Law firms are benefiting from a resurgence in transactional work, albeit M&A is still down year-over-year, while counter-cyclical practices sustain revenue growth. The Law Firm Financial Index highlights the positive performance, with a notable shift in litigation work to smaller firms due to possible client interest in cost-efficient alternatives.
Despite concerns over a market crash, law firms remain optimistic due to the strength of transactional practices. The return of transactional work and solid fundamentals have led to a significant rise in the Thomson Reuters Institute Law Firm Financial Index, demonstrating a robust performance in the second quarter of 2024.
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