The large law firm market has seen one of the best 2-year periods in a while, yet the Peer Monitor Economic Index slipped in the fourth quarter of last year
The year 2019 marked the first two-year stretch in more than a decade where demand for law firm services rose by at least 1% each year. In fact, last year may have been an even better year for large law firms than 2018, said Mike Abbott, Vice President in Market Insights and Thought Leadership for 成人VR视频. 鈥淕rowth was widespread across market segments, practice areas and geographies, and firms were able to regain some measure of pricing power.鈥�
Despite all of this 鈥� and the fact that 2019 ended with a quarter of both solid demand and worked rate growth 鈥� falling productivity and high levels of both direct and indirect expense growth across the legal market weighed heavily upon the 成人VR视频 Peer Monitor Economic Index (PMI), causing it to slide three points to 53.
To find out more about what factors are influencing PMI, you can download a copy of听听here.
The PMI, produced by听, is a composite index score of law firm market performance, representing the quarter-over-quarter change in drivers of law firm profitability, including rates, demand, productivity, and expenses. Positive factors driving law firm profitability will produce a higher score. The PMI uses real-time data drawn from major law firms in the United States and key international markets.
鈥淐ompetitive pressures and demands from clients for even greater efficiency remain,鈥� Abbott continued. 鈥淲e鈥檙e seeing many firms take advantage of current conditions by investing in innovative technologies and business models to enhance their competitiveness moving forward.鈥�
In the new , we focus on the emergence of a new 鈥渕iddle market鈥� is revisited, and how work in practice areas such as corporate and litigation are more frequently beginning to migrate towards law firms in this new middle.
