The 2026 πΉπππππ ππ πππ πΊππππ ππ πππ πΌ.πΊ. π³ππππ π΄πππππ, published annually by the Thomson Reuters Institute and the Georgetown Law Center on Ethics and the Legal Profession, examines the forces shaping the future of law firms. These include shifting client power, economic instability, and technological disruption.
The 23-page report outlines five core findings that challenge the status quo. While the U.S. legal market experienced unprecedented demand surges last year, smaller firms captured a disproportionate share of growth as clients shifted work from the most expensive firms to lower-cost alternatives.
At the same time, firms are aggressively investing in AI capabilities while carefully balancing technology spending and talent costs. With general counsel signaling significant spending pullbacks amid deteriorating buyer sentiment, firms must not only continue to push the GenAI envelope but also revisit traditional billing structures. Notably, 90% of legal dollars still flow through hourly billing arrangements, which are often misaligned with the value delivered.
Link Report: https://lnkd.in/gfBSvKF3
