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Every week we bring you the topics and questions that you are talking about/asking when it comes to your careers.
This week we tackle the research that shows the global industry is going through one of its biggest ever changes.
According to research and market commentary, up to 50% of Attorneys in the US could be working in the fractional economy by 2027 (description below), 33% of Solicitors in the UK will be working in the gig economy by 2026 (LexisNexis) and this will continue to grow.
How will lawyers get client work?
Through umbiie.com, lawtrades.com and other such sites
This week we discuss what this means for Lawyers
Courtesy of Perplexity AI.
The "fractional" or "gig" economy refers to a labour market characterised by temporary, flexible jobs, often mediated by digital platforms.
This economy allows individuals to work as freelancers or contractors rather than in traditional full-time roles.
The rise of technology and the internet has facilitated this shift, enabling workers to find gigs that fit their schedules and preferences.
Key Concepts of the Gig Economy
Definition: The gig economy encompasses various forms of employment, including freelancing, contracting, and temporary positions. Workers often engage with multiple clients simultaneously, allowing for diverse income streams and flexible schedules.
Fractional Work: A subset of the gig economy, fractional work involves individuals taking on part-time roles or project-based assignments for multiple companies. This model is particularly prevalent among senior professionals who provide strategic expertise without the long-term commitment required by full-time positions. Fractional roles are increasingly common in executive positions, such as Chief Financial Officers (CFOs) or Chief Marketing Officers (CMOs), where companies benefit from high-level skills at a lower cost.
Benefits:
Flexibility: Workers can choose when and how much they work, which is especially appealing for those balancing personal commitments.
Variety: Engaging with different clients and projects can lead to a more fulfilling work experience compared to traditional roles.
Cost-Effectiveness for Employers: Companies can access specialised skills without the overhead costs associated with full-time employees.
Challenges:
Income Stability: Gig workers may face unpredictable earnings due to the nature of contract work.
Client Relationships: Building strong connections with clients can be challenging when working on a part-time basis across multiple organisations.
The gig economy represents a significant shift in how work is structured, reflecting changing attitudes toward employment and career fulfilment.
As this trend continues to evolve, it is likely to reshape traditional employment models further.
To talk about them, contact Debra on debra@umbiie.com, visit umbiie.com
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