South Florida attracts all kinds of people. It attracts droves of retirees, travelers, and people looking for a good time. The area is graced with a vast and rich variety of attractions including some of the most exciting nightclubs and music festivals in the nation.
With property prices going up as seemingly endless waves of buyers flock to the area, South Florida is experiencing a period of extremely rapid growth. As it turns out, real estate isn’t the only market that’s seeing explosive growth.
The legal market is growing as rapidly as the real estate market as South Florida is showing signs of becoming one of the most significant legal hubs in the region. Here’s what you need to know about how the growth of the legal service market is affecting the area.
Why Is the Legal Market in South Florida so Hot Right Now?
The legal market in South Florida didn’t just explode for no reason. There are several reasons why so many lawyers and law firms have been attracted to the area. A great deal of the growth in the South Florida legal services market is the direct result of more businesses establishing operations in the area.
A large number of tech companies and private equity firms have come to the South Florida area. With more businesses flocking to South Florida, the demand for legal services has skyrocketed.
More businesses mean more lawyers, it also means more money for the entire region. The businesses that have been buying up property and snatching office space throughout South Florida have injected the area with a lot of money.
The businesses that have established operations in the area are attracting independent attorneys and large firms alike. Between the increase in the number of businesses and a large number of high-profile clients in the area, some of the most well-known law firms in the nation have set their sights on South Florida.
National law firms like Quinn Emanuel and King & Spalding have expanded operations and opened offices in the area. Law firms of all sizes are setting up shop in South Florida, especially in Miami where the local legal market is seeing some of the most explosive growth it has seen in years.
The fact that tech giants like Microsoft maintain offices in South Florida is a good sign for anyone hoping for long-term growth and stability. These offices will attract legal professionals, technical experts, and countless others for the foreseeable future. In 2021, Microsoft secured a property in Miami where it plans to open the company’s new headquarters for Microsoft Latin America, a move that solidified ties between Microsoft and Miami. The current headquarters for Microsoft Latin America is in Fort Lauderdale. The Miami hub is expected to open by 2023.
Microsoft aside, dozens of other large firms that are either moving or extending operations to South Florida are attracting legal talent from across the nation.
What it Means for the Area
So what does the fact that large numbers of lawyers and law firms are coming to South Florida to do business? The effect on the economy is largely positive as it continues to drive property values even higher.
With more lawyers coming to the area, there will be more disposable income which will be good for restaurants, stores, and other businesses. The effects on property prices will primarily benefit people who already own property in the area. With property prices continuing to rise, some folks are making a cashing in on all of that growth by selling their property.
Property owners in South Florida can expect to make more money than they make in a year by selling their homes. Property values in the area saw another uptick as they rose by $72,000 on average. To illustrate how significant this particular spike in property value is, consider the fact that a figure like that is much higher than what most people make in a year.
Keep in mind, that this is not to say that the average home value in South Florida is $72,000. It means that home values jumped up by $72,000. As South Florida home values have increased to a figure that surpasses what people make in a year, the real estate market is showing no signs of slowing down.
Coupled with increasingly high rent, and more expensive office buildings due to the sudden rush of businesses coming to the area, South Florida has become an expensive place to live. Expensive as it may be, it’s also one of the most lucrative places to live, especially for the legal professionals who are coming to fill the gap between the supply and demand of legal services.
In many ways, the influx of lawyers has been influenced and in some respects driven by the overwhelming demand for South Florida real estate. The demand for real estate made the area extremely profitable for attorneys practicing real estate law.
Although most of the growth has centered around Miami, the rest of the region is seeing its fair share of growth as more homebuyers, businesses, and legal professionals come to put down roots.
As more homebuyers come to the area along with large businesses looking for office buildings, real estate lawyers have risen to prominence as the demand for their services continues to increase.
How Long Will the Boom Last?
While it’s hard to say exactly how long the current boom that the South Florida legal market is experiencing, the lawyers who have already moved to the area and passed the Florida bar exam will have certain advantages.
Once a lawyer from another state passes the Florida bar exam, they’re free to do business and practice law in the state. Of course, studying for the Florida bar exam takes time and time is a form of investment.
Right now, the market is hot as there isn’t enough legal talent to go around. For lawyers looking to snag bundles of high-profile clients and make a name for themselves, South Florida is the place to be right now. That said, the legal market will hit its saturation point eventually, but for now, the market is wide open.