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Effective URL: https://www.thomsonreuters.com/en-us/posts/legal/state-of-the-us-legal-market-2024/
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Effective URL: https://www.thomsonreuters.com/en-us/posts/legal/state-of-the-us-legal-market-2024/
Submission: On February 29 via manual from IN — Scanned from DE
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Legal Marketplace
2024 REPORT ON THE STATE OF THE US LEGAL MARKET: THE CHALLENGE OF TARGETING THE
RIGHT MARKETS WITH THE RIGHT OFFERINGS
8 Jan 2024 · 5 minute read
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8 Jan 2024 · 5 minute read
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In the latest "Report on the State of the US Legal Market", we look at the
current tumultuous environment for the legal industry and what law firm leaders
can do to best navigate through it
The legal industry may be in a greater state of transition today than at any
time since the end of the Great Financial Crisis of 2008-’11 (GFC), as the
market shifts dramatically in what types of legal services are most in demand,
how differing segments of law firms are addressing these challenges in varying
ways, and what will be the ultimate impact of generative artificial intelligence
(Gen AI) on the legal profession.
The new 2024 Report on the State of the US Legal Market, published by the Center
on Ethics and the Legal Profession at Georgetown Law and the Thomson Reuters
Institute, addresses this tumultuous environment and highlights the fundamental
shifts in the legal marketplace that have taken place over the past 15 years.
Indeed, the report offers up the example of Pan Am Airways, the one-time airline
industry leader which fell into financial and operational dissolution when its
management misjudged the travel marketplace and failed to adapt to change.
Emphasizing how law firm leaders who fail to respond to marketplace changes and
pivot quickly enough to prepare for the future may see their firms destined for
the same fate as Pan Am, the new report discusses the dramatic shift from what
it dubs the Transactional Decade of the 2010s — a period marked by
easy-to-borrow money and strong performance for law firms’ transactional
practices — to the more recent period in which the majority of growth in demand
for law firm services has relied on counter-cyclical practices like litigation,
bankruptcy, and labor & employment, which tend to run counter to general
economic conditions.
--------------------------------------------------------------------------------
> LAW FIRM LEADERS WHO FAIL TO RESPOND TO MARKETPLACE CHANGES AND PIVOT QUICKLY
> ENOUGH TO PREPARE FOR THE FUTURE MAY SEE THEIR FIRMS DESTINED FOR THE SAME
> FATE AS PAN AM.
--------------------------------------------------------------------------------
The report also discusses the rapid increase in the pace of law firm rate
growth, particularly over the past few years. In 2023, the rates clients agreed
to pay law firms for new work matters grew by more than 6%, with every segment
of law firms seeing aggressive increases in worked rates on par with the pace
seen prior to the GFC. At the same time, however, many law firms have seen their
realization — their ability to collect on those increasing rates — falter; while
simultaneously, clients have become more aggressive about trying to move their
work to lower-cost firms as a way to control their own costs.
Other key findings in this year’s report include:
* * * different segments of law firms have taken drastically different
approaches to staffing strategies, with the largest law firms actively
cutting back on associate headcount as Midsize law firms have grown
associate ranks aggressively;
* expenses have moderated somewhat compared to 2022, but the general
picture for expenses remains unclear due to persistent high growth in
overhead expenses and a resurgence in direct expense growth due to new
increases in salary and associate hiring trends;
* sagging productivity and declining realization have combined to put a
pinch on law firm profitability growth such that even the high pace of
rate growth has been largely unable to remedy the situation; and
* corporate clients seem to be reverting to prior preferences for
specialist knowledge, responsiveness, and global coverage when selecting
their outside counsel.
And it’s no surprise, of course, that the growing potential impact of Gen AI
also factors heavily into any vision of what lies in store for the legal
industry in 2024 and beyond. As our own research has shown, lawyers appear to be
optimistic about the potential that Gen AI offers for the future of the legal
profession, but some natural skepticism remains. The report also lays out three
potential scenarios that may befall the legal industry as Gen AI evolves more
fully, each scenario carrying varying degrees of impact — and the potential need
to change — around how law firms serve their clients and the ultimate benefit
this innovative technology could bring to the legal industry.
--------------------------------------------------------------------------------
> YOU CAN DOWNLOAD A COPY OF THE “2024 REPORT ON THE STATE OF THE US LEGAL
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