Legal Industry Outlook for 2021: Trends to Watch

Demographic shifts, client expectations, technology, and work styles have all contributed to a host of distinct trends in the legal industry. To become more efficient, productive, and competitive in the coming year, firms need to understand and leverage these trends. The following are the top trends that will influence the legal profession in 2021 and for the next several years.
 

Baby Boomer Impact

All generations continue to be dominated by the baby boomers. Due to the high number of retirees, this process will affect all areas of the country and the workforce. This is also true in the legal industry. The 75 million members of this cohort will have a massive impact on the legal industry as well. Attorneys can expect an increase in demand for services in areas of the law, such as retirement planning and transferring assets to the next generation. The demand for legal fields can also increase. Despite where they live or what they do as they age, children want to protect their parents. If you need help navigating nursing homes, a lawyer can assist you. Keeping grandparent's assets intact can also help as they age.
 

Electronic Discovery

There can be a great deal of complexity in legal procedures. There is no wonder that efforts are being made to streamline this process. All areas of the law have been affected by new technology this year, and it will continue to do so. This includes the field of discovery law. Both sides look for relevant items that pertain to a case during this process. Complexity can make this a time-consuming and effort-consuming process. Using e-discovery technology, each party to a legal case has access to the kind of technical support they need to make the process easier and less stressful. Currently, it is a two-billion-dollar industry. This year and in the future, revenues are expected to increase.
 

Global Legal Markets

There is more to the legal field than just locality. Additionally, the industry is growing throughout the world. As lawyers consider which areas of law are most important, globalization will likely impact several decisions they make. Global legal services markets are expected to reach over 5.7 billion in the next few years. The fact that law firms are looking for ways to expand directly into this area is not surprising given how big this section of the market remains. Also, the company is exploring how overseas investors can take advantage of the United States' global legal field. Law firms and market development will be driven by such legal interactions in the future.
 

Increased Demand

Legal service providers are one of the most important industries in the world. Legal services will continue to be in demand by those who follow the industry very closely. This trend is expected to continue to grow with a previous year’s industry growth level exceeding one percent. Many different ways exist and will be available to meet this increased demand. It is important to be aware of what kind of prospects are available for those who are starting in this field for the first time. All new entrants into the legal field should also be aware of which areas of law are likely to see growth before they decide to make this field their own. In the future, many law areas are likely to experience growth.
 

Legal Process Outsourcing

Lawyers everywhere hope to streamline the legal process and ensure all lawyers can perform their duties effectively. Several types of effective assistance exist. An increasing number of firms are using a process known as legal process outsourcing in the new year. By dividing up the law, we will be able to reduce all kinds of related expenses to the maximum extent possible. Many areas of law can be less expensive with the use of this type of legal assistance. Experts anticipate that this industry will earn over $35 billion in revenues by 2025. In the eyes of many insiders in the legal industry, this has created a new world of opportunity for those who can take advantage of it and fill the labor shortage that American and foreign lawyers face every day.
 

Limits on Billable Hours

For lawyers to earn the top salary, 1949 hours are typically billed annually. Lawyers may find it difficult to balance both work and personal concerns during these long work hours. They may have difficulty concentrating on legal tasks at work because of this. To remedy this issue, changes are being made. It is the goal of judicial bodies to make the process of practicing law less stressful, even for new associates. Limiting the number of hours an associate can bill in a year is one proposal that is seriously being considered. Some of the country's biggest firms expect this process to affect their associates. Moreover, it should have a significant impact on the way smaller law firms conduct business.
 

Mergers and Acquisition

Many factors influence business law. A merger or acquisition can harm a company. To conduct this type of business correctly, it requires a great deal of legal attention. Nearly five billion are expected to be generated as it has in the past. Law firms all over the world will be able to take advantage of these stats with innovative solutions that all firms need while making sure the process is followed according to local laws. When it comes to the area of business law, law firms that specialize in it have the potential for a lot of growth. For many traditional law firms across the United States and beyond, business law is likely to become a growing field.

See Also:
 

• What Does a Mergers and Acquisitions Attorney Do?
• BCG Guide to Growth, Mergers, and Branch Offices

 

Big Law Firms Take a New Direction

Some of the country's largest traditional law firms are searching for new ways to help their clients in all sorts of ways. Big law firms do more than just practice law. Firms such as these also assist other firms and law firms. On the other hand, large law firms are often regarded as being costly. By joining the eleven billion dollar industry called new law, they hope to combat this image. Having access to contract lawyers is also a part of this process. Thus, firms such as these will be able to respond to current challenges in the legal industry with greater flexibility. They will continue to be successful fiscally if they are responsive to their customers.
 

