Credit: Kasitthanin/AdobeStockDemand Growth to 'Likely Weaken' in 2025 After 'Anomalies' Propelled Big Law Profits in 2024
"The pattern of massive growth may cool a little bit, where that ability to do growth upon growth settles some," said Bill Josten.
January 07, 2025 at 06:00 AM
5 minute read
What You Need to Know
- Based on historical data on firm performance, law firm demand could slow in 2025, according to a new report.
- Still, firms are in a strong spot, as the 2025 State of the Legal Market Report makes clear.
- There is likely room for expansion in transactional demand, and firms are still making gains from higher billing rates.
After multiple "anomalies" propelled law firm performance in 2024, including historically high billing rates, demand growth will likely cool down in 2025, according to a new report Tuesday.
The 2025 State of the Legal Market report from Thomson Reuters concludes that “demand growth will likely weaken in 2025 compared to 2024,” reflecting, among other things, the “historic difficulty of firms’ ability to achieve long-run demand growth, as well as uncertain broader conditions in the U.S. and global economies.”
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