The large law firm may be becoming more competitive. Firms in the highest-performing segment of the market may be pulling back towards market averages, as their performance gap over the rest of the market has narrowed somewhat. That’s among the findings of The Dynamic Law Firms Study: A 2017 Year-End Update from the Thomson Reuters …
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Biggest Law Firms Gain, Other Firms Decline in First Quarter, Says Peer Monitor
Demand for legal services at the largest law firms grew in the first quarter, even while overall demand for law firm services slumped, according to the Q1 2018 Peer Monitor report. The segment of the market made up of the largest firms – the Am Law 100 – had a strong quarter, with demand growing …
- May 14, 2018
- Leonard Lee
Strong Fourth Quarter for Law Firm Market
The large law firm market had a surprisingly strong fourth quarter as demand, rate growth and productivity all rose in the same quarter for the first time in almost five years. The Thomson Reuters Peer Monitor Index (PMI), which measures the relative health of the U.S. large law firm market, rose a sharp 11 points …
- February 12, 2018
- Leonard Lee
Firms Need To Re-Evaluate Strategies in a Rapidly Shifting Market: Georgetown Law & Legal Executive Institute Report
Many law firms may be unprepared for rapid changes that are transforming the legal market at an accelerating pace. “The 2018 Report on the State of the Legal Market’ from Georgetown Law and the Legal Executive Institute says that new competitors and changing client expectations make it essential for law firms to re-evaluate strategies, even …
- January 10, 2018
- Leonard Lee
Do You Know What Your Corporate Clients Are Really Thinking?
Corporate clients may be evaluating outside counsel and shifting work more frequently than you might think. A new survey from the Legal Executive Institute says more than half (58 percent) of corporate legal departments surveyed say they shift their legal work among law firms at least once every two years. Nearly one in five (18 …
- December 13, 2017
- Leonard Lee
What Makes a Law Firm a Dynamic Industry Leader?
The law firm market is becoming increasingly competitive, as described in last week’s Q3 2017 Peer Monitor Index Report. But some law firms are managing to achieve consistent above-market growth, even in this difficult environment. What sets these firms apart? The 2017 Dynamic Law Firms Report examined top-performing law firms and identified several key factors …
- November 13, 2017
- Leonard Lee
Large Law Firm Demand Slows in Q3 – Peer Monitor
The large law firm market slowed again in the third quarter, as declining demand more than offset higher rates, according to the (PMI). The PMI, which measures the relative health of the U.S. large law firm market, fell one point to 49. Demand for the large law firm market fell a sharp 1.9 percent — …
- November 6, 2017
- Leonard Lee
“Big Law” Finds Renewed Strength at the Top: Peer Monitor
The large law firm market has largely been split so far this year, with the very largest segment of firms seeing gains, while other segments of the market are facing more challenging conditions. The latest Peer Monitor report shows that through the first six months of the year, much of the strength in the market …
- August 7, 2017
- Leonard Lee
The Starbucks Effect: Losing Profitability Six Minutes at a Time
At VANTAGE 2017 Orlando, Cory Branden with Peer Monitor presented about trends and the true cost of lost productivity: Productivity. It’s a subject that we seem to be talking about all the time over the last few years. Firms want to find a way to utilize the lever and spur greater profitability, while corporate legal departments …
- June 20, 2017
- Leonard Lee
Ark Group Conference Recap – KM with Kim, episode 7
The Ark Group recently held its conference on Best Practices & Management Strategies for Law Firm Library, Research & Information Services. In this episode of KM with Kim, we discuss a recap of the conference with Kim Stein, national KM manager for Thomson Reuters. [audio:http://traffic.libsyn.com/legalcurrent/Ark_Group_Conference_Recap_-_KM_with_Kim_episode_7.mp3]
- April 6, 2017
- Leonard Lee