2023 Bright Insight: The 2023 National Legal Sector Benchmark Survey Results

The legal industry’s evolution is going to be driven by business model shifts, demands of talent, and developments in technology. The specifics continue to change, but the underlying pressures law firms experience remain quite consistent. The areas most likely to impact the future of the legal industry in 2023 look similar to last year or even to surveys conducted

pre-pandemic. This year, respondents cite shifts in client demands most frequently as a driver of change to the industry, followed by recruiting and retention, fixed fee/fee compression, and attorneys leaving the industry altogether. In 2019, while the full list of areas asked about differed, the top areas cited as change drivers were similar: fee structures and talent leaving the industry.

This year, respondents cite shifts in client demands most frequently as a driver of change to the industry.

Over the next few years, what areas will most impact the future of the legal industry?

Shift in client demands

51%

Recruiting and retention

50%

Fixed fees/fee compression

42%

Attorneys young and old leaving the industry

39%

Global competition

20%

Close evaluation of staff needs

14%

The U.S. government

11%

Boutique firm growth

10%

Other

8%

In-house counsel departures

8%

Global governments

5%

Source: Cushman & Wakefield Research

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