I get a lot of questions about legal market data. Today I attempt to explain one of the most frequently asked questions: why demand and pricing seem to be uniquely uncoupled in legal markets.
By and large, 2021 was a year of anticlimactic letdowns. In a sloggy, tiresome, gradual sort of way, most of us realized that the ravages of COVID would not be defeated in one fell swoop.
One exception has been the trade news coverage on Big Law’s bonanza. In August, Thomson Reuters Peer Monitor rated Q2 of 2021 a record-breaking quarter in its proprietary index of law firm performance. (Notwithstanding the battery of disclaimers and historical context provided in the fine print, many industry observers decided that this misleading picture is indeed worth a thousand explanatory words.)
Continue Reading #BadData, Part I: (Topsy Turvy) Demand for Legal Services (279)