The criteria for defining a company’s strategy is to be able to take a step ahead of possible developments and competitions in the market environment and to recognize proactivity early in relation to the challenges that are expected to shape the market according to their ideas. On a regular basis, various media, interest groups and industries present research on different strategic trends. The law industry is also concerned about this and its impact on its business.
Megatrends are generally called profound and sustainable development in general. Basically, there are five areas: society, politics, economy, ecology and technology. Each trend has a different effect and, in turn, produces different responses. Consideration for the attorney market is important. In general, if you are aware of possible developments, effects, and responses, you can perform your actual activities at an early stage. Discussing all trends, impacts, and reactions is beyond the scope of this white paper, so we will only discuss the most important issues in the following sections.
Demographic, Migration and Labor Markets
The company’s expected demographic changes are initially eye-catching. In general, the global trend of population growth contrasts with the aging society and the pyramid shifts due to lower fertility and employment rates. Also, in certain industries, there is an expected increase in migration that entails the migration of qualified employees. New mobility and urbanization trends (metropolitan cities with a new form of life) are more important than any socio-cultural task (eg, cultural diversity and value diversity) and result in a mix of value changes and value.
The labor market is more open, unemployment is increasing (because automation is increasing) and the war for the unemployed is for talented workers. The new mobility requires a flexible and interactive working structure and working model to promote regional and newspaper relationships. Finally, there will be a new market (for older people, for example). In particular, women with their different needs (eg family) will emerge as market actors as well as professions in general.
Information Society and Technology
Society will continue to evolve into an information society, and the service sector will continue to grow in importance. As information is used as a central resource and the flood of information continues to increase, interest in information management will increase.
There is also an expected increase in technology and digitization. The desire to have all the information in a digital lifestyle (some thanks to digital connectivity and mobility) and anytime, anywhere, accelerates working life and requires new digital reality participation between employees and customers.
The economy is characterized by general growth in all sectors. It affects not only financial assets, prosperity, consumption and resource consumption but also debt (financial crisis). Globalization and internationalization open up new systems and liberalize markets, opening more areas of activity and new business opportunities. On the other hand, this means increasing competition pressure and competition.
Also, as more security and the development of civil protection are required, the legalization of life is generally reserved (especially through increased regulatory density and legislative diversity).
Politics and Ecology
The political environment is characterized by continuous changes in world order (eg democratization, democratization, merger of legal and cultural organizations, EU growth).
Ecosystems, climate change, environmental pollution, and resource shortages, will lead to changing framework conditions, changing needs, and strengthening and strengthening mobility for distribution. The company is responsible, especially for responsible use of natural resources (keyword: corporate social responsibility).
These two trend areas have little effect on the legal profession, so they are no longer covered below.
These remarks have shown that legal services are subject to the same market laws as other industries and that suppliers must face a variety of ever-changing challenges. The most important challenge in the attorney’s market is m.E. Especially in the changing labor market due to available and high quality attorney shortages, intense competition and related cost pressures, changing customer needs and expectations.
Again, I confirm that constant change is the only constant in the legal system. Lawyers who avoid trends or do not respond in good time will not be as successful as their competitors, but in the worst case they will be punished and gone. But those who anticipate unexpected developments and anticipate developments in good times, who survive the upcoming challenges, will be able to survive and grow stronger, but will not be able to make market decisions based on their own rules.