Experts share their forecast for the legal sector for 2022
Dafa’s war for talent will continue
Big Law associates, overworked by an avalanche of deals, were showered with special raises and bonuses in 2021 by companies desperate to keep them.
2022 is set to be just as hot, according to recruiters.
Insider spoke with four industry experts to find out what lies ahead for the legal industry in 2022. They said there is no sign that the torrent of legal work will slow down enough to affect conditions in the talent market.
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The legal technology industry will mature
It has been an exciting year for legal technology, which has seen a wave of M&A activity, an influx of capital and a record number of companies entering public markets.
Law firms and corporate legal departments have doubled their technology, from the way they manage their contracts to the way they make deals.
Many of the trends set this year for legal technology, experts say, will continue into 2022. Insider spoke to seven legal technology experts about 2021’s biggest trends and how they will likely shape the year ahead. .
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Bankruptcies will resume
2021 saw a record drop in Chapter 11 filings, but this lull won’t last forever. As Omicron’s push disrupts travel and return-to-office plans, bankruptcy lawyers brace for a busier 2022.
As the pandemic spreads and federal support for stimulus measures wanes, businesses in the hospitality, physical retail, travel and commercial real estate sectors appear particularly vulnerable, experts said. bankrupt.
“You’re going to see cracks in the first quarter of next year,” said Meagen Leary, co-chair of the corporate reorganization and financial restructuring group at Duane Morris.
Insider spoke to Leary and four other bankruptcy attorneys to find out what lies ahead for 2022.
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