As we enter 2022, many of us are excited to see what’s in store for Legal this year. Whilst the Legal sector is still feeling the impact of the coronavirus pandemic, there’s a lot of positive change and opportunity to look forward to.
As the market continues to adapt following the uncertainty of COVID, we predict that 2022 will be the year of growth for the Legal industry.
M&A will grow
Mergers and acquisitions are showing no signs of slowing down. 2021 was a big year for M&A; we see no reason as to why this will slow down this year. As a result, M&A lawyers need to be prepared to manage new contracts whilst delivering an excellent level of service.
To help lawyers manage this increasing workload, the use of technology and software such as virtual data rooms, project management and pipeline management software will proliferate.
The M&A landscape isn’t just changing for lawyers, but for companies looking to exit or acquire. Business owners and directors looking to sell or grow will need to think about their succession plan and get the foundations in place.
Clients will force the adaption of technology
The pandemic forced many Legal companies to transition their communications and processes online, and clients are feeling the positive impact of this change. According to a report by legal technology company Clio, 79% of clients will take remote communication into consideration when working with a lawyer, and 58% stated they wanted to have consultations via video calls.
Technology isn’t just set to change the processes and communications within Legal, but how recruiters identify talent is also set to change. We’re seeing more modern, tech-driven nurturing campaigns that give employers the ability to nurture candidates and build their pipeline of future talent. This innovative solution enables employers to prepare for growth and source the very best individuals in the market, rather than those simply available at the time.
Benefits will become necessities
Several industries are facing a skills gap, and the Legal sector is no exception. There’s increased demand for specific job titles that are severely lacking on the active market, thus driving up the price due to competition.
Before the pandemic changed the world, working from home and flexible working were rarely offered by companies. However, as people have adapted and embraced the ‘new normal’, flexible working has become a requirement for individuals who are looking for new roles - with work/life balance, reduced costs and increased productivity all attainable.
It is important to note that flexible and remote working also benefits the organisations offering these perks, as it builds employee trust, improves efficiency, productivity and more, decreasing costs and increasing overall profitability for companies. Additionally, companies can widen the talent pool (helping to overcome the skills shortage) and hire talent across the country without the limits of a commute. This has increased competition for the best people and is driving up regional salaries throughout the UK, making it more important than ever to ensure you have a good employee benefits proposition to retain and attract the best people.
Make your next move in Legal with IDEX
2022 will be a big year for the Legal sector. Find your next Legal role or speak to us about about how we can help you achieve your firms growth plans through our advanced, innovative solutions.
For more insights on what’s in store for the Legal industry this year, take a look at our 2022 Legal Expertise Salary Guide.