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Wealth Management Lawyers

Outlook

Employment for lawyers is expected to grow by 4 percent through 2029, as fast as the average for all occupations, according to the Occupational Outlook Handbook. Increasing government regulation has supported demand for lawyers to help wealth management partners navigate these often complex rules.

The Department of Labor notes that "although law firms will continue to be among the largest employers of lawyers, many large corporations are increasing their in-house legal departments in order to cut costs. For many companies, the high cost of hiring outside counsel lawyers and their support staffs makes it more economical to shift work to their in-house legal department. This shift will lead to an increase in the demand for lawyers in a variety of settings," including financial firms.

According to Robert Half Legal's 2020 report, specialized lawyers are in strong demand, and business law (especially financial services) is considered to be a hot practice area. "As more businesses enlarge their footprint around the country, their in-house legal departments are seeing an uptick in hiring as well," the firm explains.

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