2023 has ushered in a new era in many legal practice areas. New areas of law continue to emerge, and old practice areas are changing.
With all these legal transformations, there will be an increase in the demand for lawyers in certain areas of practice.
The U.S. Bureau of Labor Statistics projects the legal profession will grow by 10% from 2021 to 2031.
But what types of lawyers are in most demand? The top five areas of law that are seeing a need for lawyers include the following:
- Cryptocurrency and blockchain law,
- Data privacy law,
- Litigation law,
- Cannabis law, and
- Student loan law.
Read on to learn more about what field of law is most in demand and what lawyers are in demand.
Cryptocurrency and Blockchain Law
Cryptocurrencies like Bitcoin and Ethereum have taken the world by storm. More people are investing in cryptocurrencies and creating new ones.
The global blockchain market is expected to grow by almost 60% from 2023 to 2030. With this expected growth comes many questions about how the law—such as tax and securities law—affects cryptocurrencies.
Individuals and businesses are looking to invest in cryptocurrencies. And if they already have cryptocurrency investments, they need to know how the laws affect them.
Thus, lawyers who specialize in this field will be in high demand.
Data Privacy Laws
Internet users have become more conscious of data privacy. They want to know how their personal information is stored and to whom it is sold.
The European Union was the first to enact a data privacy law, the General Data Protection Regulation (GDPR).
California followed with its own version. More recently, Utah, Colorado, Connecticut, and Virginia have enacted their own data privacy laws.
With the introduction of these new laws, the demand for data privacy lawyers will rise. Businesses need to ensure they are compliant with these new rules.
For example, U.S. companies that cater online services to people in Europe must abide by the GDPR or face substantial financial penalties.
Litigation Law
Law firms are continuously looking for lawyers with litigation experience. This is true for all areas of legal practice.
A lawyer’s ability to follow a case from its filing to the end (settlement or verdict) is an essential practical legal skill.
There is a particular need for lawyers with litigation experience in class action law, intellectual property law, and commercial law.
Cannabis Law
Cannabis law is a fast-developing area of law. As of 2023, 38 U.S. states have legalized cannabis for medical use and 23 U.S. states have legalized cannabis for adult use. But cannabis is still illegal under federal law.
This friction between state and federal law creates many hurdles for cannabis businesses. Among these are banking, sales, and transport issues. The growing demand for lawyers specializing in navigating cannabis laws will continue over the next few years.
Student Loan Law
The law concerning student loans has been on a legal rollercoaster over the past few years. Congress has prevented the extension of the COVID-era pause on student loan payments.
Payments will resume this Fall, 2023. Further, the United States Supreme Court has struck down President Biden’s student debt release plan.
In response, the Biden Administration has announced that a new plan for student debt relief is in the works.
With all these changes, students are confused about their payment obligations and how the laws apply to them. Thus, there will be an increase in lawyers with experience in student loan law.
Contact Mesilla Legal Center Now
At Mesilla Legal Center, we offer office space to rent. No matter what your growing legal practice is, we can assist you.
Our rooms are perfect for meetings, depositions, and trial preparation. With features such as high-speed internet and video conferencing, our office spaces offer state-of-the-art amenities.
Contact the Mesilla Legal Center to book your space today.
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