As if lawyers, let alone young ones, need it – an infographic showing some of the major trends facing the legal industry, including: globalization, alternative legal service providers, virtual law offices and legal process outsourcing.
The graphic is based on US Bureau of Labor Statistics, American Bar Association and other sources and put together by a group who provide “virtual legal assistants” to law firms.
The graphic, shown on the WSJ Law Blog outlines the five-fold expansion of law graduates between the early 1960s and 2010, the declining number of graduates who find employment, reducing by 23 per cent in the past year and how globalization and other trends.
For instance, the delivery model for legal services has shifted with legal process outsourcing (LPO), which transfer legal work offshore. Virtual law firms are another major influencer on legal employment with mobile devices and other applications permitting lawyers to work anywhere from virtual law offices.
As well, the gaining momentum of globalization has altered the whole structure and growth of the legal industry worldwide, hastened by the growth of the internet, automation, developments in data security and other issues.