‘Change is the law of life. And those who look only to the past or present are certain to miss the future.’ These are the words of John F. Kennedy, one of the most beloved presidents in the US.
You know what? He was right. Trends come in and go every day. And one of those places where there have been significant changes in the past is the legal field.
In this guide, we’re going to specifically look at some of the trends that continue to shape corporate law. We’ll also prepare lawyers and those aspiring to become one with some of the ways they can set themselves up for these emerging shifts.
Read on and be informed than when you first clicked on this article.
1. AI integration
There’s so much talk about AI in the world right now, and with good reason. According to a report by Goldman Sachs, about half of all current day-to-day tasks in the legal world could be replaced by AI.
That’s not an invitation to flip into panic mode. Robots won’t be stealing courtroom duties yet. But as powerful allies? You bet. Think about AI reviewing contracts in seconds, predicting argument success rates, and streamlining research so you and your legal team can focus on strategy and client bonds instead.
But even as you chase the AI craze that’s full-blown right now, don’t leave ethics and human judgment behind. It’s still as crucial as before.
2. Data privacy
Statista predicts that revenue in the data security industry will hit an annual growth rate of 13.01% between 2024 and 2028 to cement its place as a multi-billion dollar industry. What you can gather from this is that there’s still much more to do when it comes to data issues.
So, as the landscape changes, you and your staff should get rolling as well. You need to ensure client compliance and protect individual privacy in this digital age. This will be good not just for business but will also save you possible litigations for data breaches.
Expect fascinating legal battles over data ownership/usage.
3. Global game changers
The world’s becoming more and more borderless, thanks to tech and integration efforts. Think about it: the world’s giving you a chance to steer through varying legal systems and trade regulations.
Yes, foreigners are opening LLCs in your location, business partnerships are happening the world over, and trade agreements keep coming up every day. This is a line of business that an Albany corporate lawyer and many others near you are already reaping dividends in.
This can very well be you, too, if you keep your eyes peeled to see the changes as they unfold. When the opportunity strikes, you’ll be ready and waiting.
4. Green guardians
The world’s going green. A 2021 report by the United Nations Development Programme (UNDP) shows that people out there are agitating for more to be done concerning environmental issues. Yes, much, much more than what’s being done at the moment.
With eco-concerns escalating, lawyers may get the chance to make that change they desire in the world. Crafting sustainable business policies? Advising on carbon credits and green initiatives? These and many other campaigns and ideas will likely feature.
This means that legal expertise will be indispensable for companies riding the green wave. Read the room, and you may be on your way to impact and profit.
5. Cyber defenders
Face it, as more and more companies go online, so would plenty of crime. That means more data breaches, more companies getting hacked, and so on.
For the lawyers who are well-versed in cyber law, this digital Wild West may just get interesting. You can represent companies or individuals that have been unfortunate enough to fall victim to hacking, identity theft, unauthorized access to computer systems, and other forms of cyber-attacks.
That’s not even the tip of it, though. You can also provide legal advice to individuals and organizations on how to comply with laws related to digital activities and information security. Advising on policies, procedures, and practices to prevent cybercrime? Yup. That’s more like it.
You can also help draft, review, and negotiate contracts related to IT, such as software licensing agreements, service provider agreements, and confidentiality agreements, to ensure that they comply with cyber law. That’s a universe of choices right there.
6. Diversity champions
The legal world is finally waking up to a game-changing realization: diversity is the way to go. According to data from Pew Research, a majority of people worldwide favor diversity going forward as compared to those who swear against it.
This means that in the near future, there may very well be a push towards making countries and workplaces more inclusive for everyone. As a legal professional getting on the frontlines of championing diversity and inclusion can do some good to your career.
You can wear these shoes and advise clients on their diversity policies and practices. This way, you can help them come up with some pretty good strategies to promote diversity and inclusivity in compliance with legal standards.
Training and education? Policy development? Representing your organization in external conferences and panels, advocating for diversity and inclusion in the wider legal community These roles may continue expanding as time goes by. Question is, ‘Will you be ready for them?’
7. Embracing remote revolution
A 2022 survey by the American Bar Association shows that a majority of lawyers preferred working from home and attending sessions remotely.
What does this show? Gone are the days when legal battles were confined to the four walls of an office. Today’s legal professionals are breaking free, embracing the work-from-home ethos with gusto.
It’s a game-changer: the modern legal gladiator is now just as likely to conquer complex cases while sitting at their kitchen table, coffee in hand. This shift isn’t just about convenience; it’s about redefining the work-life balance and proving that walls don’t make the lawyer.
In closing
These are just but a few of the changes you’re likely to see out in the legal wild. There’s more out there lurking in the corner. However, just like in any battle, preparation is key. No reason to be scared or caught off-guard. If it’s new tech, acquaint yourself. If it’s a new movement, keep abreast of the situation.
Remember, as Paul ‘Bear’ Bryant put it: ‘It’s not the will to win that matters—everyone has that. It’s the will to prepare to win that matters.’ So, are you ready for the shift?