London, February 29th 2024 — Reed & Mackay, the renowned global travel management and events company, today released key data showcasing significant trends across law firms’ travel bookings. Reed & Mackay has long been established as a preferred and trusted TMC for the law industry, currently servicing 80% of the Magic Circle and 45 of the AM Law 100 law firms.
The company’s comprehensive analysis of travel data from 2022 to 2023 reveals compelling insights into the evolving preferences and priorities of legal professionals. The findings presented are based on data gathered by Reed & Mackay’s specialised booking team catering to the legal industry. This informative analysis encompasses booking patterns, inquiries, and sales metrics, offering valuable insights into all transportation modes and destinations utilised by Reed & Mackay’s law firm clients throughout 2022-2023.
Key Findings:
+ Travel bookings from law firms increased by one-fourth: Bookings experienced a surge of 26.18% from 2022 to 2023, underlining the industry’s resilience and determination to adapt amidst changing global circumstances.
+ First Class ascends in international air travel: While the distribution of cabin classes across all modes of travel remains relatively even, a notable shift is observed in international air travel. First Class cabin bookings increased from 3.18% of total international flights in 2022 to 4.13% in 2023, indicating a growing demand for premium travel experiences amongst legal professionals.
+ International trip duration reduces: The average trip duration for international travel decreased to 9.07 days in Q3 2023, down from 9.57 days in Q3 2022 and a substantial drop from 16.5 days in Q3 2021. This trend suggests a more time-efficient and focused approach to international travel among legal practitioners.
+ Rapid rise in sustainable rail bookings: While flight bookings experienced a notable 19% increase, the most significant rise across all product lines was observed in rail bookings, with a remarkable 30% surge. This shift could be attributed to a heightened emphasis on sustainability, with firms increasingly mandating rail travel across Europe.
+ Advanced Planning for cost savings and carbon footprint management: The median lead time for international bookings reached its highest point in Q3 2023, standing at 53 days. This data aligns with the industry’s commitment to securing cost savings and managing carbon footprints through meticulous and advanced diary planning. The focus on sustainability and financial prudence is evident in this strategic approach to travel arrangements.
Julie Oliver, CEO UK, Europe and Global Events, Reed & Mackay, commented: “Our data illuminate the evolving priorities of the law firms when it comes to travel. Reed & Mackay remains dedicated to providing innovative solutions that cater to the unique needs of our legal clients. Reed & Mackay’s 60-year-plus heritage has deep roots in the legal industry and we currently provide our expert services to 75% of the top 20 law firms listed in the UK Top 100, so we have an intrinsic knowledge of the industry, its needs and travel trends.”
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About Reed & Mackay
Reed & Mackay delivers service-led corporate travel, people-focused technology, and award-winning event solutions across the globe. As part of the Navan Group, we believe in travel made easy, and in software designed for the people who use it. Reed & Mackay combines inspired service with state-of-the-art technology to create a level of travel and event management like no other and with a prestigious client base across financial, legal, insurance, marine and energy and media sectors. Read more: www.reedmackay.com
