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Artificial Intelligence is a tool that is being used across many sectors today, including by forward-focused law firms keen to evolve. There are many different ways in which this innovative tech can make a big difference operationally. For example, it is already proving vital in the area of legal research, with organizations such as LexisNexis already employing artificial intelligence to make researching thousands of instances of case law much more straightforward. E-discovery is another area where this technology is making waves, as well as when it comes to automated translation, which artificial intelligence can process at a much lower cost and much more quickly than any other means. Artificial intelligence is also proving to be game-changing for transcription, enabling the conversion of phone calls, bodycam footage etc. into the evidence required for litigation. Technology has a lot to offer law firms keen to upgrade for efficiency - and artificial intelligence is going to be a particularly vital asset going forward.

The market for legal compliance jobs is vibrant right now, as a combination of factors creates a spike in demand for talented people. The tightening of the labor market, combined with a range of constantly evolving regulatory pressures means that organizations are increasingly looking to build stronger internal compliance teams that can insulate against increasing regulatory scrutiny. Competition for corporations seeking to attract talent is tight and many are offering a range of incentives, from high salaries to much more flexible working conditions. As a result, the nationwide unemployment rate for compliance officers fell to 2.4% in 2021, according to the National Bureau of Labor Statistics. That is compared to the overall national average unemployment rate of 5.3% in the same period. Average salaries are also moving in the right direction, with a 1.5% increase in salary data for a compliance chief in 2022 over the figures for the previous year.

While the war in Ukraine - and subsequent sanctions on Russia - have created a challenging environment for many in the financial services industry, not every role is negatively impacted. In fact, there are some - in the compliance sphere - that are enjoying a resurgence as a result. Sanctions specialist is probably one of the most in-demand legal compliance jobs today as a result of the war in Ukraine. Sanctions are not new but the effect of the round currently being applied to Russia means that there is unprecedented pressure on compliance teams. This is not just with respect to reviewing what the impact of sanctions is likely to be but also when it comes to ensuring that policies, procedures, systems, controls and guidance all reflect the current situation. This has been exacerbated by the way that sanctions have been introduced on a gradual basis, requiring many institutions to be in a constant state of updating and reviewing.

Expansion is taking place across the legal sector today on a global level. Now, a business that began as a personal injury law firm in Liverpool, UK, is about to go global thanks to significant investment designed to fuel an international expansion. The Spirant Group oversees five companies in the legal and medical services sector, including Accident Claims Lawyers UK. It has now secured more than £13 million in funding that will give the company the resources to pursue new markets, in particular in Dubai and the USA. Spirant has more than a decade in the industry, now has 150 staff and a turnover of more than £20 million. The company launched Accident Claims Lawyers UK back in 2012 and then took the business to Australia in 2017. The next step - seeking to establish a foothold in the profitable USA market - is a logical one and, the firm says, part of a robust long-term strategy to help it deal with shifting financial and regulatory environments.

Nominal wage growth rose by more than 4% in the US last year and most employers are factoring in another rise for budgets for 2022. In fact, payroll budgets could increase by up to 15% for firms this year, making this a prime time for those seeking to work with a legal recruitment agency to find an exciting new role. The year-on-year increase for lawyer salaries is set to hit 27% in 2022, which represents a significant turnaround from some of the much harder years of the pandemic. The spike in salaries is being driven by the talent shortage that is affecting the legal sector, as well as many other industries. The new wage cycle that is emerging falls on the side of workers, as the fight for talent isn't likely to abate any time soon and legal teams across the world are going to have to continually update their offering to attract the best people.

In March this year, an executive order on "Ensuring Responsible Development of Digital Assets" was introduced by the Biden Administration. This paves the way for virtual value oversight, regulatory approaches and implementation in America and also closer collaboration between government agencies. It is designed to make implementation of anti-money laundering networks and frameworks more effective and overcome many of the flaws that exist because digital asset systems were not designed for compliance etc. The Order will also demand a lot more collaboration and seek to make it more difficult for cyber criminals to exploit existing loopholes. Illicit finance, money laundering and securities scams are just some of the targets of the Order. And, with its implementation, will come a brand-new legal compliance regime that seeks to comprehensively integrate the digital world. Innovative technology is going to be a tool for good going forward and this new Order is the first step towards helping to achieve that goal in the US.

Big Law is currently going through a legal recruitment bonanza thanks to the impact of markets and sectors opening up again in a post-pandemic world. Am Law 200 firms hired more than 8,500 associates in 2021, which represents a 24% increase on the average figures for the previous three years.

Compliance initiatives are becoming an increasingly important priority for organizations across the USA. That's according to the most recent research from the Association of Corporate Counsel, which identified a focus on creating contingencies for legal compliance. This is partly being driven by the rise in importance of privacy and cybersecurity issues and expectations that there is also going to be an increase in regulatory enforcement as a result of this and other influences.

An incredibly tight labor market means that recruitment pressure is heavy for US law firms at the start of 2022. The need to hire and keep talented people was a building theme during 2021, as recovery from the pandemic started to drive up market growth. The legal recruitment talent war that has ensued has meant that starting salaries are shooting up and firms are considering a range of other benefits and incentives to ensure that they do not suffer from skills gaps.

The shock of the pandemic caused a serious slowdown for legal hiring, including with respect to legal compliance jobs. However, recent figures show that the job market is returning with a huge increase in demand. There are currently tens of thousands of open positions across the country and, given that many openings for counsel and partners aren't posted online, this is likely to be just the tip of the iceberg.