At the outset of 2024 it was clear large commercial law firms were encountering several simultaneous economic headwinds, and the picture has not changed much at the end of Q1.
The challenges posed by the perennial problem of lockup, inflationary pressures, the rising cost of retaining key talent, and client demands for more innovative pricing and improved payment terms, come at the same time as firms seek to invest in technology and take advantage of market consolidation opportunities. Add in global political and economic uncertainty and you have a heady mix facing the leaders of top firms.
