Videos from Incisive Media at LegalTech

The host of LegalTech, Incisive Media, compiled video interviews from the show. They are interesting conversations with a variety of people about technology and the practice and business of law.

Two of the interviews feature connections to the legal businesses of Thomson Reuters:

Mark Medice, Peer Monitor
(Part 1 / Part 2 / Part 3 / Part 4)

Kurt Engelmeier, director, West

You can see all of Incisive Media’s video interviews on their YouTube channel.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters 

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Continued law market weakness, says latest Peer Monitor Index

Law firms continue to struggle with weak demand and productivity as a result of the economic slowdown. 

The Peer Monitor Economic Index (PMI) from West fell two points in the third quarter of 2008 despite a rebound in demand late in the quarter. PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the U.S. and key international markets.

As the economy slows, PMI has been trending lower, dropping in five of the last seven quarters.

The complete PMI analysis for the third quarter can be downloaded here.

You also can listen to a Westcast podcast discussing the Q3 PMI results.

Posted by Kevin Hunt, senior communications specialist, Thomson Reuters 

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West and Bruce MacEwen team up

West and Bruce MacEwen, of the popular legal blog Adam Smith, Esq., are teaming up to offer economic insights on legal industry market conditions.

Plans include quarterly webinars on West LegalEdcenter reporting on West’s Peer Monitor Economic Index (PMI) results and economic conditions in the law firm market, with commentary from MacEwen and law firm managing partners.

MacEwen is a lawyer, leading industry consultant to law firms, and highly acclaimed commentator on law firm economics.

PMI is the first-of-its-kind, real-time index of law firm market performance, and the combined market insights of PMI and MacEwen shed new light on the trends and issues that are being closely watched during today’s volatile economic conditions.

The webinars will begin in the fourth quarter of 2008 and will be hosted on West LegalEdcenter.

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Peer Monitor Index in Washington Post

The latest Peer Monitor Economic Index caught the attention of the Washington Post.

In an article titled “Law Firms Tightening Belts — By Request,” Mark Medice of Peer Monitor Index (PMI) is prominently featured along with Hildebrandt International.

The article discusses the challenges facing D.C.-area law firms amidst the current economic crisis.

Read previous posts about the Peer Monitor Index

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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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Peer Monitor Index shows weakening law firm demand

How is the weakening economy impacting law firms?

The West Peer Monitor Index for Q2 2008 shows firms are booking fewer billable hours in 2008 compared to 2007, and are trying to adjust to softening market conditions by improving productivity and reducing expenses.

West Peer Monitor Index is a near real-time index that measures legal market conditions. The Index showed a slight rebound in the second quarter, although it’s not clear whether the law market has bottomed out, or this is just a temporary bounce as law firms continue to struggle against a weakening economy.

The West Peer Monitor Index shows that demand for law firms dropped by two percent in the second quarter vs. last year. Demand fell in most major markets, including New York, down 4.1%; London down 2.9%; Los Angeles down 2.9%; and Washington DC down 3.4%.

However, continued growth in rates and cuts in expenses are helping to offset falling demand, thereby sustaining profitability.

For rates, Regulatory practice areas are showing the strongest growth, along with Corporate and IP Litigation. Bankruptcy demand is up slightly while Labor & Employment is down and, not surprisingly, Real Estate is down sharply.

Firms are pulling back on both direct and indirect expenses under softening demand. Productivity improved slightly from the first quarter, suggesting a gradual balancing of headcount to hours.

2008 may be a year of transition as firms continue to moderate expenses in response to the lukewarm demand. West Peer Monitor Index will continue to track how the legal market is faring against the economic headwinds.

A full copy of the Q2 Peer Monitor Index can be found here. Also, listen to a Westcast podcast that discusses the details of the latest PMI results.

For more information, contact Mark Medice at (412) 203-2155 or mark.medice@thomsonreuters.com.

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