2021 legal market – Why this year could mark an inflection point
Abstract: A recent study of the legal market suggests that 2020’s disruptions to law firm operations could end up being the impetus the industry needs to finally adapt to the market’s competitive realities. The Center on Ethics and the Legal Profession at the Georgetown University Law Center and Thomson Reuters Institute’s 2021 Report on the State of the Legal Market looks at key issues likely to influence the market in 2021 — and beyond. The article discusses the report’s conclusion that the industry may be reaching a critical inflection point when it comes to the delivery of legal services. A short sidebar reviews some findings from the report, including why firms were able to raise their rates last year, attorney growth and partner profits.