Credit: Nuthawut/Adobe StockLaw Firms Are In a Strong Spot, But Their Continued 'Growth Mindset' Comes With Challenges
An "aggressive" lateral market as well as expense pressure and partner integration will challenge firms in 2025, even as they are looking to build on an already strong position.
December 05, 2024 at 06:30 AM
5 minute read
What You Need to Know
- A new report is bullish on firms' position, both to close 2024 and looking ahead to 2025.
- The 2025 Citi Hildebrandt Client Advisory also noted, however, that a strong environment and firms' 'growth mindset' also comes with challenges, like retention and some expense growth.
- The survey also found that more than a third of firms said they expect to make changes to compensation through 2026.
The legal industry is arguably in one of the best positions it's ever been, with a strong year-end expected and an even better 2025 quite possibly in the offing.
But the “growth mindset” driven by high demand and profits will still result in some challenges for law firms, according to a report this week, including expense pressure, cross-selling and integrating new partners, and talent retention at all levels in an “aggressively active” lateral market.
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J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
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