The economy has been dramatically impacted by shifts in technology and power. The legal sector has similarly shifted and seen an immediate need for organizational development and expansion. With fewer law students enrolling in law schools and a gap of talent from the recession, the right legal talent is in high-demand.
Based on current market activity and hiring trends, it is highly likely that there will be a hiring frenzy in these areas in 2019:
Energy
Increases in energy projects and developments in renewable technologies will be driving hiring in clean tech, mining and oil and gas. This means energy companies are required to comply with an increasingly regulated environment. Legal talent with knowledge of this rapidly changing landscape will be vital in ensuring the success of this transforming industry.
Cybersecurity
Data breaches are increasing and so is the demand for legal professionals with data privacy experience. Compliance in data hosting, storage, and related areas resulted in law firms rethinking their hiring. Positions in companies (like Privacy Compliance Officers, Data Governance Directors, Privacy and Data Protection Counsel, and HIPPA Privacy Officers) are increasing. With U.S. compensation laws coming into play, hiring in this area will expand at an exponential rate.
Cannabis
The $6 billion legal cannabis market is expected to reach $50 billion by 2026. Recreational use has been legalized in eight states, and uses have been broadening nationwide (and internationally). There has been the immediate need for attorneys to aid in defining countless regulations as well as in every aspect of the process from employment issues, regulations, manufacturing, distribution, taxes, and contracts.
“Insur-Tech”
Technology is shifting how the insurance industry conducts business. This transformation has led to an overflow of regulatory issues and is disrupting the insurance product cycle. With sensors in cars and the ability to break-up various insurance products, data can be tracked in real-time.
This isn’t just changing the traditional insurance industry, but is also making it more efficient. Insurance is a highly regulated industry, and is now being thrown into a regulatory Wild West because of technology innovation and online commerce. Attorneys who have the relevant regulatory expertise in insurance law and the technical savvy to keep up with changes will be in demand.
Blockchain/Cryptocurrencies
Peer-to-peer decentralized networks enabling transactions of goods and services without a middleman will drastically reduce the time it takes to make and log transactions, and take down the cost and labor involved with it.
There is a high demand for “FinTech” (financial technology) attorneys who need to understand technology products, transactions, financial regulations, and securities laws. Since this technology is evolving rapidly, dominant legal issues have not yet emerged. At this stage, any exposure to this industry differentiates a candidate from another.
E-Sports
The growing interactive gaming (e-sports) industry has become mainstream. Attorneys are being hired to help players, teams and game developers with their business and legal matters like contract negotiations, legal betting concerns, mergers and acquisitions, litigation, intellectual property, privacy/data collection, and endorsements. Growing alongside e-sports is the increasing need for legal services within the VR/AR sectors.
