Transcript: 2024 Law Firms' Survey - Rethinking the future law firm workforce

Transcript

Alexa Highfield: Law firm headcount has continued to increase this year, both across fee-earners and business support staff. However, across the top 10 firms, increases have remained modest.

This may be due to larger firms being further along in the adoption of AI and automating processes typically conducted at junior grades, such as paralegals and trainees.

The increase in chargeable hours is consistent with a push by firms for greater productivity from their fee-earners, as the emphasis on commercial performance increases.

But the bigger picture is that emerging tech such as GenAI increasingly offers a potential to address the underlying productivity challenges the sector faces.

A third of firms expect GenAI to generate savings in chargeable hours of at least 16%. The scale of disruption on the business model and workforce of law firms would be unprecedented. Firms need to consider the impact of GenAI on recruitment strategy, training and skills, and shape of the fee-earner pyramid.

It will also require investment in a deeper workforce transformation exercise to reflect the greater use of tech and ensure the shape of the workforce meets the future strategy of the firm.

Download our latest Law Firms’ Survey to find out the latest people and workforce trends in the sector.