After a difficult year in 2009, what lies ahead for law firms around the world in 2010?
We recently talked with Mark Medice, program director for the Hildebrandt Baker Robbins Peer Monitor Index Economic Report, about the prospects for a recovery in the legal market this year. The latest PMI for the fourth quarter of 2009 (which we blogged about last month) shows some encouraging trends in demand, however prospects for growth remain sluggish.
The PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international markets.
Medice said he’s watching a few trends closely as for how 2010 is treating firms.
“Sometimes we all want to conveniently put things into clean buckets and say ‘things are good’ or ‘things are bad’. Things were very challenging in 2009, but many firms did okay,” said Medice. “On the other hand, things look like they are rebounding or at least recovering gradually in 2010. And that’s not to say everything will be okay. There will still be significant challenges.”
He added, like any business, he’s looking to see how firms grow their top-line revenue and keep margins in check.
You can listen to Medice talk about the law firm market and the latest PMI in this Legal Current interview podcast:
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If you have suggestions for podcast topics we should focus on or people to interview within the practice and business of law – or here at Thomson Reuters, Legal – send an email to contact@legalcurrent.com.
Posted by Kevin Hunt in:
In Business | Law firm business |
