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Although there is no way of predicting with absolute certainty how the legal sector will evolve over the next few years we can at least get a glimpse of what potentially may happen by looking at some of the developments already talking place which are anticipated to play an even bigger part in the way business is done in the years to come.
One of the biggest shake-ups of the legal system, in England & Wales and Scotland at least, will occur when the Legal Service Bill begins to take effect. The Bill will enable the ownership of law firms by external organisations in much the same way as the insurance industry now operates.
Just as supermarkets have entered the insurance market offering their own brand of policy these same commercial organisations could enter the legal sector and establish themselves as one-stop shops.
Perhaps anticipating these future changes many law firms are starting to reduce their dependence on outsourcing other firms which specialise in key non-contentious areas such as construction and financial law, in favour of bringing these functions in-house.
The future of Legal Aid is up for debate with changes likely to be introduced which will have a – some would argue – detrimental impact on criminal lawyers and smaller legal firms who are Legal aid-only firms.
On a more positive note, growth of the industry is likely to come from expansion overseas, notably in China. As the world’s fastest growing economy China will continue to be a magnate for firms keen to capitalise on the rich pickings to be had. Many leading UK-based firms have already set up shop in China and it is hoped that the liberalisation of the legal services market in South Korea and India will create more opportunities for growth in the rapidly developing Asia markets.
So where do you fit into all of this? Whether you are looking to rise through the ranks in a traditional management capacity, scaling the dizzying heights until you reach the top of tree donning your rather attractive red gown and sporting a rather fetching wig, or opt to go it alone and establish your own practice, there are a number of possible options for you to take.
But the one thing we can predict with absolute certainty is that you will always be in demand.
Wondering what to do now? Check out our expert career advice, find out more about the Legal industry or search for the latest Legal jobs.