Dude, the coming years will witness more violence and infact war with China. Do savings as much as possible. People are defaulting in their loans. IF Adani or Ambani either of them defaults, then our economy and law firms will shut
Agar clerical work automate kardiya toh billable hours kaise badhaoge dost?
Law Firms sell the time of their lawyers, even with todays tech most big firms could automate a ton of processes but they don’t because you would have to reinvent your entire business model from being labour intensive to tech intensive. This essentially means that they would have to change their entire billing structure and tie billing to something like volume of data processed rather than man hours.
All this automation can only happen if law firms as we know them die and give way to a new hybrid legal tech enterprise (probably still owned by the AMs of the world) but till the time the man hours model is more profitable the industry would deliberately be slow to innovate.
I am Human lord, creator and destroyer of robot overlords - No robot can harm me! @Legally India, you can have my permanent address for the year 2040🤣🤣
I deduce ur a law student/ clat aspirant from the ▮▮▮ writing style, or maybe a techie/ non lawyer
Considering ur formatting errors and spelling mistakes, Im sure you haven't worked in corporate law firms.
1. If u ever had any semblance of work experience in a law firm, you'll realise that 'cap marks expanding' has no significance whatsoever on the work that comes to law firms. You only deal in copy paste clerical kind of work in cap marks, formatting random compliance which could easily be handled by a typical AI powered device, and if the money paid to associates is diverted in investing in such technology in the next 5 years(some international firms have already started), this is very foreseeable.
2. Indias economy, while growing rapidly, is moving towards minimal compliance and less government interference and replaced by more technology. This is bound to affect the law firm job market.
3. 1000 lawyers in one country is massive, on the scale for a law firm, even comparative to magic circle ones. Don't compare it to scales in tech companies/ other companies lol. Law firms traditionally hire much lower than the work allotted.
4. Don't use some random European countries reference (which I highly doubt the statistic, if u could share).
5. not more practise areas. There would be a shift to technology, media, IP related work which required human interference along with the AI robot, or some reasoning and thinking.
b&F, cap marks, most of M&A, Infra, employment will be obsolete much sooner than 5 years
Correct answer, but I think tech law is one area that will keep growing as the world shifts to AI, blockchain etc.
On a personal note, I wish firms stop hiring financial lawyers with extravagant salaries and hire more people in the thousands of other areas of law that exist: healthcare, energy, environment, labour, trade, public international law, IP, etc. The high salaries to financial lawyers is causing a brain drain. Plus, these people transform overnight from being nerds to toxic bros chasing girls with money and bullying juniors, like the fat guy with glasses (Donny) in the movie Wolf of Wall Street.
No practices will stop hiring atleast for the next 20 years. After that once the economy is stagnant - Mid Level Income Trap or similar situations. Law firms will start freezing hiring. So forget any practice areas freezing hiring for the next 5 years. Even the worst teams would be hiring more.
But next 10 to 20 years, it's almost assured that as long as India grows at 6% GDP + - Law firms will keep on hiring..
Someone was telling - CapMarks and Projects teams would freeze hiring.
Are you even thinking what you are saying? Cap Markets will expand atleast for the next 20 years - $3 Trillion Indian securities markets will become atleast $7 Trillion. Hundreds of companies will be listed.
Projects? At the current pace. I won't be surprised even if Guwahati and Coimbatore has Projects team has a projects team. It's becoming too big to have a hiring freeze. Government strategy in more BOTs etc are even bigger reason hiring won't stop.
The reasons are -
1. Indian Economy will grow - no matter who rules. Indian economy will multiple for sure. Don't tell - modi vs Manmohan. It's BS. It's not because of politicians. It's just the natural trajectory. Of course unless some really horrible leader or political grouping destroys the economy on purpose.
2. Indian Law Firms are too small - the biggest Indian Law firm have less than 1000 lawyers. It's too small in a 1.5bn populated economy which is poised to become a $10 Trillion economy in 2030.
