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Retiring baby boomers, new technology and global expansion will continue to play an important role in the lives of lawyers and their many clients. There lay the trends shaping the legal industry.
Here are 5 trends that lawyers need to be aware of as they will have an impact on them.
Baby Boomers. The baby boomer generation remains one of the largest of all generations. As they continue to retire in large numbers, this process will impact all areas of the world and the workforce.
The same is true of the legal field. Like in other fields, members of this cohort will have a massive impact on the legal industry. Lawyers can expect increased demand for help with areas of the law such as retirement planning and handing on one’s assets to the next generation.
They can also expect increased demand for areas of the law that pertain to the legal field. Adult children want to make sure their parents are protected no matter where they live and what they do as they age. A lawyer can provide assistance with help navigating the nursing home field. They can also help by making sure the grandparent’s assets remain intact even as they age.
Global Legal Markets is another trend to watch out for. Globalization is likely to impact many decisions that lawyers make as they decide which areas of the law are most important. The global legal services markets will be over 5.7 billion and expected to continue to see growth in the future.
Given how huge this section of the market remains, it is not surprising that law firms are looking for ways to expand directly into this field. The opportunity for this kind of legal interaction will continue to drive the markets and law firm planning.
Mergers and Acquisition is another trend. The pandemic of 2020 has played a major role in the way business is carried out today. Business law remains driven by many factors. One such factor is that of companies that are engaged in the process of mergers and acquisitions. This requires a great deal of legal attention in order for everything to be done right.
This sector of the economy is anticipated to bring nearly five billion as it has in previous years. Law firms everywhere are poised to take advantage of this with innovative solutions that all firms need as they make sure that this process is completed in accordance with any local laws.
Those who look at the world of business law see that law firm with a speciality in this area of law is likely to continue to experience a great deal of growth for their services.
Virtualization. Most businesses make use of increased mobile devices, secure cloud-based technologies and management software, and the legal industry is no exception. Many firms have established “virtual practices” in some capacity, allowing attorneys to work, in part, remotely from home. This increased flexibility reduces costs, maximizes efficiency and offers attorneys a better work/life balance.
Another trend that is fueled by the pace of technology, shifts in workforce demographics and the need to maximize client value, is embracing new talent strategies. Non-lawyer hires are no longer limited to paralegals, IT and administrative staff. Many large firms now employ multiple non-lawyer executives, such as CEOs, CMOs and CFOs at the highest levels of their organizations and smaller firms are outsourcing C-suite services. Artificial intelligence is replacing workers who perform repetitive tasks and transforming the roles of other legal professionals.
Moreover, the rise of the “gigging economy” has ushered in the age of the distributed workforce. Temporary, contract and freelance roles are supplementing the existing workforce, allowing workers to work from home and employers to quickly scale up or down. As law firms move client-facing and back-office functions to the cloud, virtual assistants and remote employees are becoming more common in the legal field.
The question to ask yourself is simple. Is your law firm embracing any of these trends? No doubt, 2021 will usher in meaningful change as marketing, innovation, technology, and business-minded practice drive growth in modern legal practices. The competitive landscape is changing and lawyers will need to rethink the way they deliver legal services in order to create a sustainable, profitable practice in the coming years and any firm that will not embrace the future would be drowned come 2021.
Its time to fly or die.