been a “Tipping Point” for Law Firms: 2021 Report on the State of the Legal Market
While 2020 brought unprecedented challenges for law firms, history may look back and see the year as a “tipping point” that accelerated significant changes in the law firm market. The 2021 Report on the State of the Legal Market from the Center on Ethics and the Legal Profession at Georgetown University Law Center and the …
Drop in Demand for Law Firm Services Moderates in the Third Quarter: Peer Monitor Index
For many American law firms, the second quarter was an abrupt shock to the system. Yet it also provided ample time to chart a path forward, and firms did just that in the third quarter. The decline in demand for law firm services moderated in the third quarter as rates rose and firms took steps …
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 …
Thomson Reuters HighQ Announces Version 5.4
Thomson Reuters HighQ today rolled out version 5.4 of its cloud-based productivity solution. The new version seamlessly integrates Contact Express into a single solution, allowing more powerful document automation. Contract Express templates can be used to generate and store documents natively within HighQ, enabling the user to integrate and establish workflows, collaborate, co-author, and utilize …
