The job market for lawyers is growing in all areas. What does this mean for the enrollment of law students? Read our blog “job outlook for lawyer” to discover it.
There is good news for law school graduates, current law students and professionals looking to practice the legal profession: the recent legal landscape has created many opportunities. More and more law firms and corporate legal departments are increasing their staff.
In fact, according to a 2019 survey by Robert Half Legal Consulting Solutions, 54% of law firms are planning to expand their legal teams. Despite a temporary drop in demand for lawyers early in the pandemic due to economic uncertainty, 2021 saw an overall increase in demand for lawyers. This trend is expected to continue in 2022, albeit with more moderate growth rates.
The biggest challenge for law firms during this period of growth is recruiting new talent. Law firms are increasingly challenged to attract and retain employees in a highly competitive market characterized by burnout and changing attitudes towards work-life balance. Let’s take a look at the job prospects for lawyers in 2022.
Is Law School Worth It?
Law school can be an excellent opportunity to develop and apply to your career as a lawyer. Earning a law degree takes time and money, and some people wonder if it’s worth the investment. Deciding whether a law degree is worth the time and expense largely depends on your personal, professional, and financial goals.
Law school tuition fees can be high. The average cost of attending an out-of-state public law school is $41,143. Private schools cost about $9,000 more.
Studying at an elite private law school can cost even more. In addition, students have to pay their living expenses. Tight schedules and heavy workloads rarely allow full-time law students to work alongside their studies. As a result, they can graduate from law school with the debt assumed. The National Center for Education found that the average student loan debt across all majors is $145,000.
The introduction of part-time online law courses in many law schools has allowed students to continue working full-time and studying at the same time.
As for a lawyer’s salary, a law degree doesn’t always guarantee big paychecks right away, but most law graduates end up earning more — significantly more — in the long run. According to the Bureau of Labor Statistics, the median annual salary for lawyers in 2020 was $126,930. Certain areas of the law, such as health, business, science, and intellectual property, can command higher salaries. YOU should also expect to earn more income in the private sector.
New Law Student Enrollment Shoots Up
The national number of freshman students who enrolled last fall rose nearly 12%, according to the latest data from the American Bar Association. This jump comes after months of speculation that COVID-19 is disrupting the market for entry-level graduate positions. Other factors that may have also inspired this surge include legal discussions surrounding the 2020 presidential election, the death of George Floyd and the disappearance of Ruth Bader Ginsburg, all events, the public conversations about the law and the role of judges and appellants recent surge in demand for lawyers may also have played a role in boosting law school enrollments.
The increase in the number of students enrolling in law schools was unexpected. According to the Law School Admissions Council, the number of applicants for this program increased by 13% last fall. This is the largest year-on-year increase since 2002.
Which Legal Fields Are in Demand?
It looks like 2022 will be a year of intense competition in the legal job market as legal departments and law firms go from surviving the pandemic to apparent. The biggest challenge hiring managers face is the talent availability pipeline. However, it outlines the legal specializations that are currently in high demand.
Litigation
The process of filing, planning and executing a legal dispute remains one of the most important parts of the legal profession. There is a particular need for litigators in the areas of intellectual property and labor law.
Commercial law
Business attorneys serve businesses in myriad ways, from contracts to debt collections. It is here that you are asked to pay a fee on new business developments and marketing disputes. There is also a growing need for virtual currency law experts, who deal specifically with tax, policy and sales regulations by cryptocurrency and online gambling companies. As cryptocurrency values fluctuate shine, there is constant individual concern in the market and more lawyers are needed to manage both evolving regulatory compliance and cases.
Intellectual property law
The demand for copyright and trademark protection for musicians, writers, designers and patents for inventors continues to grow as new technologies such as music and film streaming services emerge. There is also a growing demand for litigation and compliance work related to this specialty.
Family law
Family and domestic problems, such as marriage, divorce, adoption, juvenile delinquency, and child protection, need attention at all times, but at especially difficult times. These cases occasionally overlap with immigration and naturalization law matters.
Immigration & naturalization law
Immigration is the general term for legal work that helps citizens come to the United States to live and work. Naturalization is the process by which these individuals are defined as citizens of the United States. As federal and conditional immigration policies WILL change, there will be tremendous implications for families, economies, and the courts, and attorneys working in this area have been in high demand for some time.
Real estate law
Real estate attorneys help individuals and businesses buy, use, develop, rent, and sell land and property. The rollercoaster ride of the recent housing market and increased urban development have created many jobs for attorneys interested in this planning and transactional law work.
