Legal Industry Outlook for 2020 | Huntersure

Legal Industry Outlook for 2020

Posted on: January 16, 2020 by Huntersure LLC.

There are a few industries that have stood the test of time, operating with a general understanding from the public and known for not changing too much. But with the push to go more digital, outside tech influences changing how practically every industry works, and another generation hitting the professional landscape, the legal industry is going through somewhat of an evolution.

Those who follow the legal field can see that new trends are rapidly altering the way legal proceedings and representation are pursued. It’s important to stay on top of these changes and trends and see how they will affect law firms, corporate clients, and individuals moving forward.

The Boomer Impact

Baby boomers still remain one of the largest generations, but they are getting older and entering retirement if they haven’t already. As they continue to do so in large numbers, this process will have a great impact on everything from the workforce to the economy to the legal field.

Lawyers can expect increased demand for help with legal areas including retirement planning, estate planning, and handling assets. They can also expect to see an increase in demand for better representation from the children of this generation wanting their parents to be protected no matter where they live.

Global Legal Markets

Globalization is nothing new, but it’s picking up steam as domestic law firms are expanding across borders and collaborating with foreign counsel. Along with the growth of the internet, the automation of processes, emerging technology tools, and data security developments, globalization is expected to completely change how major legal matters are handled, especially at a corporate level.

This being the case, it could possibly open the door wider to legal complications for law firms themselves. This means that having lawyer liability insurance for firms and their partners is an essential component to have when looking to expand more globally and broadly.

Social Networking

Social networking has completely upended the way we communicate, shop, travel, get jobs, and more. It only makes sense that it changed the legal industry as well. Legal professionals have a growing amount of social media networking resources at their disposal to take care of a variety of tasks as well as career objectives.

The technology tool is changing how lawyers and other legal professionals recruit, network, locate witness, job hunt, and interact with other professionals and clients. From LinkedIn to Facebook to YouTube, legal professionals are able to reach a broader audience and also take care of branding and free or cheaper advertising in the process.

Work-Life Balance

A competitive international market and billable hour quotas for services have opened law firms up to more work and the potential to reach more clients. However, this has added some pressure to legal professionals and has forced a growing number of professionals to work longer and harder.

However, workers are demanding a better work-life balance in their careers and are looking for flex-time, part-time work, phased retirement, compressed schedules, and off-site working opportunities. This level of flexibility is changing the way law firms are working, hiring, and working with clients.

Outsourcing

The legal industry has seen a change in the delivery model for legal services. Legal process outsourcing (LPO) transfers the work of lawyers and support professionals to external vendors located locally and internationally. Outsourcing is transforming legal practices as firms and corporate legal departments, both onshore and offshore, look to minimize costs and expand in-house operations.

About Huntersure

At Huntersure, we specialize in providing quality professional liability solutions to accounting professionals. Our Accountant Liability Insurance program provides coverage for accountants, auditors, bookkeepers, and tax preparers, so no matter where your clients lie in the industry they can have the coverage they need to protect themselves and their assets. To learn more about our operation and our Professional Liability Insurance solutions, contact us today at (855) 585-6255.

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