New Trends Create New Demands For Legal Services
One thing for sure is that the demand for legal services will continue to grow. Several new trends in the legal industry have emerged. Are you ready for these changes?
A number of important changes are occurring in the legal marketplace today. Those who can adapt and capitalize on these opportunities will continue to profit into the new decade. How will these trends impact the way you practice law?
Mergers and Acquisitions
Business law remains driven by many factors. One such factor companies are engaged in is mergers and acquisitions. This area of law will continue to experience continued growth for the foreseeable future.
Social Networking
Social networking is shaping how law firms recruit attorneys as well as support their cases and interact with clients. Social channels such as LinkedIn, Facebook, Twitter, and YouTube are helping lawyers: brand, advertise, and further career goals.
Gone are the days of attending endless events every week. Now let’s be clear, nothing beats nor will ever replace face-to-face networking. Social media extends your message to your prime prospects, amplifies what the firm specializes in, making the process of business development more efficient and effective. Learn how to leverage social media.
Bitcoin
No one knows for sure if the recent wave of initial coin offerings (ICOs) of Bitcoin cryptocurrency is just a flash in the pan or the new way forward. But what we do know is that the Security Exchange Commission (SEC) is an increasing number of cryptocurrency-related securities lawsuits are being filed.
Cybersecurity: Compliance, Privacy and Security
As data breaches continue to proliferate, state legislatures across the country have strengthened their existing privacy statutes with an increased focus on consumer protection.
Breaches are the new normal, consequently there will be more data breach class action lawsuits. This will also result in legal counsel to best advise clients in this area of compliance, privacy and data security.
Cannabis: New Rules, Risks and Opportunities
The state-by-state legalization of marijuana for medical and recreational use has created a complicated legal landscape. And with it, new demands for legal counsel to advise cannabis clients and ancillary businesses that are impacted by the cannabis industry.
Changing state laws, risks and uncertainty regarding cannabis will continue. The long-term need for expert legal counsel is certain.
Trusts & Estates: New Rules Affecting Health Care
New Medicare rules will impact preventative care. As a result, some families will drop insurance making healthcare more expensive for everyone. The cost of healthcare shapes how families plan trusts and estates. This further complicates and creates the need for expert legal counsel to best plan for the future.
How will these new areas of law affect your practice? Where do you see opportunity? What are your concerns?
About On Balance Search
On Balance offers great insight and industry intelligence. Shari Davidson, president of On Balance Search Consultants, advises experienced attorneys at every stage of their career to take them to the next level. From making the lateral partner move to succession planning.
Shari takes a proactive approach to advising law firms on how to take a firm to the next level and helps rising talent make the transition to the right law firm. On Balance Search identifies opportunities that exist today, not down the road.
Contact us today. Call 516-731-3400 or visit our website at https://onbalancesearch.com
Please note that the content of this blog does not constitute legal advice and is only intended for the educational purpose of the reader. Please consult your legal counsel for specifics regarding your specific circumstances and the laws in your states pertaining to social media
