If you’re thinking of joining the legal profession, then you may be on the right path. The future of it remains bright.
The Growth of Lawyering
In a data published by the Bureau of Labor Statistics, the legal industry will grow an average of 9%. Among the categories, the demand for lawyers will increase by 8% by 2026.
Furthermore, future lawyers don’t need to fight their way to join the stellar law firms in the U.S. Many companies these days are already investing in their own team. There’s also the option to pursue a private practice or even consulting.
When it comes to market, future professionals can still work in traditional business corporations. But other industries are also needing the services. These include the energy and technology sectors. The tech industry, for one, would require their services to deal with trademarks, patents, and, most of all, terms and conditions that affect customer protection and security.
Why Education and Expertise Matter
While the prospects in the field are good, individuals are still encouraged to obtain the right education including employment law certificate courses.
First, the competition among new lawyers is strong. In 2013, about 46,000 students enrolled to become a lawyer. Using the historical data, it’s possible that in 2017, around 33,000 of them eventually graduated. This is then one of the smallest batches of graduates in the country since the late 1970s.
It would pale in comparison with the matriculants in 2010, which numbered more than 52,000. However, this is still a large number to compete with, more so that there were at least 1 million active attorneys in 2016.
Furthermore, the profession is not immune to displacement due to automation. It will reduce the lawyer hours by 2.5% each year, which would mean a possible decrease in income that’s dependent on billable hours. A study by McKinsey Global Institute revealed that about 50% of the legal tasks might be automated.
The good news is only 5% may be completely automated. Moreover, potential lawyers can choose different pathways, including how and where to study, giving them more control over their career entry and growth.