Latest Gross Legal Product Index published by LexisNexis

This week, LexisNexis will release its 2nd and latest Gross Legal Product Index (GLP), which tracks metrics that are representative of legal activity levels.

The quantitative data framework provided by the GLP Index offers a powerful benchmark against which to analyse the impact of COVID-19. It highlights the legal areas that are most hit by COVID-19 and those with the most to gain.

Giving you early sight of the press release (below) and the full report (attached) – both under embargo until 10 December 2020.

The findings of this Q2 GLP report, which looks at how the market performed in Q2 into Q3 2020, are:
  • Property, Immigration, Crime and Litigationare the hardest hit sectors of the market and contributed to an overall legal market decline of 6.9% to the end of June.
  • With the furlough scheme fully embedded,Employment law rides high, enjoying 4% growth.
  • WithTax changes inevitable, the 13.9% growth as entering Q3, is likely to be a sign of things to come.
  • Restructuring and Insolvencypractice area has declined 18.4%.
  • Unsurprisingly,Property work was 31% lower than in 2019.
  • Corporateis still enjoying a healthy (if volatile) growth rate for 2020 overall – particularly in the context of broader GDP (-17%) and legal market (-7%) contraction.
  • Commercialis one of the best overall performing areas of the law.
  • Competitionremains insulated from the real effects of the COVID-19 crisis – the net YTD position is still comfortably ahead of last year.
  • ForDispute Resolution/Litigation – Civil and Family, legal activity has fallen by 20% for the YTD, with a fall in court throughput of as much as 75%.

You can read the full report here.

Have you asked yourself these questions?

Bring them up in your next management meeting and challenge your team to consider options for growth:
  • Have you considered pivoting your practice area strategy to take advantage of more promising opportunities?
  • Could you move into adjacent practice areas that are growing faster?
  • Should you change your approach in struggling areas and reassign staff to areas of greater need?

Even clients and prospects who drew up their drawbridges earlier in the year are likely to be in planning mode right now. It’s a good time to pick up conversations with your customer base and pipelining opportunities – not least because your competitors are likely to be more aggressive with their BD activity than ever before.

 

Kindly shared by LexisNexis

Main article picture courtesy of Pixabay