35 Trends and Statistics Law Firms Should Know in 2024

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A 3% average growth rate for Law Firms in the United States is a great start—but here's what else law firms should know about the industry going into 2024.

General Legal Industry Trends:

  1. Growth Rate: The legal services market has been growing at an average annual rate of about 3% in recent years.
  2. Global Market Size: The global legal services market was valued at over $1 trillion.
  3. Technology Adoption: Law firms are increasingly investing in legal technology, with global legal tech spending reaching $3 billion in 2020.
  4. Remote Work: The COVID-19 pandemic accelerated remote work adoption in the legal industry, leading to a reevaluation of traditional office setups.
  5. Legal Process Outsourcing (LPO): LPO services continue to grow, with companies outsourcing legal work to reduce costs.

Legal Pricing and Billing:

  1. Alternative Fee Arrangements (AFAs): AFAs, such as fixed fees and value-based billing, have gained popularity, accounting for about 20-30% of legal billing.
  2. Rate Pressure: Law firms are under pressure to lower hourly rates due to client demands for cost savings.

Legal Market Segments:

  1. Corporate Law: Corporate law services account for a significant portion of the legal market, driven by mergers, acquisitions, and regulatory compliance.
  2. Intellectual Property (IP): IP law services are in demand as companies seek to protect their innovations and trademarks.
  3. Criminal Law: The criminal law sector is influenced by changes in legislation, criminal justice reform, and cybersecurity concerns.

Diversity and Inclusion:

  1. Gender Diversity: The legal industry is working on improving gender diversity, with women representing about 37% of lawyers in the U.S.
  2. Racial and Ethnic Diversity: Increasing attention is being given to racial and ethnic diversity, particularly in leadership roles within law firms.

Legal Education:

  1. Law School Enrollment: Law school enrollment has been affected by economic factors, with some schools seeing declines in recent years.
  2. Student Debt: Student debt is a significant concern for law school graduates, with the average debt often exceeding $100,000.

Legal Tech:

  1. Legal AI: The legal AI market is growing, with an estimated CAGR of over 35%. Document review and contract analysis are key use cases.
  2. Legal Analytics: Legal analytics platforms are gaining traction, helping law firms make data-driven decisions.

Regulatory Environment:

  1. Data Privacy Laws: The introduction of data privacy regulations (e.g., GDPR, CCPA) has led to increased demand for legal advice on compliance.
  2. Environmental Regulations: Changes in environmental regulations are driving legal work related to sustainability and environmental compliance.

C19 Impact:

  1. Pandemic-Related Litigation: The pandemic has generated various legal cases, including employment disputes, contract disputes, and insurance claims.
  2. Remote Court Proceedings: Courts have adopted virtual hearings and remote proceedings, impacting court operations and legal practice.

Legal Startups:

  1. LegalTech Startups: The legal tech startup ecosystem is expanding, with a focus on automation, e-discovery, and access to justice.
  2. Legal Funding: Litigation finance companies provide funding for legal cases and are growing in popularity.


  1. E-Discovery Market: The e-discovery market is projected to reach over $17 billion by 2027 due to the increasing volume of digital data.

Alternative Legal Providers:

  1. Legal Process Outsourcing (LPO): LPO services continue to grow, with companies outsourcing legal work to reduce costs.


  1. Cybersecurity Legal Services: The rise in cyber threats has led to increased demand for legal services related to cybersecurity and data breaches.

Access to Justice:

  1. Legal Aid Funding: Funding and accessibility of legal aid services continue to be important topics in ensuring access to justice.

Environmental Law:

  1. Sustainability: Environmental law services are on the rise as businesses aim to achieve sustainability goals.

Blockchain and Cryptocurrency:

  1. Blockchain Regulation: Legal work related to blockchain technology and cryptocurrencies is growing as regulations evolve.

Mergers and Acquisitions (M&A):

  1. M&A Activity: M&A transactions often require extensive legal services, and trends in M&A can influence law firm revenues.

Legal Industry Globalization:

  1. International Expansion: Some law firms are expanding globally to serve clients with international legal needs.

Litigation Funding:

  1. Litigation Finance: Litigation finance companies provide funding for legal cases and are growing in popularity.

Legal Ethics and Professional Responsibility:

  1. Ethical Considerations: Ethical issues, including conflicts of interest and attorney-client privilege, are central to legal practice.

Legal Market Consolidation:

  1. Law Firm Mergers: Consolidation and mergers among law firms are impacting the competitive landscape.

Legal Process Automation:

  1. Document Automation: Automation of routine legal tasks, such as contract creation, is reducing costs and improving efficiency.

Legal Marketing:

  1. Digital Marketing: Law firms are increasingly relying on digital marketing, including SEO and content marketing, to attract clients.

35 Trends and Statistics Law Firms Should Know in 2024

Written by Joshua Davis
VP of Platform

September 11, 2023

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