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The New Lawyer; cool, custom infographic telling us it's only getting more competitive and how to deal with it.

Brought to you by elAssistant ITHE NEW LAWYER Employment of lawyers is expected to grow by 10 percent from 2010 to 2020, about as fast as the average for all occupations. Competition for jobs should continue to be strong because more students are grad- uating from law school each year than there are jobs available. This statistic alone is transforming the way lawyers operate. Check out the statistics below that define what it means to be a new lawyer in the 21 century. LAW GRADUATION vs ΕMPLOYMEΝT STATISTICS 2011 2012 OF THE 43,706 GRADUATES ONLY 36,974 GAINED EMPLOYMENT OF THE 43,979 GRADUATES ONLY 27,639 GAINED EMPLOYMENT NUMBER OF LAW GRADUATES OVER THE YEARS 1963 - 2012 44,004 50,000 39,071 35,520 34,590 40,000 39,710 40,023 30,000 36,687 9,638 20,000 10,000 16,735 1963 1970 1975 1980 1985 1990 1995 2000 2005 2010 STATES WITH THE LARGEST OVERSUPPLY OF LAWYERS 12,000 ANNUAL OPENINGS BAR EXAM PASSERS COURSE COMPLETERS 10,000 8,000 ACCORDING TO IPEDS 6,000 4,000 2,000 EMPLOYMENT OF LAWYERS BY STATE MN NH MA ID WY NJ DE IA NE UT IN MD CA KS DC MO TN 130-1,700 2,990-5,290 10,360-16,250 1,800-2,890 5,400-9,760 16,260-67,260 4 TRENDS RESHAPING THE LEGAL INDUSTRY GLOBALIZATION Domestic law firms are expanding across borders, collaborat- ing with foreign counsel and forming intercontinental mergers, erasing traditional boundaries on the geographic scope of law practice. Although globalization is not new, it is gaining mo- mentum due to the growth of the Internet, the automation of legal processes, developments in data security and emerging technology tools. As law firms continue to expand their foot- print worldwide, globalization will continue to reshape the landscape of the legal industry in the coming years. ALTERNATIVE LEGAL SERVICE PROVIDERS Lawyers no longer have a monopoly on the law. The legal marketplace is changing and clients can seek legal assistance from a growing number of non-lawyer professionals including paralegal technicians, legal document preparers, legal self- help sites, virtual assistants and offshore legal vendors. VIRTUAL LAW FIRMS Powerful mobile devices, software-as-a service, and secure. web-based technology allow legal professionals to work from virtually anywhere. As a result, more legal professionals are working remotely from home or a virtual law office. Virtual law offices provide an alternative method of practicing law that permit flexible work hours and foster a better work/life bal- ance for legal professionals. LEGAL PROCESS OUTSOURCING In recent years, the legal industry has experienced a global paradigm shift in the delivery model for legal services. This new model, known as legal process outsourcing (LPO), trans- fers the work of attorneys, paralegals and other legal profes- sionals to external vendors located domestically and overseas. Legal outsourcing, both onshore and offshore, is transforming law practice as law firms and corporate legal departments seek to minimize costs, increase flexibility and expand their in-house capabilities. BENEFITS OF NEW LEGAL TRENDS COST SAVINGS Oragnizations can reduce their cost structures through labor arbitrage - the wage differential between in-house legal personnel and outside vendors - to reap tremendous cost benefits to both the lawyer and client. ACCESS TO EXTERNAL TALENT Outsourcing legal work to external vendors allows organizations to access high level talent and niche expertise that does not exist within the firm - For example, coding and document review. Access to external talent is particularly useful for small boutique firms to fill in gaps in internal competencies. REDUCED TURNAROUND TIME 59 The use of external personnel can expand internal bandwidth to reduce turnaround time for pressing legal projects. The use of a combination of onshore and offshore teams can also allow organizations to complete a project in a shorter time frame. FLEXIBILITY Employing a combination of in-house and external talent allows law firms and organizations to tailor their capabilities in response to workload and client de- mands. Workflow challenges are particularly prevalent for small and mid-size firms. These firms may find it more difficult to spread variability due to a smaller number of attorneys, support staff and clients. THE FUTURE OF LAW FIRMS While most midsize and large law firms have struc- tured themselves to offer a broad range of services. a growing number of lawyers are setting up boutique law practices. These new firms are choosing to focus the work of the entire firm on one area of the law rather than try to maintain the general practice cul- ture of the big law firms. This enables them to market their entire firm as being made up of specialists in their chosen area of law. EXAMPLES International Law Interlectual Property Law Patent Law Divorce Law Personal Injury Law And Much More... SOURCES: NEW YORK CALIFORNIA NEW JERSEY SIONIT7I MASSACHUSETIS VINVATASNN3d TEXAS FLORIDA MARYLAND ONNECTICU NORTH CAROLINA A OIHO GEORGIA

The New Lawyer; cool, custom infographic telling us it's only getting more competitive and how to deal with it.

shared by StaceySD on Jul 27
Check out our infographic on the growing number of lawyers in modern America. This interesting and eye popping infographic tells you that the competition is only getting harder but there are many ways...


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