August 2, 2022
3 High-Growth Law Practice Areas to Watch Now
Perhaps the greatest change we’ve seen since publishing the first annual growth areas blog post in 2019 is change itself—the constantly fluctuating legal demands brought about by a global pandemic and the resulting economic and health crises. If 2021 has taught us anything, it was how to adapt quickly to market demands. Law firms of all sizes and in-house corporate legal departments alike found ways to meet the growth of new practice areas.
While, nationwide, the greatest growth areas are Corporate and Real Estate Law, there are some cross-over areas gaining traction in the second half of this year.
Law Practice Growth Area #1: Corporate/M&A
More than 40% of corporate law department leaders expect legal spend to increase over the next 12 months, according to the 2022 State of Corporate Law Departments from Thomson Reuters Institute. The report calls this the strongest indicator of growth in the last decade. Healthcare, finance, tech, and manufacturing are the industries expected to see the highest increase in spending, according to the same research.
Among all specialized areas of corporate law, Mergers & Acquisitions is the fastest growing, having more than doubled since 2019 to an impressive 10.6%. Overall, it’s shaping up to be another record-setting year with increased demand for M&A legal professionals.
Whether you’re interested in M&A or the broader corporate law field, be prepared to showcase the following attributes to potential employers:
Credentials
- Strong business acumen
- Excellent negotiation skills
- Understanding of intellectual property law
Personality Profile
- Problem solver
- Risk-taker
- Analytical
Law Practice Growth Area #2: Real Estate/Estate Planning
A weak 2020 followed by a boom in residential properties and upheaval in commercial real estate due to the pandemic has fueled big growth—11% since last year—in real estate law. This growth is leading to an increase in real estate legal careers, which are expected to produce more than 5,000 jobs by 2028, according to Law.com. A career in real estate law requires a working knowledge of residential, commercial and industrial, and vacant land real estate.
Estate planning law requires many of the same skills and knowledge as real estate law. These legal professionals handle wills, trusts, advance directives, estate tax planning, and other tasks that fall under both transactional and litigation practices. A career in estate law requires working knowledge of real property law, family and business law, nonprofit, employment, and tax law.
If you’re interested in pursuing a career in real estate or estate planning law, you’ll also need:
Credentials
- Strong analytic and math skills
- Research and investigative skills
- Negotiating skills
Personality Profile
- Trustworthy
- Problem solver
- High ethical standards
Law Practice Growth Area #3: Litigation
In addition to transactional legal work, litigation is also expected to increase into 2023. And that means firms will be looking not only for litigators but also for paralegals and other support professionals with experience in doc review, database management, and developing trial presentation materials. Within litigation, there is a growing need for legal professionals with experience in intellectual property and labor and employment law, according to this article from St. Francis School of Law.
Legal professionals interested in litigation should have a law degree or certificate, along with the following credentials:
Credentials
- A familiarity with litigation rules
- Clinical courses with government agencies
- Courtroom exposure
Personality Profile
- Detail oriented
- Creative thinker
- Curious
Perhaps the most notable recent change is the struggle to both hire and retain legal talent. Also notable is the 35% increase in recruiting costs after a nearly 44% decrease in 2020. If you’re struggling to recruit legal professionals, we can help simplify and speed up the process. Learn more about our services and submit your staffing request here.
If you’re a legal professional in search of a new position, view our open opportunities and submit your resume here.
JurisTemps has been serving the legal community for more than 20 years. Our long-standing relationships with law firms and legal departments can give you an edge on the competition. Learn more.
