Annual Law Firms’ Survey 2024

Innovate, adapt, protect: A blueprint for sustained growth

From GenAI adoption and growing cyber risk to workforce transformation and ESG progress, explore our 33rd annual summary of the financial results and trends from the past year.

81%

of Top 100 firms reported increases in profit
1/3

of Top 100 firms expect GenAI to generate savings in chargeable hours of at least 16%
90%

of Top 100 firms are concerned that cyber risk will prevent them achieving future objectives

Positive financial performance but productivity and growth challenges remain

Financial performance in the legal sector has been overwhelmingly positive in FY24. Global and UK fee income growth exceeded expectations and, coupled with measures to control costs and headcount, this has had a positive impact on profitability. But cash performance and progress on improving working capital remains poor.

Use of generative AI (GenAI) continues to gather pace, with the potential for significant productivity savings and commercial opportunities. However, some mid-tier law firms are concerned about the potential impact of GenAI on pricing and client demand.

To address wider productivity and growth challenges law firms will need to embrace innovation, undertake transformation of operating models and rethink the size and shape of the future workforce. At the same time, greater resilience will be needed against a complex risk landscape that ranges from cyber attacks and geopolitical instability to the impact of climate change and ESG expectations.

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