The Hildebrandt Peer Monitor Economic Index (PMI) fell slightly to a reading of 40 in Q1 2009, essentially flat to the previous quarter, a result of soft law firm demand and rate conditions, weighed against aggressive measures taken by firms to cut costs.
In the first quarter, law firm demand continued the sharp decline noted in the previous quarter. It remains to be seen whether some signs of relative strength late in the quarter represent a potential bottoming or merely a blip in the downward trend. Meanwhile, rates grew at the slowest rate in the last several years.
Hildebrandt Vice President Lisa Smith and I discuss the PMI report in this Westcast podcast (Runs 9:18).
In addition, Lisa and I will conduct a virtual seminar on June 15 to provide a mid-year PMI economic update and discuss actions that will help firms emerge from the downturn in a stronger competitive position. You can register here.
Mark Medice
Program Director
Hildebrandt Peer Monitor
Posted by Mark Medice in:
Audio | In Business | Law firm business |
