Law, like any industry, is constantly changing. 2023 saw tightening credit markets, the advent of AI and geopolitical tensions that caused market destabilizations. These events had unique impacts on the practice of law in 2023. While it is impossible to predict what will happen in 2024, there are brewing trends to be mindful of. This article highlights some of those trends as we proceed in the new year.
1. Increasing Importance of Value
The 2020 COVID-19 pandemic initiated a multiyear wave of government stimulus that flushed the global market with cash. That influx of cash brought with it inflation that necessitated increasing attorney hourly rates to keep pace with inflation. The inflationary growth rate has subsided, but the hourly rate increases have maintained. Clients want quality advice and are willing to pay for it, if it is done efficiently and delivers value. In that regard, Clients will be looking for creative and tested legal advice, with attention to their business and needs. Entering 2024, attorneys should focus on these goals so that they deliver service of high value to their client at reasonable cost. That type of representation will distinguish you from peers and encourage clients to accept your desired rates.