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Law Firms Are Evolving – But Not in Favor of Junior Associates
The 2025 Report on the State of the U.S. Legal Market, released by Thomson Reuters and the Center on Ethics and the Legal Profession at Georgetown Law, paints a striking picture of change within law firms. Central to this evolution is a “shifting law firm talent model” that is reshaping how firms approach staffing. Unfortunately, the trend is not favorable for junior associates, who now make up a smaller share of law firm personnel compared to past decades.
Changing Dynamics: From Associates to Lateral Hires
The report highlights a clear shift toward more experienced lateral hires and an increasing reliance on nonequity partners. Law firms have significantly reduced the hiring pace for associates, scaled down summer associate programs, and strategically shrunk the ranks of equity partners. Meanwhile, the growth in nonequity partnerships underscores a pivot to more flexible talent strategies.
Between 2020 and 2024, associates represented an average of 40.2% of law firm lawyers, a notable drop from 44.5% during 2005-2009. Equity partners declined to 27.8%, down from 31.2%, while nonequity partners rose from 14.3% to 19.1%.
The Am Law 50 Influence: A Preview of Market Trends
The Am Law 50, a ranking of the top 50 U.S. law firms by revenue, appears to be leading this strategic shift. Although these firms maintained first-year associate hiring levels comparable to less profitable firms, they were notably more aggressive in reducing headcount in 2023 and 2024.
This trend could have ripple effects. As the report states, “What is today a unique strategy for the Am Law Top 50 may become the primary strategy for the market in a few years’ time.”
Why Are Firms Prioritizing Experienced Talent?
One driving factor behind these changes is the focus on experienced lateral hires. As firms lean toward a “top-heavy” model, the average billing rate increases. Experienced associates and partners command higher fees, which, in turn, inflate overall rate growth.
In fact, the report notes that legal billing rates accelerated in 2024 at their highest rate since the Great Recession. By prioritizing seasoned talent, law firms are not only enhancing their service capabilities but also boosting revenue.
A Surprisingly Strong Year for the Legal Industry
Despite the challenges, law firms had a robust 2024, driven by increased demand for legal services and rising billing rates. According to the report, this performance underscores the resilience of the legal industry, even in the face of significant structural changes.
What Lies Ahead for Law Firm Staffing?
As the legal market evolves, firms must balance financial performance with long-term talent development. The current trend toward fewer junior associates and a reliance on experienced lawyers may bring short-term gains, but it raises questions about the future pipeline of legal talent.
Will firms find a sustainable way to nurture young lawyers, or will the emphasis on experienced hires reshape the industry for years to come? The answer could define the trajectory of law firm staffing models beyond 2025.
