As the world adjusts to a post-pandemic reality, 2024 presents a unique landscape for Big Law. While some areas may experience a slowdown, others hold the potential for significant growth. Firms that strategically position themselves within these key practice areas can thrive in the coming year. Let's delve into four promising practices poised to fuel Big Law success in 2024:
1. Capital Markets and M&A
Despite economic uncertainties, the M&A market is predicted to remain robust in 2024. Fueled by pent-up demand, strategic consolidation, and the hunt for growth, cross-border transactions and private equity deals are expected to surge.
“It’s certainly our view that 2024 will be a better year than 2023, and one main reason is the inevitability of a rebound in transactional work,” said Gretta Rusanow, managing director and head of advisory services at Citi Private Bank Law Firm Group.
Firms with expertise in complex structuring, regulatory navigation, and cross-jurisdictional teamwork will be in high demand, particularly those with established networks in emerging markets.
2. Antitrust
With big tech under increasing scrutiny and regulators flexing their muscles, antitrust is poised to be a battleground in 2024. Firms with experience in antitrust litigation, merger review, and compliance will be invaluable to companies navigating the ever-evolving regulatory landscape. Antitrust expertise will extend beyond tech giants, encompassing healthcare, pharmaceuticals, and other industries facing competitive concerns.
The looming FTC-DOJ rule change requiring significantly more merger information has sparked concerns about its impact on deal-making efficiency. The estimated tenfold increase in filing time and $350 million cost raise questions about the potential chilling effect on M&A activity.
Firms equipped to handle complex investigations, government inquiries, and class action lawsuits will be well-positioned to capitalize on this growing need.
3. Litigation
The legal battlefield remains vibrant. Intellectual property disputes, class actions, and environmental litigation are expected to keep courts busy in 2024. Firms with seasoned litigators and cutting-edge legal technology will be best equipped to tackle complex cases and secure favorable outcomes for their clients.
“Some firms are turning work away because they don’t have the capacity. Part of that is a washout from the pandemic when courts were closed, and all of the cases are getting worked on now. I expect litigation, which has been the counterbalance for a pretty successful year, will remain pretty strong next year.” said Brad Hildebrandt, chairman of Hildebrandt Consulting.
4. Restructuring
As economic headwinds potentially gather, the restructuring practice is primed for a comeback in 2024. Insolvencies, distressed debt transactions, and workouts are areas where strong legal guidance will be sought after. Firms with expertise in bankruptcy proceedings, debt restructuring, and creditor negotiations will be crucial to companies facing financial distress.
Additionally, navigating the increasingly complex web of environmental, social, and governance (ESG) considerations in restructuring will be an added value proposition for such firms.
