Legal Trends to Look Out for 2021

With our ever-changing world, it can be hard to predict what will happen next, especially in the legal community. That is why we are here as a trusted support partner to free attorneys up to do what they do best.

Here, we are outlining relevant legal trends to look out for.

• Cybersecurity

Cybersecurity will be the most important trend for lawyers and legal professionals to pay attention to. The digital sprint has presented more opportunities for hackers than ever before. Much of this was due to the shift to remote working, and a surplus of devices using home Wi-fi systems irresistible to hackers.

There has been an average of 3,000-4,000 cyber-attacks a day in 2020, according to the FBI. Since the beginning of the COVID-19 pandemic, cybersecurity companies have reported huge spikes in hacking attempts, especially with phishing emails exploiting COVID-19 as a form of clickbait, tricking people into clicking on harmful links.

Another new trend on the rise are ransomware attacks, where hackers gain access to a person’s computer system, encrypt their data, and demand a ransom paid in a form of cryptocurrency in exchange for returning their information. This problem is not new for law firms, and it is more pervasive in our communities than you may think.

Cybersecurity attorneys are in high demand since the start of the pandemic and this trend has even allowed midsize and boutique firms to begin new practices. If your firm already offers cybersecurity counsel, it might be advantageous to focus on marketing and business development in that area. Additionally, cybersecurity experts have strongly advised law firms of to focus on securing their data.

• Bankruptcy

Commercial bankruptcy filings are up by a huge margin over the past year. In the foreseeable future, bankruptcy counsel will be in high demand.

As stimulus measures begin to expire and government relief remains uncertain, bankruptcy is important to look out for.

•  Insurance Claims

As with most issues during Covid-19, insurance claims are growing to be increasingly severe and complex.

There has been an increased focus on securities litigation and employment practices liability. The momentum of recent social movements has prompted the swift change, including more harassment and discrimination claims and certain states making it easier to file suits.

To manage these complex claims, effective communication is crucial among risk professionals and all levels of their defense counsel, ensuring a smooth process from the start. There may be other stakeholders that may play valuable roles in facilitating communication.

• Expect the Unexpected

In the past year, lawyers have taken on the crisis management position and were in charge of facilitating smooth virtual communication.

2021 has presented many new challenges, and effective lawyers will need to rethink and adapt their communication strategies and keep an eye out for upcoming trends to be prepared for what the next year might bring. Marketing, innovation, and technology has driven growth in legal practices, and emerging technology is expected to continue to alter the landscape.

It is important to stay on top of new laws, regulations, and emerging best practices to always be prepared for what’s next. Feel free to give us a call to help you navigate through these unpredictable times.