If you find yourself having trouble settling lawsuits, or finding yourself in courtrooms across the country, it might be time to consider getting out of the business of litigation.
A new study by the consulting firm McKinsey & Company suggests that by 2022, the number of attorneys working in litigation will be about 2.7 million, which would be a 6.7 percent increase from 2022, when there were about 2 million attorneys working.
The increase is expected to be more pronounced if there is any major industry downturn, which is unlikely to occur.
The McKinsey study, “Losing Losing Lest You Die,” shows that the total number of lawyers working in the field of litigation has grown to about 7.1 million attorneys by 2022.
McKinsey predicts that by 2021, litigation will account for only around 1.5 percent of the work force.
McKinseys findings suggest that if you want to be competitive in the legal arena, you may want to look elsewhere.
In the first quarter of 2021, there were 7.7,000 attorneys in litigation and litigation-related positions in the United States.
The number of lawsuits filed increased from 3,000 in the first three months of 2021 to 6,000 during the fourth quarter of 2020.
The number of cases filed also increased from 7,600 in the second quarter of 2019 to 8,200 during the second half of 2020, according to McKinsey.
In the second year of the study, there was a drop of 1,400 to 890, while in the third year, the total dropped by 3,600 to 1,500.
In terms of the number, the McKinsey report says that more lawyers work in litigation-based cases than ever before, and that the number is projected to continue to grow as lawyers seek more ways to settle their cases.
McKinsey also found that litigation is becoming a more lucrative area of work, and the firm says that a substantial amount of that revenue will come from the use of contingency funds.
It predicts that litigation revenue will grow at a compound annual growth rate of about 7 percent in the years 2020 to 2023.
The new McKinsey data shows that even if you get paid a lot more to work in a particular field, it may not necessarily mean that you’ll be happier with your job.
As a matter of fact, the report found that in some cases, more lawyers were hired in litigation than in other areas.
This article originally appeared at FourFourtwo, a news site covering the digital and social worlds.
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