Eight states have legalized the recreational use of marijuana, while an additional 29 states and the District of Columbia permit medical use. The legal cannabis market reached an estimated $7.2 billion in 2016, and is on track to create more than 250,000 new jobs by 2020. The stigma associated with marijuana use is also fading, as a 2017 poll found that 61% of Americans believe marijuana use should be legalized. In other words, cannabis is a booming business – and the legal services industry is taking notice.
Baby boomers, defined as those born between 1946 and 1964, are steadily retiring from the legal industry. The American Lawyer reports that while almost half of AmLaw 200 partners were baby boomers in 2016, 16 percent of law firm partners will retire in the next five years – and 38 percent will retire within the next decade.
Understanding how artificial intelligence applies to the legal industry continues to be a mainstream effort, mostly led by corporate legal departments that are pressuring firms to implement technologies that will not only cut down their legal expenses but also enable them to be more innovative.
The AmLaw 100 and Major League Baseball arrive around the same time each spring, and you might think that’s about all one has to do with the other. (Check out the latest AmLaw 100 report here.) But bear with us while we draw a connection between these two great traditions, both of which reveal the power of statistics. Baseball fans obsess over ERAs and slugging percentages, while The American Lawyer’s annual report has fixed the profession’s attention on numbers like revenue per lawyer and, of course, profits per partner.