Knowing how your legal department and outside counsel are performing compared with the competition can be invaluable information. Corporate legal departments can more easily compare their performance to industry benchmarks and streamline frequently-used workflows with new automation tools in the latest update of Thomson Reuters Legal Tracker™ (formerly Serengeti Tracker™), the market-leading e-billing and matter …
Archives
Competition, Innovation & the Death of the Billable Hour
The billable hour model of decades past where firms experienced little pushback on rates or number of hours spent is effectively dead, and the traditional law firm franchise is increasingly at risk. Law firms must either find ways to effectively adapt to these and other evolving competitive conditions or risk further erosion of their market …
- January 12, 2017
- Leonard Lee
Peer Monitor Index Holds Steady in Q3
Cross-currents buffeted the large law firm market in the third quarter. Firms saw the highest rate growth in two years, but also suffered the second consecutive quarterly decline in demand. The result was that the Peer Monitor Index held steady at 48 for the quarter. Rates have been rising steadily all year. In the third …
- November 7, 2016
- Leonard Lee
Top IT Priorities for Law Firm COOs & CFOs
Balancing technology needs with budget realities can be tricky. Seventy percent of attendees surveyed at the 15th Annual Law Firm COO-CFO Forum produced by the Legal Executive Institute said they consider technology to be a strategic differentiator for their firm. But most also agreed on the importance of prioritizing and the need to sort out …
- October 31, 2016
- Leonard Lee
Are Firms Trimming Rates for More Business? Lower Rates May Lead to Higher Demand & Revenues, Says Peer Monitor Report
A new report from Thomson Reuters Peer Monitor finds that large law firms willing to accept smaller rate increases are on average experiencing higher demand and revenue growth. For many years, annual rate increases have been seen as a reliable means for firms to grow their revenues. But in an increasingly flat market in demand …
- October 18, 2016
- Leonard Lee
The Future of Legal Services in the United States: The ABA Issues a Clarion Call for Change – Law Firm Leaders Forum
Earlier this year, the American Bar Association produced A Report on the Future of Legal Services in the United States. This report has generated much discussion with varying viewpoints about whether the report went too far or not far enough in its 12 recommendations to continue building on the legal profession’s legacy and ensure access …
- October 7, 2016
- Jeff McCoy
Changing Client Outlook & Purchasing Behaviors – Law Firm Leaders Forum
Clients continue to change their expectations for law firms, including how and from whom they purchase legal services. Beyond the latest use of panels and convergence programs, clients are making statements to the marketplace by moving work to firms that best respond to their requirements and guidelines. Jami Wintz McKeon, Firm Chair, Morgan, Lewis & …
- October 6, 2016
- Jeff McCoy
Law Firm Leaders Forum – An Annual Report on the State of the Profession and Business of Law
The 21st annual Thomson Reuters Law Firm Leaders Forum in New York began with a panel discussing recent developments over the past year, a session that traditionally opens the forum each year. Ralph Baxter, Chairman of the Thomson Reuters Legal Executive Institute, author and advisor, opened with remarks discussing three developments he sees impacting the …
- October 6, 2016
- Jeff McCoy
The Design Values Underpinning Elite
As I was preparing for our VANTAGE EMEA conference being held this week in London, I spent some time thinking about where we’ve come as an organization since we were here a year ago. And since it’s a history that directly informs where we’re at and where we’re going, I’d like to reflect on our …
- September 29, 2016
- Alex Cook
Elite VANTAGE EMEA Kicks Off
I had the privilege of hosting the opening keynote session at VANTAGE EMEA this week and both Eric Ruud and I devoted a lot of our time to discussing our continued focus and commitment to Customer Advocacy. We have made many changes to enhance the customer experience over the past year. As I said onstage …
- September 27, 2016
- Alex Cook