From marriage to work to real estate and beyond, people require lawyers at various stages of their lives. And the industry’s trends are changing, impacting many areas of the law, and, thus, everyone who needs to seek legal advice or assistance.
Those familiar with the ever-evolving industry, Wegman Partners lawsuit, new technology, the baby boomer generation, and global expansion are the main key drivers influencing the sector’s changes. But there are, of course, many more.
Legal procedures can be incredibly complex, sparking the development of all-new technology to streamline otherwise arduous tasks. Advancements have already impacted all areas of the law, and it’s expected to continue in 2023.
One of the most prominent is e-discovery. This technology means both sides of the case have the tools needed to make finding case-relevant items easier. This industry is worth over two billion, and analysts expect it to keep increasing this year.
Baby Boomers Keep Impacting the Sector
Baby boomers are retiring in large numbers across the country, affecting all industries, including the legal field.
The 75 million members of this generation will massively impact lawyers working lives as increased numbers boost demand for retirement planning and asset handling.
On top of that, demand for legal assistance with nursing homes is rampant as adult children want their baby boomer parents to have the best twilight years.
Worldwide Legal Markets
Globalization will impact lawyers’ decisions as they figure out which legal areas are the most important.
The worldwide law services market has stretched above 5.7 billion, with industry analysts predicting exponential growth throughout the year and beyond.
With that in mind, it’s unsurprising that many firms are seeking ways to expand directly into the market while also searching for ways to harness their share of the global legal sphere.
Experts expect this massive opportunity to continue driving the field’s needs, demand, and planning.
Efficiency has been a buzzword in the legal field for years as professionals seek ways to streamline monotonous and time-consuming tasks.
One of the main ways firms are increasing efficiency in 2023 is through legal process outsourcing, wherein the areas of law are broken down to determine where lawyers can reduce expenses. The result? Lowered costs in many law practice areas.
Thanks to outsourcing, experts expect the industry to experience revenues above 35 billion, with many suggesting it brings new opportunities and labor to the field.
Billable Hours Limits
Historically, lawyers were expected to bill more than 1950 hours per annum to earn a high salary. But as the country pushes for increased mental health, this number of hours severely impacts the lawyer’s ability to balance life and work.
So, judicial bodies around the USA are looking for ways to reduce the stress induced by the field, even for those new to the roles.
One of the main proposals currently considered is limiting the number of hours associates require every year. Not only will this affect business practices at smaller firms, but large national corporations too.