Despite the negative outlook that some law firms had towards 2024, there is now reason for increased optimism. Factors such as moderating inflation and potential interest rate cuts are leading many firms to believe that they are perfectly poised for a resurgence in transactional work. The overall sentiment seems to be gearing towards a “better year” in 2024, as captured by a new weekly report.
An advisory from Hildebrandt Consulting and Citi’s Global Wealth at Work Law Firm Group, published on Wednesday, predicts a robust trend forward. They assert, “It’s likely that most firms will see growth in revenue and profitability in 2023, outperforming 2022.” This expected improvement on previous years is due, in part, to increased pay from raises in law firms offsetting expenses, which signals another positive dimension to the forecasted rebound in transactional practices.
With such a promising prognostication, law firms can anticipate a rebound in transactional practices as they march forward into 2024. Hildebrandt Consulting and Citi’s report further reinforces the expectation that 2024 will be a significantly improved year compared to the previous one.