What Job Market for Lawyers in 2022 Looks Like
It is one of the professions that has seemingly remained undisturbed by the changes going on in the world today. In 2021, recruitment for lawyers was at an all-time high, especially in corporate law and litigation. The following are some insights into what the job market for lawyers in 2022 looks like:
Increase in Employment Rate
The projected growth of employment for the legal profession between 2020 and 2030 is nine percent. In 2022, the legal market will be on fire and hotter than ever.The pandemic saw an increase in the growth of tech companies all over the world. These companies need legal services, whether by outsourcing them or using in-house counsel. On the other hand, hiring by law firms has been steadily decreasing since the pandemic.
Law firms are seeking to reduce costs, and some firms have reduced their workforce by at least 25% since 2020.
However, employment has picked up since the government lifted many Covid restrictions. Moreover, the companies looking for in-house counsel should make up for the shortfall in employment by law firms.
Non-Traditional Cities Will Offer Better Employment Opportunities
The pandemic saw a notable trend where people left big cities like New York and California instead of flocking to them. The main reason was the rising cost of living in large cities while people lost their jobs and earned less.If you look at the demand for lawyers by state, you will see that states like Alabama, Texas, and Georgia have increased since the pandemic. Professionals, especially young ones, are moving to other cities like Atlanta, Montgomery, Dallas, and Austin.
Also, remote work is becoming increasingly more widespread, and people no longer have to live close to where they work. Therefore, they can reduce living costs in smaller cities while working for large companies based in major cities.
Globalization Of Legal Markets
The world is more interconnected than ever before. Technology is the main driving force behind globalization, and it will continue contributing to the globalization of the legal job market. Long gone are the days when a lawyer opted to practice law in their state or hometown.The world is now an open oyster, especially for a good lawyer, and they can get a high-paying job just about anywhere in the world.
With the capacity to telecommute, nowhere is too far in the modern world. Anyone who requires a lawyer for a lifetime of legal needs can either move them to the city where they live or use the internet to contract their services.
The trend of lawyers moving across borders will continue for the foreseeable future, and lawyers will have to become accustomed to working in distant places or for remote clients.
A Rise in Freelance Work
As stated above, many law firms let go of their staff with the reduction in business during the pandemic. Many lawyers realized that their positions were not as stable as they thought.Since then, as with many professions, many ventured out on their own and offered their services as freelancers instead of working for a law firm or as in-house legal counsel for a corporation.
In 2022, many lawyers will join the job market as freelancers instead of vying for positions in prestigious law firms.
There are many advantages to being a freelancer, including freedom of time, tax advantages, and better work-life balance. There are also disadvantages, so it will be up to the lawyers to decide what will be more beneficial.
The job market in most industries looks drastically different from what they were before the Covid pandemic, including the legal job market.
The above are some things you can expect in the legal job market in 2022. Changes will continue happening, and only those that adapt accordingly will survive.
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Posted - 03/21/2022
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