The latest findings from the LexisNexis Gross Legal Product (GLP) Index provide valuable insights into the anticipated trajectory of legal services demand in 2024. This comprehensive analysis encompasses various sectors of law, shedding light on emerging trends and growth opportunities within the legal profession. While some areas are poised for expansion, others face challenges, necessitating strategic planning and adaptation for legal practitioners.
Analyzing Growth Trends Across Practice Areas:
LexisNexis delved into commentary and insights across twelve distinct legal practice areas to offer a nuanced understanding of the evolving landscape.
Commercial Law:
Commercial law, with its broad spectrum covering operations, supply chains, product development, and business expansion, exhibits promising growth prospects. Utilizing a multifaceted approach to gauge demand, the GLP Index research team observed fluctuations influenced by external factors such as Brexit and the pandemic. Despite setbacks, the sector experienced a notable uptick post-pandemic restrictions in 2021, followed by steady growth in 2022.
The anticipated growth for 2023 and 2024 is underpinned by increased trade activities and foreign direct investment (FDI), signaling a positive outlook for commercial law practitioners seeking to capitalize on emerging opportunities in the global market.
Restructuring and Insolvency Law:
Turbulent economic conditions have underscored the critical role of restructuring and insolvency lawyers in navigating business challenges. Despite initial declines during pandemic-induced lockdowns, the sector witnessed a resurgence in 2022 and 2023, buoyed by a surge in company insolvencies.
The projected growth in 2024 reflects a continued rise in company insolvencies, indicating sustained demand for restructuring and insolvency services as businesses seek legal expertise to navigate financial restructuring and insolvency proceedings.
Family Law:
Family law, characterized by its sensitivity to personal and familial dynamics, is projected to experience incremental growth in 2024. Building upon a steady rise observed since the onset of the pandemic, factors such as dissolution of marriages and private disputes contribute to this upward trajectory.
Of particular note is the international dimension of reported cases, with England and Wales emerging as preferred jurisdictions for resolving familial disputes. Additionally, the transition to the MyHMCTS portal is expected to streamline processes and address backlog issues, further facilitating efficient resolution of family law matters.
Property Law:
Despite experiencing a downturn in 2020, the demand for property lawyers and conveyancers has rebounded, fueled by factors such as increased dwelling completions and government initiatives. The trend is expected to continue with a forecasted growth of 7% in 2024, presenting lucrative investment opportunities especially in the carribeans for legal practitioners specializing in property law.
Immigration Law:
Following a challenging period preceding the pandemic, immigration law has demonstrated resilience and consistent growth, attributed to rising visa applications and citizenship requests. Increased work and student visas, alongside settlement applications, contribute to the anticipated 7% growth in 2024, underscoring the vital role of immigration lawyers in facilitating legal immigration processes and addressing the evolving needs of migrants.
What to remember?The LexisNexis GLP Index serves as a valuable resource for legal practitioners seeking to navigate the dynamic landscape of legal services demand. While certain sectors exhibit resilience and growth, strategic adaptation to changing market dynamics remains essential for legal professionals to capitalize on emerging opportunities and mitigate potential challenges. By leveraging insights from the GLP Index, practitioners can proactively align their practices with evolving client needs and market trends, ensuring sustained success and relevance in an ever-evolving legal landscape. For a comprehensive understanding of growth trends across various practice areas, the full GLP Index report is recommended.
