While the sector enjoyed +22% growth in 2021 and +6% growth in 2023, it is predicted to grow +2% in 2024.
The Index pulls data from hundreds of sources to predict future demand. It predicts strong growth in property (+7%), immigration (+7%) and restructuring and insolvency law (+6%). Demand for competition (-5%) and risk and compliance law (+1%), on the other hand, will flatten next year. Practice areas that are challenged include criminal law, which is predicted to see negative growth (-3%) for the third year running, and employment law (-2%).
The report’s editor, Dylan Brown, said: ‘Considering the geopolitical and macroeconomic headwinds that have battered the professional services industry for the last 18 months, subdued growth is an overwhelmingly positive message to be sharing.
‘Recent growth speaks more to the legal sector's resilience, ability to innovate when needed, and drive to power forward than it does to its impregnability.
‘Margins are becoming tighter. So, there is also a very real risk of lawyer burn out as targets increase and the partner track presents greater risk. Firms need to continue investing in infrastructures that support their people rather than work against them.’ Read the report here.
