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 …
Archives
A “Gig Economy” for Lawyers?
Hardly a day goes by when we’re not interacting with someone working the “gig economy” — that Uber driver who gave us a ride, a Instacart grocery shopper or the Bite Squad person dropping off your dinner. You soon might be able to add one more person to that list: your lawyer. A pair of …
- June 25, 2019
- Leonard Lee
Supporting Doctors Without Borders at VANTAGE 2019
Thomson Reuters is proud to announce that this year’s 2019 VANTAGE Worldwide charity partner is Doctors Without Borders, known globally as Medecins Sans Frontieres (MSF). The goal during the conference is to raise $30,000 for MSF and $11,000 had already been raised by attendees on the first day and a fundraising run took place this …
- June 20, 2019
- Leonard Lee
Using Technology to Stand Out in a Crowd – Elite 2019 VANTAGE Worldwide Conference
How firms stand out amongst a variety of competition is a topic that law firms need to continue to address according to the discussion during a panel of Thomson Reuters executives at this week’s VANTAGE 2019 Worldwide Conference. Firms of all sizes must seize opportunities to become more efficient and differentiate themselves from a crowded …
- June 19, 2019
- Leonard Lee
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
Smarter Law: transforming busy lawyers into business leaders
Law firms are under pressure from many quarters these days – from clients to demonstrate greater value and cost efficiency, from competitors such as legal process outsourcing, as well as from other law firms. Trevor Faure, head of Smarter Law Solutions and former head of global legal services at EY, says lawyers need to take …
- April 8, 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
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, …
- February 12, 2019
- Leonard Lee
Infographic: Is Litigation Back for Big Law?
Litigation remains the largest single practice law for large law firms, despite a steady decline in demand in recent years. Steady decline, that is, until this year. Litigation is seeing a pickup in demand so far in 2018. What is driving this demand? Is litigation back? Or is it just a temporary blip? This new …
- November 6, 2018
- Leonard Lee
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 …
- August 14, 2018
- Leonard Lee