Every January, we can count on the annual publication of the 2025 Report on the State of the US Legal Market by our friends at Thomson Reuters Institute. Among its contributors is MPF faculty member Bill Josten, Senior Manager for TRI’s Enterprise Content. The report runs 20 pages, and its key findings are consistent with what we are seeing among smaller and midsize law firms.
- Rethinking the law firm pricing model
- Strong law firm financial performance in 2024
- Strong growth in demand for services and billing rates
- More strategic approach toward expense management
- Challenges in recruiting and retaining talent
- Technology advancements, especially Generative AI
If you have not already done so, we recommend that you distribute this report to your partners and discuss its implications for your firm at an upcoming partnership meeting.