Clarity Predictions for 2025 and beyond: What will change in professional services over the next 5 years?
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Jan 7, 2025 In this insightful discussion, experts from Thomson Reuters Institute, including Natalie Runyon, who focuses on ESG and corporate sustainability, and Zach Warren, a tech and innovation specialist, delve into the future landscape of professional services. They explore the significant impact of generative AI on efficiency and business models, the evolving roles within legal and compliance sectors, and the growing importance of ESG practices influenced by technology. Expect transformative changes that will re-shape operations and client interactions by 2025.
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Legal Rates and AI Volume Growth
- Law firms experience aggressive rate growth driven by inflation factors since 2023, likely continuing into 2025.
- Generative AI will increase corporate legal matter volumes, creating cost pressure on law departments.
Proactively Define AI Legal Market
- Law firms should proactively engage clients about AI to jointly develop service models.
- Corporate law departments should collaborate with forward-thinking vendors to shape AI-driven legal service delivery.
Tax Policy and Talent Crunch
- Tax policy changes in 2025 hinge on political outcomes, affecting corporate and firm tax work globally.
- Talent shortages and retirements push firms to invest heavily in automation, AI, and M&A for survival.