As economic uncertainty looms, law firms bounce back in first quarter, PMI shows
The large law firm market saw strong growth in demand and rates in the first quarter, a robust foundation that stood at the onset of the COVID-19 outbreak.
Looking backwards, the Q1 growth capped a string of eight consecutive quarters of either positive or flat demand growth — the first extended period of such performance since the end of the Great Recession. Moreover, it’s important to note that the bulk of the social and economic impact of the pandemic in the U.S. only began in the last few weeks of the quarter.
Due largely to these gains in demand and rates, the Thomson Reuters Peer Monitor Economic Index (PMI) rose four points to 57 in the first quarter.