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The return of President Trump to the White House for another four-year term has large law firms moving to adapt their service offerings and practice area capabilities in a way that aligns with where their corporate clients are likely to need the most assistance.
“Law firms that thrived in the heavy regulatory environment of the Biden administration are quickly pivoting to capitalize on a host of different opportunities presented by a second Trump presidency,” reported the Wall Street Journal on January 7th.
The Journal spoke with law firm leaders who said they are being inundated by clients calling about President Trump’s proposed policy shifts, asking specifically about:
“The reshuffling of federal policies also could shake up which firms have the most in-demand expertise,” said the Journal. “Lawyers who previously worked in the first Trump administration are feeling newly emboldened to tout those connections, and a number of big firms are looking to market and grow practices that could see a new flood of work.”
Many law firms are pivoting their service offerings for clients in anticipation of a shift toward deregulation that could impact business sectors across the U.S. economy, pointing to a “business-friendly agenda” in the years ahead, according to Law360. For example, the Trump administration has signaled plans to roll back restrictions on oil drilling and other green energy initiatives. President Trump has also made it clear that he intends to install new leadership at the U.S. Department of Justice, the Federal Trade Commission and the U.S. Securities and Exchange Commission — all with an eye toward walking back regulations and federal enforcement actions, potentially freeing up more corporate deal activity for law firms to manage on behalf of clients.
Other firms are gearing up for the fallout from potential changes in U.S. trade policy. “President Trump made the promise to impose extensive new tariffs a mainstay of his successful campaign,” reported Law360, which noted that this pledge is prompting some law firm leaders to beef up their capabilities to assist clients with how they adapt to a “jolt to U.S. trade policy.” For example, domestic businesses that are reliant on imported goods will likely have different legal strategies in the years ahead than domestic manufacturers seeking trade protection from lower-cost foreign competitors. These companies will turn to outside counsel to help them navigate changing tariffs.
Another key area of focus for law firms as the incoming administration takes over is what could be a significant shift in national immigration policy. “Rhetoric from Trump’s campaign and his choice of hardline appointees indicate that a more restrictive and punitive approach to immigration is in our immediate future,” wrote Mintz Levin attorney John Quill, in a Law360 Expert Analysis column. Quill warns that the next few years “for many foreign nationals in the U.S. will be stressful, particularly for those without lawful status.” Law firms will likely have emerging opportunities to help employers prepare for a more restrictive climate in U.S. immigration policy.
Legal professionals understand the importance of staying informed about breaking developments in the business world that affect their clients, but it is especially critical for them to be on top of fast-changing legal news as the incoming Trump administration implements its new policy priorities.
Providing the best legal counsel to clients requires access to timely updates and insights about developments in the courts, legislatures and specific areas of practice.
These types of industry-specific reports are only generated and published by news services that focus exclusively in the legal domain. Law firm professionals know first-hand that the leading legal news services cover their space with a degree of sophistication that is not possible from general business news services.
Law360 is an award-winning legal news service that is the #1 paid online service used for legal news by law firms, according to the American Bar Association’s “Profile of the Legal Profession” study. The vast network of Law360 journalists, data scientists, editors and experts — along with the most advanced technology and analytics — are in action around the clock to make sure legal professionals are fully informed and equipped to do their best work at all times. Start your free trial today.
Law360 is accessible from the Lexis+ Legal News Hub, which provides law firms with access to the most trusted news that fits seamlessly into your daily workflow, any time you need it. This content enables firms to stay current on breaking news, review the important legal stories of the day and gain insight on significant practice area developments.