Peer Monitor

The Hildebrandt Baker Robbins Peer Monitor Economic Index (PMI) rose nine points to 55 for the fourth quarter of 2009. This is the third consecutive quarterly increase for the index, even though demand is light compared to historical levels, and pricing remains weak. For the full year, revenues for Peer Monitor participants fell slightly, down one percent. And profits per partner were flat for the year, due to aggressive cost controls and improved productivity.

The Hildebrandt Peer Monitor Economic Index (PMI) rose for the second consecutive quarter, up two points in the third quarter to a reading of 46. A PMI of 65 or greater indicates strong law firm market performance. Although demand and worked rate growth remain weak, there are increasing signs of demand stabilizing in key practice areas, such as litigation.

PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international markets.

SOMERSET, N.J., August 20, 2009 – Aggressive cost controls and headcount reductions are helping law firms deal with weak demand and rate growth. Despite continuing economic headwinds, firms are aggressively reducing their expenses, helping to maintain profitability. As a result, the Hildebrandt Peer Monitor Economic Index (PMI) rose four points in the second quarter to a reading of 44. A PMI of 65 or greater indicates strong law firm market performance. PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international markets.

Demand, as measured by billable hours, was down 7.3 percent in the second quarter compared with a year earlier. However, there are some signs that demand may be beginning to stabilize. Bankruptcy work continued to be strong. Litigation work was down from a year ago, but may be stabilizing. Transactional practice areas, including corporate, mergers and acquisitions, capital markets, and real estate were substantially lower but should show signs of recovery in the second half of the year if the general economy continues to improve.

Sharp Drop in Demand in Q4 - Results in Falling Revenues

Overall demand for legal services dropped sharply in the fourth quarter of 2008, causing a further decline in law firm productivity. Firms participating in Peer Monitor®reported Q4 negative demand growth of -6.6 percent, compared to Q4 2007, and negative productivity growth of -10.4 percent compared to Q4 2007. As a result, the Peer Monitor Economic Index (PMI) fell to 42, the lowest point in the three-year history of the index.

SOMERSET, N.J., and HOUSTON, Dec. 4, 2009 – Hildebrandt and Baker Robbins & Company, the two leading consultancies serving the legal market, announced today that they will merge into a single company, effective Jan. 1, 2010. Both are part of the Business of Law group of Thomson Reuters.

Hildebrandt is the premier management consulting firm serving law firms and corporate and governmental law departments throughout the world. Baker Robbins & Company is the leading technology and business process consulting firm for the same market. Together, the new firm – which will be known as Hildebrandt Baker Robbins – will be the largest and most diversified consultancy serving the legal market, with more than 120 consultants working around the world in a broad range of practice areas.

The Hildebrandt Peer Monitor Economic Index (PMI) rose for the second consecutive quarter, up two points in the third quarter to a reading of 46. A PMI of 65 or greater indicates strong law firm market performance. Although demand and worked rate growth remain weak, there are increasing signs of demand stabilizing in key practice areas, such as litigation.

PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international markets.

SOMERSET, N.J., August 20, 2009 – Aggressive cost controls and headcount reductions are helping law firms deal with weak demand and rate growth. Despite continuing economic headwinds, firms are aggressively reducing their expenses, helping to maintain profitability. As a result, the Hildebrandt Peer Monitor Economic Index (PMI) rose four points in the second quarter to a reading of 44. A PMI of 65 or greater indicates strong law firm market performance. PMI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international markets.

Demand, as measured by billable hours, was down 7.3 percent in the second quarter compared with a year earlier. However, there are some signs that demand may be beginning to stabilize. Bankruptcy work continued to be strong. Litigation work was down from a year ago, but may be stabilizing. Transactional practice areas, including corporate, mergers and acquisitions, capital markets, and real estate were substantially lower but should show signs of recovery in the second half of the year if the general economy continues to improve.

SOMERSET, N.J., May 11, 2009 – The legal market continues to experience weak demand and rate growth, with some potential signs of a market bottoming. The Hildebrandt Peer Monitor Economic Index (PMI) fell one point in the first quarter to a reading of 40, virtually flat compared with the fourth quarter of 2008. A PMI of 60 or greater indicates strong law firm market performance.