Predictions for Philadelphia Law: What Will 2022 Bring Our Local Lawyers?
Philadelphia, in all its cosmopolitan appeal, has shown resilience and growth despite the hardships of 2020 and 2021. The next question becomes: what will 2022 bring? There are high hopes for legal professionals. From net income to bankruptcy, law firms will continue to be reaping benefits.
Trend-setting
American law offices experienced surges in their numbers last year, and they are not planning on slowing down. Demand for lawyers grew in Philadelphia at the same rate as the national average: 6% (Law 360). Certainly, the overload of deals – cases related to the endless effects of COVID-19 – brings firms extra earnings, extra savings, and extra raises. In just the first six months of 2021, Philadelphia-headquartered firms surpassed the national average, increasing their net income by 43.5%, while the national average was 36% (Law.com). Meanwhile, firms can remain prudent in expense management; no longer encountering nonessential travel, entertainment, and marketing charges nearly as much as they were pre-pandemic.
Bankruptcy
Amongst the booming corporate law industry, bankruptcy lawyers, in particular, will be preparing for more work in 2022. Experts say that as the pandemic continues, companies in the hospitality, physical retail, travel, and real-estate sectors appear especially vulnerable (Inside). There’s no doubt that with Philadelphia being a world-class cultural and commercial hub, and the Omicron variant disrupting return-to-office plans, bankruptcy lawyers will likely experience more business than ever.
Legal Tech
In order to survive, businesses have been forced to adapt to the virtual environment. Legal businesses have doubled down on technology the past year (Insider) and plan on moving more and more of their processes online. That means more virtual meetings, heightened cybersecurity, and infinite e-signatures. The legal and technology predictions for 2022 include the notion that the legal department will automate over 50 percent of legal work for key business transactions. (Gartner). Ultimately, and to much relief, the law industry is becoming paperless.
There’s no doubt about it – it’s a good time to be a lawyer in Philadelphia.
Sources:
https://www.businessinsider.com/experts-share-their-legal-industry-predictions-for-2022-2021-12
https://www.law360.com/pulse/articles/1415752/philly-area-firms-see-growth-in-1st-half-of-2021
https://www.natlawreview.com/article/7-legal-technology-trends-successful-2022