Paralegal Jobs

An attorney's paralegal helps him do his job more effectively. There are many reasons why people pursue this career. For some, this is a way to discover if they are good at what they do. Several people are trying to make some extra money while caring for a family member or engaged in other activities. Legal ventures will need the kind of support they need to succeed in new markets, as lawyers expand into new markets. It is a welcome profession that offers a supportive hand to those who want to pursue it. This profession is expected to grow at a faster rate than average in the U.S. For those interested in entering the field this might be a good choice.
 

Part-Timers

Many workers are trying to find a balance between work and their personal lives. It is important to them not only to make a living but also to contribute to the larger community. This is also true for the legal profession. People from the legal profession are finding it possible to pick and choose the jobs they are most interested in because of the monthly job growth that exceeds 188,000 in the United States. In addition, a part-time job in the legal field is proving to be a good choice for them. Part-time employment allows people to earn money to pay their bills at the same time they pay off any law school debt they may have; it also allows law firms to have additional staff on hand all year round.
 

Specialization

Not so long ago, law firms of all sizes marketed their services as expansive and optimal for every single client, regardless of their unique needs. For the most part, law firms have reversed course, offering highly specialized services instead of a broad range.  As demand for highly specialized legal services increases, this will largely be due to law firms focusing on providing wide-ranging services rather than specializing in one legal niche.  

Clients are looking for a law firm that does exactly what they need.  Specialty firms will stand out from the rest and become leaders in those particular legal fields.  There is a possibility that the metaphorical pendulum will swing back in the other direction, prompting some firms to return to deliver legal services in a more diverse range of legal practice areas, but it will take several years or even decades for such a shift to occur.

See Also The 2021 State of the Legal Market Report
 

Five Trends to Shape Legal Practices in 2021

 

1. New Talent & Hiring Strategies

New talent strategies are being adopted by law firms due to the pace of technology, shifts in workforce demographics, and the need to maximize client value. Non-lawyer staffing is no longer limited to paralegals, IT, and administration. At the highest levels of large firms, non-lawyers are being employed as CEOs, CMOs, and CFOs, and smaller firms are outsourcing C-suite services.

As a result, new high-skilled roles are emerging in the litigation support industry. Those performing repetitive tasks are being replaced by artificial intelligence, whereas legal professionals are undergoing role reshuffling.

In addition, the gig economy has given rise to a distributed labor force. In addition to the existing workforce, temporary, contract, and freelance jobs allow workers to work from home and employers to quickly scale up or down. In the legal field, virtual assistants and remote working employees are becoming increasingly common as law firms move client-facing and back-office functions to the cloud. By 2021 and beyond, these market changes will result in a new law firm workforce structure.

See Also: BCG Jobs: Browse Attorney Jobs
 

2. Increased Focus on the Client Experience

Since clients' expectations have grown, a turning point may arrive in 2021 when they begin to demand change. Firms are stepping up their game to boost client service in various ways, from tailored pricing models to more emphasis on the "client experience."

Firms are responding by reducing costs, adding value, and adopting a more client-centric approach to law. In order to offer comprehensive solutions to their clients, they have partnered with other service providers. A multitude of tools is being used by firms to enhance efficiency and improve client services, including chatbots, online intake forms, and payment portals.

By improving client service, lawyers also increase value to the client. The legal process management (LPM) process is being implemented and systematic workflows are being developed to improve efficiencies. Additionally, firms are experimenting with alternative fees arrangements and value-added services, and they are reporting their costs more clearly. Firms that prioritize improving client experience will succeed in 2021.
 

3. Emerging Technologies

Law practice is undergoing a huge shift as a result of technology. According to Gartner, 85% of customer interactions will be handled without human intervention by the end of 2020. Client service is being revolutionized by bots, while internet research is being transformed by voice search. Artificial intelligence is performing an increasing number of legal tasks, such as document review, billing and litigation support, contract drafting, due diligence, and even jury selection. Virtual and augmented reality are becoming increasingly popular tools for lawyers to use in the courtroom, to train new lawyers, and to collaborate with clients and experts. Cybersecurity, data privacy, and digital will also continue to play a crucial role in 2021.

