From an innovation perspective, the growth in lawyer productivity is a top takeaway. "Law firms' recovering productivity rates may be an early indicator of the impact AI and generative AI tools are having on their ability to streamline workflows and free up lawyers for more strategic activities," said Raghu Ramanathan, president, Legal Professionals, Thomson Reuters. Lawyer productivity growth turned positive – coming in at 0.4% – for the first time since the transactional boom of Q4 2021, when pandemic lockdowns were ending and the U.S. economy was strong. In Q2 2024, 54% of firms had lawyers billing more hours compared to Q2 2023. Other notable figures from the report For more insights, read the press release or download a copy of the Q2 2024 LFFI report.