Thomson Reuters Institute

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The Thomson Reuters Institute’s Legal coverage focuses on the business of law, including critical issues of great importance to lawyers, whether within law firms, corporate law departments, or solo practices.

2022 Report on the State of US Small Law Firms

Leaders of small law firms are experiencing a general sense of optimism and expectations of future growth, despite an uneasy economic picture

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2022 Report on the State of the Midsize Legal Market

Midsize law firms see positive results amid challenges

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Legal data & metrics

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Law firm business leaders see external economic worries as well as cost & talent pressures, new report shows - Thomson Reuters Institute

In a new report, we see into the mindset of law firm business leaders & what they perceive as major threats to their firms' profitability.

Custom & Advisory: How formal client listening programs can improve financial performance - Thomson Reuters Institute

Client listening programs can make a difference in law firms' performance on key metrics, and on increasing their share of clients' spend.

Law Firm Financial Index: As profits decline, law firms may face tough decisions ahead - Thomson Reuters Institute

In the third quarter, the Law Firm Financial Index (LFFI) remained at its all-time lowest score, exacerbating concerns for how 2022 will end.

Legal practice management

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Custom & Advisory: Implications of ESG for law firms bring up compliance issues & new business opportunities - Thomson Reuters Institute

How law firms manage the nuances of their clients' and their own ESG initiatives will determine if firms find challenges or opportunities.

Custom & Advisory: Getting partners on board with formal client feedback programs - Thomson Reuters Institute

Client listening programs can have great benefits for law firms that can find the support within the firm and with clients to implement them.

Forum: Litigation finance as a multi-tool for corporate law departments - Thomson Reuters Institute

Litigation funding may hold the key for corporate law departments to manage their outside counsel & gain leverage to pursue valued litigation.

Legal marketplace

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Insights in Action: How are US firms stealing market share in the UK? - Thomson Reuters Institute

Competition in the UK legal market is heating up, mainly due to law firms in the US that turned their attention there more than a decade ago.

Forum: Law firms face key challenges as 2022 draws to a close - Thomson Reuters Institute

Those tasked with law firm management currently find themselves in a more tenuous financial landscape than existed just one year ago.

Small law firms finding success & challenges in uncertain economy, says new report - Thomson Reuters Institute

Leaders of small law firms are experiencing a general sense of optimism & expectations of future growth, despite an uneasy economic picture.

Legal talent & inclusion

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Forum: Strategies for effectively leading hybrid legal teams - Thomson Reuters Institute

Hybrid work is changing the way legal leaders need to think about how to manage their teams, especially around creating strong relationships.

LDO Index shows cost control still occupying the minds of corporate law department leaders: Podcast - Thomson Reuters Institute

In a new podcast, we discuss the recent "LDO Index" report to see what is utmost on the minds of corporate law departments' operation leaders.

Practice Innovations: Getting SMART with talent development by setting goals for law firm associates - Thomson Reuters Institute

As hybrid working raises challenges for law firms, the idea of ensuring that associates are being brought along is crucial to firms' success.

Legal technology

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Forum: Legal’s Web 3.0 strategy switch & the practical approach to new tech - Thomson Reuters Institute

The legal industry has a reputation for avoiding next-gen technologies, but with the blockchain and metaverse, that perception is shifting.

Finding ‘fairness’ in AI: How to combat bias in the data collection process - Thomson Reuters Institute

Legal firms that depend on AI to power their data analytics & decisions need to ensure they're addressing possible bias in data collection.

The Shearman Analytics model: 6 steps before beginning your law firm tech implementation - Thomson Reuters Institute

As Shearman & Sterling executed its analytics modernization program, it learned valuable lessons about managing its legal tech implementation.

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