The study of law is widely seen as a desirable career path. It’s no wonder that many people wish to pursue a legal education, given the high wages, employment security, and prestigious reputation of lawyers. There are a number of things to think about before deciding on a career path that will affect you for the next decade or more. Other considerations, such as intellectual challenge, market demand, and employment stability, should also be taken into account. You don’t want to lose interest in what you’re doing, and you definitely don’t want to work in an area where it’s tough to get or keep a job. The good news is that there is a bright employment market waiting for you after law school when you are ready to put your legal knowledge to use in (what you hope will be) a satisfying sector. From 2020 to 2030, the number of available legal jobs is estimated to increase by 9%, reaching an annual average of 46,000. What kinds of legal work do you anticipate being in high demand and developing in 2022 and beyond?
Leaders in their Fields
Legalization of Marijuana. With the U.S. market “growing” at a rate of 21% per year and reaching $41.5 billion by 2025, cannabis is undoubtedly a developing area of law, especially considering the fact that businesses require counsel on a wide variety of issues, such as taxes, licencing, compliance, intellectual property, and financial transactions. The cannabis legal departments of several large law firms, including DLA Piper, Dentons, and Reed Smith, are thriving. You want to find a niche in which you can thrive professionally and personally, so deciding on a field of law in which to specialise is crucial. Do not limit your thinking to only these burgeoning markets; there are many more that are just as exciting and innovative. Also, be on the lookout for new areas of study that may emerge in the years ahead.
Cybersecurity. Opportunities for attorneys are many, as cybercrime costs the economy trillions of dollars annually and there are millions of vacant cybersecurity employment. In addition, several legal schools now have LL.M. programmes or specialisations in cyber law, and many law firms now have in-house cybersecurity attorneys.
Immigration. A number of big migratory waves have occurred across international borders in the past year. In addition, having access to legal counsel “frequently means the difference between being allowed to remain securely in a foreign country and being deported…, permanently separated from family.” The majority of immigration cases are handled by pro bono legal service providers, such as clinics and law offices, therefore clients seldom incur any costs associated with hiring an attorney to represent them. There is a rising market to think about, yet there is a shortage of good immigration lawyers.
Combinations and purchases. In 2021, there were an unprecedented amount of mergers and acquisitions throughout the world. Though 2022’s transaction volume is lower than usual, it’s still 35% more than the average volume seen between 2015 and 2019. Businesses planning for expansion will benefit from working with experienced mergers and acquisitions lawyers.
Imaginary Goods. There is still a strong need to safeguard creative works because of the ever-evolving nature of industries including manufacturing, technology, digital communication, transportation, and medical equipment. According to the most recent data from the United States Patent and Trademark Office, between 2013 and 2020, over 600,000 patent applications were filed year.
