“Thomson Reuters, a global content and technology company, and the Center on Ethics and the Legal Profession at Georgetown Law today released the 2024 Report on the State of the US Legal Market. The report notes fundamental shifts in the market threaten to upend traditional law firm business models, even as the law firm market experienced “an encouraging but not outstanding year” in 2023. Additionally, the rapid emergence of generative AI threatens to add further complexities for law firms and their clients. While the legal market strengthened in 2023 with demand, rates, productivity, and expenses improving, the report notes that how law firms are achieving success is shifting. The report calls this a “sorting out” process, where firms are testing different strategies and levels of action. As a result, certain firms – those most willing to embrace new market realities and adapt to a changing legal market – and market sectors are performing significantly better than others.”