Well noted by Pinhawk. We surmise that things are looking better for the big two because redundancies earlier in the US at both companies have probably now filtered through the system saving both outfits some money. They are both currently riding the crest of new legal technology and we’d guess are seeing increased revenue with the various automated products they are selling.
I’d suggest, though, their next existential crisis is just around the corner.
At the moment both can afford to buy the tech companies they like the look of and integrate into the larger body . But what happens when there are too many legal techs to buy or a “uberlaw” comes into play. That is when the proverbial will hit the fan.
Here’s the things that Pinhawk noted…
Well, this year we are starting early. I was absolutely intrigued to see some very interesting 2019 trend reports from none other than the big two today. Let’s see what Westlaw and Lexis have to say about the year so far.
Thomson a little bullish?: The 2019 midyear report from Thomson Reuters’ Peer Monitor starts with a bold proposition. They write, “It is encouraging to note that we have seen a return to stability in the legal market.” With all of the pessimistic financial talk these days, I was both surprised and relieved to see such a conclusion. What I think you will find interesting is the rational on which TR’s analysts base it. Check out: STABILITY RETURNS TO THE LARGE LAW MARKET: PEER MONITOR MIDYEAR REPORT
LexisNexis too?: The 2019 Enterprise Legal Management Trends Report from LexisNexis CounselLink seems to reflect a similar, general optimism even if a little more so for the large firm segment. The depth of their study is somewhat staggering. According to the report, CounselLink has gathered the details of “more $33 billion in legal spend comprised of nearly seven million invoices and approximately 1.7 million matters”. Sounds like a decent year to me! To see the patterns arising from this stockpile of data, head to: LexisNexis CounselLink Releases the 2019 Enterprise Legal Management Trends Report