The technology also allows non-lawyers to offer public services previously provided only by lawyers. Continuing disaggregation of legal services will continue in the industry. Technology will be the key to accelerating the efficiency of law firms, reducing costs, and decreasing risks in 2021.

See Also Remote Work Works—Where Do We Go from Here?
 

4.  Micro-Niches

Many law firms market themselves as offering everything to everyone in recent years. Clients, however, seem to prefer tailored services. In addition, certain industries are experiencing increasing complexities, which require highly specialized legal expertise. Due to this, 2021 will likely see the emergence of microniches and an increase in specialized legal services.

By targeting specific clients and needs, firms can appeal to micro-niches. Firms can provide tailored services that add real value to their client's business if they have a deep understanding of their industry, goals, and pain points.

Become the go-to law firm in your area by taking advantage of this trend. Setting yourself apart by focusing your marketing, identifying niche-specific clients, and becoming a thought leader in your specific area of practice is also one-way lawyers can set themselves apart from a broader market.
 

5.  Broader Commitment to Diversity, Inclusion, and Equality

While diversity programs have traditionally been the domain of large law firms looking to recruit the best candidates, today companies of all sizes are becoming more aware of the importance of diversity, inclusion, and equality. Even small and midsize law firms are committed to diversity and inclusion. The level of participation and commitment to programs such as Mansfield Rule Certification is likely to increase in 2021.

In the legal industry, the #MeToo movement has also raised awareness of equality as a business issue. Law firms will reevaluate their gender equality policies by 2021, train employees, and evangelize diversity and inclusiveness to prospects and hired personnel thanks to the #MeToo dialogue. Women may also be promoted to higher positions within law firms.
 

Law in the Future

By 2021, we can expect significant changes in legal practice due to marketing, technology, innovation, and a market-focused approach. The legal landscape is changing rapidly, and lawyers should redesign how they deliver them in the coming years to ensure the sustainability and profitability of their practices.

See the following articles:
 

• Why You Should (and Should Not) Quit the Practice of Law
• Why You Should Quit Practicing Law
• 15 Reasons You Should Not Quit the Practice of Law
• 15 Reasons Law Firm Attorneys Should Not Look for New Jobs
• Top 9 Reasons Attorneys Lose Law Firm Jobs
• Four Union-Like Rules of All Law Firms You Need to Know About 
• Top 9 Ways for Any Attorney to Generate a Ton of Business
• Five Effective Strategies for Law Firm Partners to Get Business and Clients
• Should I Try and Get Business for My Firm or Should I Try to Bill More Hours?
• Making Rain: Ingredients for Success
• The Second-Best Way for a Law Firm Partner to Do Business Development
• The Importance of Portable Business
• Take This GIFT for Granted and Your Legal Career Will Be Dead
• What Law Firm Titles Mean: Of Counsel, Non-Equity Partner, Equity Partner Explained
• The Top 5 Long-Term Benefits of Remaining Employed with a Single Law Firm 
• You Need to Be Connected With Others at Work
• Get Security by Concentrating on the Needs of Your Employer
• Production Assistants and Assessing Your Employer's Needs
• Treating Your Career Like a Small Business
• You Will Succeed in Your Job Search and Life When You Are Concerned With Giving and Not Taking
• Love People Who Give You Work and Love Your Work
• Which Type of Law Firm Is Best for You and Your Career: Main Offices of Large National Firms, Branch Offices of Large National Firms, Midsized Firms, Boutiques, or Newer Fast-Growing Firms?
• BCG Guide to Growth, Mergers, and Branch Offices
• Top 32 Reasons Attorneys Lose Their Jobs Inside of Law Firms

About Harrison Barnes

No legal recruiter in the United States has placed more attorneys at top law firms across every practice area than Harrison Barnes. His unmatched expertise, industry connections, and proven placement strategies have made him the most influential legal career advisor for attorneys seeking success in Big Law, elite boutiques, mid-sized firms, small firms, firms in the largest and smallest markets, and in over 350 separate practice areas.

