As we close out 2022, there are several legal trends to pay attention to if you’re looking for new ways to grow your law firm. Here are some of the most popular trends you need to know about while ringing in the new year.
Automation, automation, automation
Tech-savvy lawyers will continue to use automation and artificial intelligence to make their jobs easier and help their firms run more efficiently in 2023 and beyond. AI programs that take on administrative tasks like billing and generating form documents can automate burdensome tasks, leaving lawyers with more time for their clients.
Energy Litigation and Cannabis Law Will Gain Spotlight
2022 saw the energy sector gaining attention with litigators. As corporations continue to transition from traditional oil and gas to alternative energy sources, the shift toward renewable energy, electric vehicles, battery storage, carbon capture, and more will create new prospects for lawyers. 2023 will likely see an influx of issues in innovation law as well as opportunities for lawyers with expertise in traditional practice areas like M&A, capital markets, intellectual property, and employment law.
Another practice area to watch heading into 2023 is cannabis law. The cannabis market is booming, and the growth of this burgeoning industry shows no signs of slowing. The recent midterm elections saw more states updating their cannabis laws and more opportunities for lawyers interested in working in the industry. Commercial disputes continue to dominate the cannabis field, but compliance, tax, employment, and intellectual property law all come into play in the marijuana market.
Remote Work is Here to Stay
While some firms have resumed full-time in-person work, Reuters recently reported that 44% of lawyers who have practiced for 10 years or fewer would leave their job for another that had better work-from-home opportunities (compared with just 13% of those practicing for 41 years or longer). Firms interested in attracting and retaining younger talent will continue to warm up to remote work, and young lawyers will seek out flexible firms.
Interested in keeping up to date with all the most exciting legal trends? Make sure you follow RapidFunds on LinkedIn for insights. Happy New Year!