• Home News As COVID-19 Outbreak Looms, Large Law Firm Market Has Strong First Quarter Says Thomson Reuters Peer Monitor Index

As COVID-19 Outbreak Looms, Large Law Firm Market Has Strong First Quarter Says Thomson Reuters Peer Monitor Index

Posted 18 May-2020 10:32 PM by lily | 813

The large law firm market saw strong growth in demand and rates in the first quarter, a robust foundation at the onset of the COVID-19 outbreak. The Thomson Reuters Peer Monitor Economic Index (PMI)[1] rose four points to 57. Looking backward, it capped a string of eight consecutive quarters of either positive or flat demand growth “ the first extended period of such performance since the end of the Great Recession. It's important to note that the bulk of the social and economic impact of the outbreak in the U.S. only began in the last few weeks of the quarter.

Demand was up a strong 2.0%. Rate growth also was strong “ up 4.1% “ but growth was primarily concentrated among the largest firms.

œWhile law firms are currently trying to come to grips with the COVID-19 situation, the market is coming off of a strong base, said Mike Abbott, vice president, Market Insights and Thought Leadership, Thomson Reuters. œSignificant changes are taking place at many firms. Law firm operations are adjusting to accommodate work-from-home and office closures. Many clients are dealing with disruptions in their business. Court closures are causing delays in hearings. Most of these changes did not start coming into effect until mid-March. The full impact will become more apparent in subsequent quarters.

œWe know from experience in previous economic downturns that demand for legal services will shift among various practices as clients' needs change, said Abbott. œFirms will examine all aspects of their operations to maximize efficiency, keep costs under control, and ensure they are providing maximum value to their clients. In our discussions with firms, we know that many of these changes are taking place, as firms adjust both their short-term and long-term strategies to the changing conditions.   

In the first quarter, corporate work and real estate were among the strongest practices, while litigation was slightly positive. IP practices and tax work were generally lower.

Productivity fell, as the robust demand was not sufficient to overcome continued growth in headcount. Many firms are already adjusting hiring plans and summer associate programs, so the outlook for lawyer growth is unclear in the near term. Direct expenses rose in the first quarter, owing to the growth in headcount, while overhead expenses fell.


The PMI, produced by Thomson Reuters, is a composite index of law firm market performance using real-time data drawn from major law firms in the Press Release Distribution Services United States and key international markets.


Thomson Reuters

Thomson Reuters is a leading provider of business information services. Our products include highly specialized information-enabled software and tools for legal, tax, accounting, and compliance professionals combined with the world's most global news service “ Reuters. For more information on Thomson Reuters, visit tr.com and for the latest world news.

Source: https://www.webwire.com/ViewPressRel.asp?aId=259086

Tags:

the COVID-19 outbreak, string of eight consecutive quarters,Peer Monitor Economic Index,Thomson Reuters, law firm market Affordable Press Release Services, Affordable Press Release Website, Cheap Press Release Distribution Site, Free Press Release Website, Free Press Release Service

Company Information

Company Name Contact Person Contact Number Email Id Website Address
Reuters News organization company 8855226600 lilyadison001@gmail.com https://in.reuters.com/

Other Retail Related Press Release News

Cash is NOT King During COVID-19 Free

Malden, MA, May 9, 2020 -- COVID-19 has created a cash crisis for many small business owners. Less cash is coming in. The domino effect amplifies. Les...Read More


Mattel Unveils #ThankYouHeroes Program from Barbie® Supporting First Responders Children’s Foundation Free

Mattel (NASDAQ: MAT) announced today that Barbie will donate a doll for each eligible career doll sold from May 14-May 17 to the First Responders Chil...Read More


Health-Based Retailers Leverage Newswire for Marketing Guidance Amidst COVID-19 Press Release Free

During the COVID-19 crisis, businesses have had to adjust their workflow to fit within CDC guidelines, which has affected their marketing strategi...Read More


As COVID-19 Outbreak Looms, Large Law Firm Market Has Strong First Quarter Says Thomson Reuters Peer Monitor Index Free

The large law firm market saw strong growth in demand and rates in the first quarter, a robust foundation at the onset of the COVID-19 outbreak. The T...Read More


ShopHero Partners With Winkler Wholesale Grocers to Offer Online Grocery to 400 Independent Grocers Free

Winkler Wholesale Grocers, a family-owned and operated grocery wholesaler announced a strategic partnership with ShopHero, Inc. to provide onli...Read More