By Thomson Reuters Institute and Georgetown Law
Download: MPF FEATURED WHITE PAPER – State of US Legal Market – TR & Georgetown – 1-26-24.pdf
This is among the handful of annual reports that every law firm leader should read, digest, and share with others at your firm. The report runs 30 pages, including illustrative charts and graphs about demand growth by practice area, law firm profit drivers, and other key statistics. Here are some of its findings:
- Associate ranks at midsize law firms have grown aggressively since COVID, with different segments of law firms taking very different approaches to talent recruiting and retention strategies.
- Increases in expenses have moderated compared to 2022 when associate salaries hit the roof!
- Many law firms are experiencing stagnant profitability due to sagging productivity and declining realization rates.
- Buyers of commercial legal services look for specialization and great service when selecting outside counsel.
Much of this report was authored by Bill Josten, Legal Marketplace Innovations Strategist of Thomson Reuters Institute, who was a guest speaker in this month’s MPF Webinar on law firm profitability. Bill will also be joining our faculty for The MPF Leadership Conference in Atlanta.