Law firm advisory from Hildebrandt

Times are challenging for law firms, no doubt, but the 2009 Law Firm Client Advisory from Hildebrandt, part of Thomson Reuters Consulting Services, can provide some context.

You can find the report on the Hildebrandt Web site.

In partnership with Citi Private Bank, Hildebrandt outlines in great detail the major problems large law firms in the United States faced in 2008 and the impact these issues may have on their economic outlook.

The advisory also covers expectations and trends for the U.S. legal market in 2009.

“2009 will be challenging for most firms,” the advisory states. “At the same time, we also think that the current downturn offers an opportunity to
rethink some of the basic assumptions about how law firms should be
structured and how they should deliver their services.”

The report concludes, “In our view, firms that remain strategically focused and that are not afraid to “think outside the box” in terms of how they do their business may well emerge from the current crisis stronger and better positioned to compete in the future than before this crisis began.”

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters 

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Demand for bankruptcy and regulatory services increasing

The next quarterly Peer Monitor Economic Index (PMI) will be released later this month. Given the myriad of daily and hourly news articles we are all seeing on the economy, we wanted to give you a snapshot this week of one of the trends in the legal industry we have noticed in the most recent quarter.

Almost certainly (and not surprisingly) as a result of the tumultuous financial times, our early analysis is showing strong jumps in demand in the bankruptcy and regulatory sectors of the legal industry.

Here are some indicators: Regulatory work for financial institutions is up nearly 50 percent from a year ago, and regulatory work for securities is up nearly 30 percent. Bankruptcy, which was growing in the single digits earlier in 2008, has accelerated to a growth rate of nearly 20 percent in Q3.

West began publishing the PMI earlier this year to help law firms gain real time data and perspective on how the economy is affecting the legal market. Little did we know how very relevant the PMI would be, given current economic conditions.

Look for our Q3 PMI near the end of October, which will provide one of the only real-time, inside the industry views on how this crisis is playing out in law firms across the country.

If you would like to be added to our distribution list for the Peer Monitor Economic Index, please email me at mark.medice@thomsonreuters.com

Also, look for news soon from us about working together with Bruce MacEwen’s Adam Smith, Esq. blog. We consider this to be one of the most important social media sites in the legal industry today. As we develop more ways to keep law firm executives apprised of financial trends in the industry, we will be working with Bruce to bring additional law firm financial management information to the marketplace.

Mark Medice
National Brand Manager
West

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