As a lawyer, you need to be an expert in a certain field to navigate your way through a successful career but being an expert doesn’t mean that it would be able to satisfy your monetary needs.
The pandemic has been proof of fluctuating demands in legal services and subsequent recession. Many areas of law have faced shifts in their growth path but pandemic has also been a great demonstration for emerging of new opportunities, technologies, and growth in the legal sector which previously was not in the light. More and more law firms have shifted from traditional practice to case management software.
2020 has been a year no one saw coming, and how the world is affected by it is not going to fade anytime soon.
The law sectors that are emerging as major growing areas are the precincts related to technology like privacy and cybersecurity, blockchain, etc as businesses are climbing digital walls technological issues demand more legal assistance than ever, with health being a major issue in this pandemic health law is one of most needed legal service, with these there are other precincts like environmental law, employment law, Labour law, and M&A law. These areas don’t only affect new lawyers who are interested in transitioning to these eight fields. They also impact more experienced attorneys whose current area of practice overlaps with these emerging areas of practice. For example, insurance lawyers need to stay up to date on changes and laws related to health law.
But how is the variation affecting the growth of practice areas?
1. Emerging precincts of law driven by technology –
As much work moved online, cyberattacks skyrocketed as the technology advances more laws will be required to keep people safe. From state bar associations to the government, various organizations and entities are continuing to develop new regulations to protect people’s private information better. As laws and regulations continue to develop, more and more companies are looking to law firms for up-to-date legal support.
Last year brought blockchain and bitcoin into the spotlight like never before as more people started to understand these technologies. Attorneys with knowledge of the topic will be increasingly valuable and indeed an unquestionable investment of time. If you get your hands on this practice area, your opportunities are bound to grow.
2. Environment laws –
Climate change is certainly an issue that will increase its importance overtime during our lifetimes, in past years climate change has highlighted an urgent need for action on sustainable development and environmental protection. As we try to build a more sustainable future the need for environmental lawyers will continue to grow.
3. Energy laws –
Energy law includes taxation, legal provision, and regulation of renewable and non-renewable energy. As we walk towards more sustainable energy shortly soon. Companies and organizations are looking forward to legal counsel and law firms to direct them on the right path.
4. Health laws –
The health law has seen a surge in demand in the 2020 pandemic and shows no signs of slowing down. With this intense importance on health and hygiene, overpriced healthcare, more people will be seeking legal advice and guidance on obtaining more affordable and accessible healthcare. Therefore, lawyers who are up to date on regulations and can navigate the landscape successfully will reap the benefits
5. Employment laws –
Pandemic has not only affected people’s health but also employment with increasing unemployment and With switching to remote working, many companies’ timekeeping practices dropped off altogether. From employers seeking reimbursement for the cost of working from home to employees feeling pressured to work beyond business hours, the sudden switch opened employers up to issues they weren’t prepared for.
6. Labour law –
Workers’ rights have been always evolving, and so lawyers are always in demand in this practice area. From sexual harassment to benefits in companies and compensation, attorneys can find a range of cases in this discipline.
Negotiate the rights and responsibilities between workers, unions, employers, and the government. Although labor law is often confused with employment law, the key difference is that labor law always involves unions and amalgamated employees. With this pandemic being another major issue for laborers, labor law will be a field that will see an increase for labor lawyers.
7. Elder law –
As baby boomers are reaching retirement age the need of protecting this group rapidly increases with assistance for example insurance, wills estate planning, guardianship, and beyond.
Elder law areas mostly have older lawyers who deal with important issues like drafting of wills and legal matters. Elder law will seek more demand for new lawyers as adult lawyers will reach retirement age.
8. M&A –
With the pandemic wreaking catastrophe on markets—upending some and vastly expanding others—it’s no surprise that companies have been restructuring more than usual time, and areas of law that dovetail with mergers and acquisitions are staying busy this pandemic & it’s going to end anytime soon.
Certain sectors of the economy are undervalued, and others—such as pharma and tech – are still growing, so it’s safe to say that M&A to stay active in 2021.
There are currently 1.3 million lawyers in the US, with job growth projected to increase up to 4%. As the growing areas of law grow, the need for lawyers practicing in these specialized fields will also grow. However, just like growing opportunities in the legal sector, legal software also got a hike in the number of users in this pandemic. Communication remains key. Prioritizing communication with your clients will always grow your practice and give you ever yielding profits.