Iain Garfield, Director, highlights the key trends in the US legal market in 2024 and identifies the key themes for 2025
From Iain
Garfield
What’s trending in 2024?
Mergers changing the game
Big law firm mergers are stealing the spotlight this year. These combos are all about creating powerhouse firms with more reach and deeper benches in areas like corporate law, litigation, and real estate. Transatlantic tie-ups are also very in vogue as UK/International firms battle to gain stronger footholds in the lucrative US market.
For attorneys, it’s a mixed bag—more resources and high-profile cases on one hand, but also adapting to new firm cultures on the other.
M&A and private equity on the comeback trail
Deal-making is back after a quiet 2023. Stabilizing interest rates and strategic transactions are fuelling demand for M&A and private equity lawyers, with merged firms doubling down on their corporate teams.
Litigation Heats Up
From white-collar defense to class actions, firms are battling it out for the biggest cases. Recent mergers mean stronger litigation teams, and competition for top-tier talent is fierce.
ESG takes center stage
Environmental and social issues are keeping lawyers busy. Whether it’s advising on corporate governance or compliance, firms are diving deep into ESG work.
The hybrid work conundrum
Hybrid work is here to stay, but firms are tweaking their approaches to keep people engaged. Mergers have brought a fresh focus on perks, compensation, and professional development to attract and retain talent.
Where are the hotter areas right now?
Corporate Law: With M&A and private equity roaring back, transactional lawyers are in high demand, especially at firms bolstered by mergers.
Litigation: Complex disputes and regulatory cases are booming, with firms beefing up their teams to handle the workload.
Real Estate: Commercial real estate might be off its peak, but that’s creating opportunities in real estate finance and distressed asset litigation.
Employment Law: Hybrid work policies and workplace compliance are fuelling demand for attorneys specialising in investigations and discrimination cases.
Tech and Data Privacy: From IP law to cybersecurity, the tech sector remains a goldmine for lawyers.
Looking Ahead to 2025
More Restructuring Work: Economic uncertainty could bring a boom in bankruptcy and restructuring practices.
Data Privacy Growth: With regulations tightening and cyber risks rising, expect a bigger focus on data privacy and cybersecurity.
ESG Keeps Growing: Legal work around sustainability and corporate responsibility will likely stay hot.
The Talent Wars Continue: With more mergers expected, the scramble for top lawyers will only get fiercer.
More Mergers on the Horizon: Don’t be surprised if even more firms join forces in the next year to expand their reach and offerings, especially in the mid-market, and transatlantic marriages.
2024 is shaping up to be a transformative year for New York’s legal market, with firm mergers making big waves and creating new opportunities for lawyers.
Whether you’re in corporate law, litigation, real estate or tech, there’s plenty happening—and as 2025 rolls around, the market is only going to keep evolving.
