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LexisNexis recently hosted serval Managing Partner forums to review findings from our recently released Gross Legal Product (GLP) Report. A version of Gross Domestic Product (GDP) for the legal market, LexisNexis’ GLP report aggregates and leverages over 100 publicly available datasets to determine, predict and quantify growth or decline in demand for legal services across 13 practice areas. Download the report here.
There is no doubt that this has been a difficult year for the legal industry. Dependent on the vertical practitioners specialise across, they’d have seen unprecedent demand or decline for legal services. Tax (+17.1%) and Employment (+10.2%) realised strong growth across Q1, where as Immigration (-20.1%) and Property (-24.8%) were hit hard over the same period leaving many property and immigration lawyers in limbo. Fast forward a few months and property activity appears to have bounced back with a vengeance with many of the managing partners we spoke to reporting of unprecedented demand for property law specialists.
Despite a common perception of pessimism about firms’ income, the majority of our roundtable attendees in fact reported that they are outperforming expectations and are considering opportunities for business development and growth. On average, attendees reported revenue 15-25% behind 2019 levels but found their cost line had fallen at least as much, meaning profitability was broadly on track.
All reported volatility - in one case, a firm saw their revenue down c.40% in April and May, however, July turned into the firm’s best performing month for new matters ever, driving a revenue rebound to above their pre-COVID target for the year. Another noted that while their firm’s revenue was down 16% year to date, demand was recovering well.
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