We’ve been shedding light on Miami’s fast-growing legal sector here at Soundbytes for some time, covering the rise in international litigation and arbitration, the arrival of some of the world’s largest firms, and the steady growth of small and mid-size boutiques.
Now we have some quantitative research to back up all the anecdotal evidence that confirms Miami is among the world’s most dynamic markets when it comes to the practice of law.
JLL‘s 2014 Law Firm Perspective indicates that Miami has seen the creation of more legal sector jobs than any other city in the country, with 22,500 new positions created in the last year alone. This represented a 3.7 percent increase in legal jobs, compared with a national growth rate of only .3 percent (check out the below image for more details).
Much of this growth is attributed to the sheer uptick in international casework and transaction volume that South Florida firms are managing amidst a flood of inbound investment, according to a recent report by Law360. That echoes the sentiment we’re hearing from all of the law firms we represent as they tap into a rising tide of companies arriving and investing in Miami from overseas.
John Sumberg of Bilzin Sumberg tells Law360 that “in the last two years, Miami has secured its position as a serious international city and the gateway to Latin America and to a lesser extent Europe and Asia. We’ve been talking about that for 20 years, but in the last two years it has coalesced.”
Needless to say, it’s a good time to be practicing law in Miami. Firms with a strong South Florida presence, deep roots in the community and an aggressive marketing and public relations strategy focused on branding the firm and its members are the ones best positioned to seize this opportunity.