There is good news on the horizon for paralegals, especially in Houston. The sudden drop in oil prices on the global market is opening the doors for other fields, including the legal industry, and all the positions that come with it. The field with the biggest upside will be law firms that specialize and focus on mergers and acquisitions, which will provide the most opportunities for graduating paralegals in terms of position openings.
Oil Drop Feeds Lawyers
The scenario many observers see happening is that the price drops will favor the players that are well integrated in the energy business. Companies that can weather the downturn will have the power to acquire smaller businesses, making them require the services of M&A law firms. Whether what economists and analysts forecast by the middle of the year holds true or not will be a determining factor in facilitating that flourishing period.
Better Paralegal Conditions
The rise is available paralegal positions is a long time coming, with The Center for Legal Studies explaining that there is a steady rise in the number of paralegal openings in the last two years. The incoming demand is not just a good thing for paralegals looking for employment; they are also a step towards quality employment.
Currently, the starting salary for a mid-level paralegal ranges at a medium sized law firm is between fifty nine thousand dollars and seventy-eight thousand dollars. The situation gets even better for paralegals with at least four years of experience in the field, as the base pay will rise from the previous year’s three percent to four point five percent.
Law firms are also asking more of their paralegals than the traditional job description. More and more clients are asking their law firms to take on the role of business partners, requiring more diversity in their operations. Paralegals that can expand their roles will provide the most value to their employers, and get more chances to work with high profile firms.
As these developments depend on economic ups and downs, there is no telling when the window of opportunity will close. The next few months will be the best time to gauge further.