Even in some (relatively small) countries in Europe - there are more law firms with more headcount that India.
India has opportunity for more practice areas and law firms to expand.
So, we could safely say that no practice are would be freezing in the next 5 years.
Law Firms sell the time of their lawyers, even with todays tech most big firms could automate a ton of processes but they don’t because you would have to reinvent your entire business model from being labour intensive to tech intensive. This essentially means that they would have to change their entire billing structure and tie billing to something like volume of data processed rather than man hours.
All this automation can only happen if law firms as we know them die and give way to a new hybrid legal tech enterprise (probably still owned by the AMs of the world) but till the time the man hours model is more profitable the industry would deliberately be slow to innovate.
Yours,
Robot Lord
LMAO
Comment here in 2040
Considering ur formatting errors and spelling mistakes, Im sure you haven't worked in corporate law firms.
1. If u ever had any semblance of work experience in a law firm, you'll realise that 'cap marks expanding' has no significance whatsoever on the work that comes to law firms. You only deal in copy paste clerical kind of work in cap marks, formatting random compliance which could easily be handled by a typical AI powered device, and if the money paid to associates is diverted in investing in such technology in the next 5 years(some international firms have already started), this is very foreseeable.
2. Indias economy, while growing rapidly, is moving towards minimal compliance and less government interference and replaced by more technology. This is bound to affect the law firm job market.
3. 1000 lawyers in one country is massive, on the scale for a law firm, even comparative to magic circle ones. Don't compare it to scales in tech companies/ other companies lol. Law firms traditionally hire much lower than the work allotted.
4. Don't use some random European countries reference (which I highly doubt the statistic, if u could share).
5. not more practise areas. There would be a shift to technology, media, IP related work which required human interference along with the AI robot, or some reasoning and thinking.
b&F, cap marks, most of M&A, Infra, employment will be obsolete much sooner than 5 years
On a personal note, I wish firms stop hiring financial lawyers with extravagant salaries and hire more people in the thousands of other areas of law that exist: healthcare, energy, environment, labour, trade, public international law, IP, etc. The high salaries to financial lawyers is causing a brain drain. Plus, these people transform overnight from being nerds to toxic bros chasing girls with money and bullying juniors, like the fat guy with glasses (Donny) in the movie Wolf of Wall Street.
No practices will stop hiring atleast for the next 20 years. After that once the economy is stagnant - Mid Level Income Trap or similar situations. Law firms will start freezing hiring. So forget any practice areas freezing hiring for the next 5 years. Even the worst teams would be hiring more.
But next 10 to 20 years, it's almost assured that as long as India grows at 6% GDP + - Law firms will keep on hiring..
Someone was telling - CapMarks and Projects teams would freeze hiring.
Are you even thinking what you are saying? Cap Markets will expand atleast for the next 20 years - $3 Trillion Indian securities markets will become atleast $7 Trillion. Hundreds of companies will be listed.
Projects? At the current pace. I won't be surprised even if Guwahati and Coimbatore has Projects team has a projects team. It's becoming too big to have a hiring freeze. Government strategy in more BOTs etc are even bigger reason hiring won't stop.
The reasons are -
1. Indian Economy will grow - no matter who rules. Indian economy will multiple for sure. Don't tell - modi vs Manmohan. It's BS. It's not because of politicians. It's just the natural trajectory. Of course unless some really horrible leader or political grouping destroys the economy on purpose.
2. Indian Law Firms are too small - the biggest Indian Law firm have less than 1000 lawyers. It's too small in a 1.5bn populated economy which is poised to become a $10 Trillion economy in 2030.
Even in some (relatively small) countries in Europe - there are more law firms with more headcount that India.
India has opportunity for more practice areas and law firms to expand.
So, we could safely say that no practice are would be freezing in the next 5 years.
Provided that an individual also evolves to cater the changing requirements of the profession.
Focus on careers in Dispute, TMT, IP
Going to need to plan my internships in that manner