Throughout the course of 2020, many stakeholders in the legal market found themselves seeking timely, accurate data to help guide decisions with a new fervor. The attention paid to the recent Report on the State of the Legal Market is evidence of this appetite. And while quantitative analysis is valuable, so too are qualitative examples of what law firms and their clients are experiencing and how they are confronting the new challenges of today’s market.
With this in mind, the team at the Thomson Reuters Institute recently hosted a webinar — Mercury Rising: Assessing the 2021 Report on the State of the Legal Market — gathering industry experts and law firm leaders to share their thoughts on what 2020 meant and what might be next for the legal industry.
In the latest podcast on our Thomson Reuters Institute Market Insights channel, we feature an excerpt from that webinar, highlighting some of the key discussion points.
You can listen to the full podcast below:
The podcast features:
- Mike Abbott, Vice President in Market Insights & Thought Leadership for Thomson Reuters;
- Jim Jones, Director of the Program on Trends in Law Practice at the Georgetown Law Center on Ethics and the Legal Profession;
- Sonia Menon, Chief Operating Officer at Neal, Gerber & Eisenberg;
- Lisa Hart Shepherd, Vice President of Research Strategy at Thomson Reuters; and
- William M. Washington, III, Chief Financial Officer (Americas) at Hogan Lovells.
In the podcast, the panelists discuss what happened in 2020 that resulted in many law firms ultimately posting impressive profits per equity partner, despite the pandemic. They also talk about how clients view what happened in 2020, what clients will be looking for in the future, and how law firms are continuing to respond to pandemic-centered challenges.