With demand increasing in litigation and transactional practices, and jumps in productivity and billing rates, as well as slowing expense growth, law firms “look stronger than ever,” according to new data from the second quarter of 2024.
The Q2 Law Firm Financial Index report from Thomson Reuters tallied a 2.4% increase in demand. That’s led by strength in litigation work, which saw a 3.4% jolt in demand relative to Q2 last year, and resurgent corporate demand (2.2% up), plus 6.6% worked billing rate growth, a downward turn in both direct and overhead expenses, and even a slight boost (0.4%) in productivity.
