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Life of a Law Student, University of Houston Law Center

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Quantifying The State of the Legal Market

By: Luke Gilman | Other Posts by
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West Law Peer Monitor Economic Index (PMI) is a comparative business intelligence reporting for law firms. Mark Medice has a description of the product and the data it provides on the Westlaw podcast.

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The current report from third quarter of ’08 is available here: Peer Monitor Q3’08 Index (.pdf)

The arrival of the counter-cyclicals may be upon us. Bankruptcy fees are up over 17% compared to 5% a year ago. Regulatory work is up 37% compared to 13% last year. And litigation which had been weak earlier in the year is strengthening with demand close to flat and fees just under 7%. This strength may be important to the overall industry given the significance of litigation to the industry. Corporate work remained weak at 3% growth and capital markets experienced reduced fee growth at -2%. M&A work realized half the growth rate of the prior year. IP litigation experienced demand contraction of -1.1%, while fee growth was 6.5% compared to 27% a year ago. Anecdotal discussion among practitioners suggests that some IP matters are being deferred, somewhat akin to reduced capital spending in corporate markets.

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