Assessing the state of the legal market

Librarian News Digest

Vol. 7, No. 449

State of Affairs

At the end of each year, the feeds inevitably fill up with two kinds of posts. First, we get what I refer to as the “year in review” wave as writers try to weave a narrative around the trends and happenings of the months gone by. Soon thereafter come the “predictions for the new year” pieces in which bloggers dust off their crystal balls and hedge their bets on what is to come. I personally look forward to both and often toy with the idea of keeping score. Perhaps we could give some kind of award for the most prophetic trend watcher? In both cases, we usually do not start seeing these kinds of posts until well into the fourth quarter. Well, this year we are starting early. I was absolutely intrigued to see some very interesting 2019 trend reports from none other than the big two today. Let’s see what Westlaw and Lexis have to say about the year so far.

  • Thomson a little bullish?: The 2019 midyear report from Thomson Reuters’ Peer Monitor starts with a bold proposition. They write, “It is encouraging to note that we have seen a return to stability in the legal market.” With all of the pessimistic financial talk these days, I was both surprised and relieved to see such a conclusion. What I think you will find interesting is the rational on which TR’s analysts base it. Check out: STABILITY RETURNS TO THE LARGE LAW MARKET: PEER MONITOR MIDYEAR REPORT
  • LexisNexis too?: The 2019 Enterprise Legal Management Trends Report from LexisNexis CounselLink seems to reflect a similar, general optimism even if a little more so for the large firm segment. The depth of their study is somewhat staggering. According to the report, CounselLink has gathered the details of “more $33 billion in legal spend comprised of nearly seven million invoices and approximately 1.7 million matters”. Sounds like a decent year to me! To see the patterns arising from this stockpile of data, head to: LexisNexis CounselLink Releases the 2019 Enterprise Legal Management Trends Report

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