Increasing standardizations and technological development has caused much debate between legal professionals about whether or not the industry will survive. Many who have voiced their opinions, such as Richard Susskind, have predicted that the decline in employment currently seen in corporate law will continue. However, there are many reasons why corporate law jobs will continue to be in great demand.
One of the primary concerns is the advancement and development of new technology which, although making organizations more efficient, have caused some concerns. It’s important to remember, however, that computers can only do so much. It takes the creativity and innovation of the human brain to complete complicated deals as well as to make decisions that can significantly impact others. What this means for those who have legal degrees is that computer technology is an asset not a competitor.
One of the newest things to come out of technological advances is the globalization of the industry. Law offices have now crossed into international markets where customers in other countries have many needs that can be fulfilled only by those with a business law degree. As law firms open offices in other countries, additional employees will be needed who have knowledge of corporate law on an international level.
Business law continues to be a dominant force in the industry. It is the arm of the legal profession that is responsible for completing many types of transactions such as litigation, acquisitions, commercial leasing, mergers, consumer protection, and helping individuals form businesses. Without professionals in this field the governance of interactions between businesses would not take place.
For those who are considering a career in this profession the knowledge that positions will continue to increase 13% by the year 2018 should be a comfort. The growing population, increasing demands for legal services, and globalization of the industry are prompting this need. One thing that does affect this industry, however, is the increased use of accounting firms and paralegals to accomplish work that was once restricted to those with a legal degree. This type of supplementary staff is often less expensive which makes them more desirable. Therefore, those entering business law need to have a broad education that covers many aspects of the profession.
For those who are worried about the future of corporate law jobs, concerns should be set aside. Regardless of reports that changing technology and standardization are negatively impacting the industry, in fact highly skilled individuals are needed and will be for some time. Professionals in this field play an important role in business and society which will keep this career option viable for some time to come.