A Reach Unlike Any Other Legal Recruiter

Most legal recruiters focus only on placing attorneys in large markets or specific practice areas, but Harrison places attorneys at all levels, in all practice areas, and in all locations-from the most prestigious firms in New York, Los Angeles, and Washington, D.C., to small and mid-sized firms in rural markets. Every week, he successfully places attorneys not only in high-demand practice areas like corporate and litigation but also in niche and less commonly recruited areas such as:

• Immigration Law
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• Trust and Estate
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• And many more...

This breadth of placements is unheard of in the legal recruiting industry and is a testament to his extraordinary ability to connect attorneys with the right firms, regardless of market size or practice area.

Proven Success at All Levels

With over 25 years of experience, Harrison has successfully placed attorneys at over 1,000 law firms, including:

• Top Am Law 100 firms such including Sullivan and Cromwell, and almost every AmLaw 100 and AmLaw 200 law firm.
• Elite boutique firms with specialized practices
• Mid-sized firms looking to expand their practice areas
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He has also placed hundreds of law firm partners and has worked on firm and practice area mergers, helping law firms strategically grow their teams.

Unmatched Commitment to Attorney Success - The Story of BCG Attorney Search

Harrison Barnes is not just the most effective legal recruiter in the country, he is also the founder of BCG Attorney Search, a recruiting powerhouse that has helped thousands of attorneys transform their careers. His vision for BCG goes beyond just job placement; it is built on a mission to provide attorneys with opportunities they would never have access to otherwise. Unlike traditional recruiting firms, BCG Attorney Search operates as a career partner, not just a placement service. The firm's unparalleled resources, including a team of over 150 employees, enable it to offer customized job searches, direct outreach to firms, and market intelligence that no other legal recruiting service provides. Attorneys working with Harrison and BCG gain access to hidden opportunities, real-time insights on firm hiring trends, and guidance from a team that truly understands the legal market. You can read more about how BCG Attorney Search revolutionizes legal recruiting here: The Story of BCG Attorney Search and What We Do for You.

The Most Trusted Career Advisor for Attorneys

Harrison's legal career insights are the most widely followed in the profession.

• His articles on BCG Search alone are read by over 150,000 attorneys per month, making his guidance the most sought-after in the legal field. Read his latest insights here.
• He has conducted hundreds of hours of career development webinars, available here: Harrison Barnes Webinar Replays.
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Submit Your Resume to Work with Harrison Barnes

If you are serious about advancing your legal career and want access to the most sought-after law firm opportunities, Harrison Barnes is the most powerful recruiter to have on your side.

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With an unmatched track record of success, a vast team of over 150 dedicated employees, and a reach into every market and practice area, Harrison Barnes is the recruiter who makes career transformations happen and has the talent and resources behind him to make this happen.

A Relentless Commitment to Attorney Success

Unlike most recruiters who work with only a narrow subset of attorneys, Harrison Barnes works with lawyers at all stages of their careers, from junior associates to senior partners, in every practice area imaginable. His placements are not limited to only those with "elite" credentials-he has helped thousands of attorneys, including those who thought it was impossible to move firms, find their next great opportunity.

Harrison's work is backed by a team of over 150 professionals who work around the clock to uncover hidden job opportunities at law firms across the country. His team:

• Finds and creates job openings that aren't publicly listed, giving attorneys access to exclusive opportunities.
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This level of dedicated support is unmatched in the legal recruiting industry.

A Legal Recruiter Who Changes Lives

Harrison believes that every attorney-no matter their background, law school, or previous experience-has the potential to find success in the right law firm environment. Many attorneys come to him feeling stuck in their careers, underpaid, or unsure of their next steps. Through his unique ability to identify the right opportunities, he helps attorneys transform their careers in ways they never thought possible.

He has worked with:

• Attorneys making below-market salaries who went on to double or triple their earnings at new firms.
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For attorneys who think their options are limited, Harrison Barnes has proven time and time again that opportunities exist-often in places they never expected.

Submit Your Resume Today - Start Your Career Transformation

If you want to explore new career opportunities, Harrison Barnes and BCG Attorney Search are your best resources. Whether you are looking for a BigLaw position, a boutique firm, or a move to a better work environment, Harrison's expertise will help you take control of your future.

Submit Your Resume Here to get started with Harrison Barnes today.

Harrison's reach, experience, and proven results make him the best legal recruiter in the industry. Don't settle for an average recruiter-work with the one who has changed the careers of thousands of attorneys and can do the same for you.

About BCG Attorney Search

BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.