5 Emerging Trends in the Legal Industry in 2022
1. Increased Demand and Growth for the Legal Profession
“The global legal market is expected to grow from $713.12 billion in 2021 to $788.94 billion in 2022.” (Global Newswire) A large portion of this growth will be in the business law sector of the profession as federal regulation changes have provided opportunities for law practices.
2. Legal Services Outsourcing
Covid-19 made almost every industry reevaluate how they do business. The legal market in no different. Legal process outsourcing is becoming a boom industry in the U.S. with annual revenues of $35 billion. (Linchpinseo). Attorneys are looking for ways to reduce costs and attorney hours spent on mundane tasks in the legal process. Services such as eDiscovery, digital forensics, legal document management, trial presentations, trial technicians, and appellate support are now being outsourced to reputable companies with the technology to simplify and speed up the process.
3. Increased Importance for eDiscovery
The eDiscovery industry grew to over $2 billion in 2021 as demand for this service continues to rise. (Linchpinseo) Additionally, eDiscovery is now essential to meet discovery requirements under the Federal and State Rules of Civil Procedure. Law practices are adapting to these procedures and learning that an effective eDiscovery service will provide a reduction in cost and reduce the burden of reviewing mountains of data by attorneys.
4. Paralegal Job Market Remains Strong
According to the U.S. Bureau for Labor Statistics, the paralegal job growth rate is 12% higher than average leaving an opening for nearly 43,000 paralegals annually. Much like the case for attorneys, the competition for seasoned paralegals is very high resulting in law practices providing innovative benefits such as working from home.
5. High Demand for Legal Talent
The increase of work as result of demand in the legal industry has led to a growing war for legal talent. Increased compensation as firms battle for top lawyers, could result in higher overhead costs. “Attorney turnover has risen to record levels, edging dangerously close to firms losing one-quarter of their associates in 2021.” (Reuters) This trend has been shown to continue into 2022.
Legal Eagle has the knowledge, tools, and ability to effectively assist attorneys with legal services. We provide multi-faceted legal services offering eDiscovery, digital forensics, legal document management, trial presentations, trial technicians, appellate support, and court reporting services. Since 1994, Legal Eagle has been helping South Carolina and North Carolina’s law practices successfully navigate their litigation challenges.
Thomson Reuters, Jan 11, 2022, 2022 Report on the State of the Legal Market
Linchpinseo, March 18, 2022, Legal Marketing & Industry Trends Shaping 2022
Global Newswire, Feb 21, 2022, Global Legal Services Market Growth Trends and Forecasts