01 Feb, 2024
The legal trends of 2024 depict a landscape shaped by technological innovations, global connectivity and ethical considerations. As legal professionals adapt to these evolving trends, they must navigate the complexities. Law, like any industry, is constantly changing. 2023 saw tightening credit markets, the advent of AI and geopolitical tensions that caused market destabilizations. These events had unique impacts on the practice of law in 2023. While it is impossible to predict what will happen in 2024, there are brewing trends to be mindful of. This article highlights some of those trends as we proceed in the new year. 1. Increasing Importance of Value The 2020 COVID-19 pandemic initiated a multiyear wave of government stimulus that flushed the global market with cash. That influx of cash brought with it inflation that necessitated increasing attorney hourly rates to keep pace with inflation. The inflationary growth rate has subsided, but the hourly rate increases have maintained. Clients want quality advice and are willing to pay for it, if it is done efficiently and delivers value. In that regard, Clients will be looking for creative and tested legal advice, with attention to their business and needs. Entering 2024, attorneys should focus on these goals so that they deliver service of high value to their client at reasonable cost. That type of representation will distinguish you from peers and encourage clients to accept your desired rates. 2. A Smaller Globe Either organically or by merger, businesses continue to expand geographically. This trend will continue and potentially accelerate, in 2024. As businesses grow globally, so do their legal needs. Attorneys should continue adapting their experience to the legal needs of clients by following clients’ business and growth trends. In 2024, this means, in part, augmenting your legal network, either within your firm or externally, to serve as an effective and innovative problem solver to clients with a growing global footprint. 3. Generative AI Takes Root In 2023, AI launched onto the scene. In 2024, it will take root. AI’s integration into industries is creating major change—the extent of which we do not know in the short-term. Lawyers should embrace these changes by studying available AI and determining how to use it to enhance their services within the confines of applicable law and ethical rules. AI tools can augment legal research, document review and contract analysis while reducing time and costs. But AI remains the subject of review and critical discussions aiming to assure—among other goals—protection of confidential and privileged information, data privacy, cybersecurity and appropriate internal use of a firm’s historical work product. Attorneys should integrate AI into their practice with care and attention to the responsibilities of our profession, including, but not limited to, maintaining client confidences and providing competent and accurate legal advice. 4. Brands Continue to Count Coming off 2023’s economic headwinds, it is important to develop and maintain a premier brand to protect and accelerate growth. Branding, both in and outside the practice of law, have been shown to enable businesses and professionals to enhance their stature and profitability. Clients have an unprecedented range of potential service providers. With that backdrop, 2024 will likely continue to see branding be an important component of one’s business strategy, particularly branding that embodies those characteristics valued by historical and new desirable clients. 5. Remote Work, Hearings & Office, are Here to Stay COVID-19 brought on both good and bad. Some of the good was the virtual ability to render legal services. As one example, more judges post-pandemic host hearings virtually. Indeed, almost every Fulton County state and superior court judge offers virtual hearings. Virtual hearings increase flexibility for litigants and save clients expenses in reducing lawyer travel time. Law firms, while encouraging in-person work, are more accepting of remote work and often use this flexibility to recruit and retain top talent. We are now multiple years removed from the pandemic and these once newfound norms remain. We should expect them to carry on into 2024. Conclusion The legal trends of 2024 depict a landscape shaped by technological innovations, global connectivity and ethical considerations. As legal professionals adapt to these evolving trends, they must navigate complexities, uphold ethical standards and strive towards a fair, accessible, and sustainable legal system that meets the demands of a rapidly changing world. The fusion of innovation and ethical governance remains central to the ongoing evolution of the legal sphere. We should be mindful of the above legal trends and incorporate them into our practices. Jake Evans is a shareholder at Greenberg Traurig, who practices complex business litigation and is the former chairman of Georgia’s State Ethics Commission.