Reader Letter for Business of Law 2024
The legal industry is evolving rapidly, and this 2024 Business of Law magazine covers several new trends reshaping law firm operations.
A Gartner survey shows legal, compliance and privacy leaders increasingly focus on strategic roles, driving both risk management and business outcomes. AI adoption is rising, with 79% of law firms incorporating it into operations, reshaping billing models and priorities. Despite increased earnings, mid-sized firms face challenges with billing and collections. Partner billing rates are at record highs, but delayed payments persist, while general contract cases are on the rise, signaling increased legal activity. The California State Bar's 'Look Up a Lawyer' tool highlights the need for trust and ethical practices. The legal profession must adapt to tech changes, enhance cybersecurity and uphold ethical standards to succeed in this dynamic environment.
We recap the 2024 In-house Counsel Leadership Awards with a photo gallery and a list of the honorees, finalists and nominees. We hope you enjoy reading about their backgrounds, accomplishments and contributions to the legal community over the past two years.
Additionally, the magazine recognizes numerous legal visionaries representing diverse areas of practice - from litigation to labor & employment to intellectual property, to name a few. They exemplify transformative leadership while setting new standards in the legal profession. Congratulations to the 2024 In-house Counsel honorees, finalists and nominees, as well as all of this year's Legal Visionaries.
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In 2024, 47% of new hires on the platform were located in emerging economies, which is 3 percentage points higher than 2023. Companies are also becoming more confident in hiring talent in these regions and building geographically diverse teams. While just 37% of companies' first international hires on Oyster are based in emerging markets, that number rises to 48% for subsequent hires-an 11-point increase. In other words, once employers begin hiring in emerging markets, they're more likely to continue seeking talent in these markets, gaining confidence and moving past any initial uncertainty. This story was produced by Oyster and reviewed and distributed by Stacker. © Stacker Media, LLC.
