2024 Bright Insight

KEY TAKEAWAYS: • Lateral hires, existing clients and attorney headcount expansion are centric to law firm profit maximization strategies. Cost minimization is being considered as well and is primarily focused on real estate and efficiency in other non-personnel costs, such as technology, operating expenses and administrative expenses. • Labor demand for attorneys is consistent with last year’s results and attorney headcount is expected to grow by 5.1% this year . Staff headcount growth is still expected, but to a lesser degree than last year (2.3% vs. 3.6%). • The incoming supply of first year associates has remained strong despite declines in law school enrollment. Lateral recruiting efforts remain top of mind. Firms are focused on compensation, inclusion, diversity, flexible/hybrid work arrangements and work/life balance to attract outside attorneys to their firm.

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