Thomson Reuters LFFI Q2: All Major Practice Areas Posting Positive Demand

The Thomson Reuters Law Firm Financial Index for Q2 2026, published August 10, showed demand up 3% with billing rates rising more than 7%. The demand gains were broadly distributed: real estate led at 3.6%, followed by corporate (3.5%), labor and employment (3.4%), litigation (3%), and intellectual property (2.8%). Associates and non-equity partners absorbed most of the additional workload, while equity partner hours pulled back — a pattern that raises questions about sustainable capacity and associate leverage economics. The LFFI characterized 2026 as tracking to be the strongest demand year since 2021's pandemic-driven bounce. Worked rates remained the single clearest revenue driver, with upward momentum continuous since 2021.