Summary: Transactional law may not be long for the world of modern law, and here are 3 reasons why.
- Transactional law is slowly declining in today’s legal world, and experts cite 3 reasons.
- Technology, client value, and the overall costs of a practice field that may not be necessary to people or companies.
- Keep reading to find out how these 3 aspects of transactional law can make for a less than stellar practice field to be involved in.
Some practice areas of law are more popular than others, and much of that has to do with client demand.
For instance, if you’re an attorney in Los Angeles, it is more likely you will be involved with entertainment or real estate law than other types of law that aren’t as popular within the region.
As for transactional law, this type of legal practice takes place nationwide, and according to a recent Above The Law article
, transactional law across the board in the U.S. is sharply declining as a practice field. Here are the 3 reasons:
- Technology or Artificial Intelligence
Much of the redundancy that you will traditionally find in a law practice has for the most part been taken over by artificial intelligence.
According to Law Technology Today
, the introduction of AI has vastly shortened the attention, not to mention the billable hours that an attorney would have to devote himself to, and subsequent cost of those hours that the attorney would ultimately push onto the client.
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