Since 2009, the U.S. economy has enjoyed considerable growth of nearly 160 percent (and I am kicking myself for not participating in the stock market).
Thanks to international brands like the Jacksonville Jaguars and the PGA Tour and the exposure they bring, Northeast Florida has been publicized in a positive way.
That has helped increase the number of large companies in Jacksonville, such as Adecco, Bank of America/Merrill Lynch, Bi-Lo, Citibank, Deutsche Bank, EverBank/TIAA, Fidelity National Financial, FIS, Florida Blue, McKesson, Vistakon and Web.com.
The economic impact of small business has played an even larger role in the growth of the local economy, including the explosion of activity in St. Johns, Nassau and Clay counties.
So what does the economic growth mean for attorneys?
Logic suggests the growth would result in an increase in legal work.
However, since the collapse in demand for legal services in 2009 –– when growth for legal services was down more than 5 percent –– demand for the legal services market has remained essentially flat, according to the 2015 Report on the State of the Legal Market from Thompson Reuters Peer Monitor.
Notwithstanding the well-known fact that private attorneys are nothing but pure joy to work with, law firms have actually lost market share due to decisions by corporations to handle legal matters by building their own internal legal departments to handle their legal needs.
In response to these threats, attorneys who have been able to thrive have been those who developed niche areas of practice that are better suited to the needs of their clients.
Just like a patient decides to visit a specialist rather than first seeking out a general practitioner for a diagnosis, corporations are looking for more “boutique” experiences, such as through an identifiable practice group at a large law firm, or through an attorney who holds himself or herself out as possessing a particular area of expertise.
One such area of specialized practice that has grown in Jacksonville is health law.
In October 2015, world-renowned cancer care came to Jacksonville when Baptist MD Anderson Cancer Center opened in San Marco.
The facility represents a partnership between Baptist Health, the largest health care provider in Northeast Florida, and MD Anderson Cancer Center in Houston, the leading cancer program in the country.
The Baptist MD Anderson Cancer Center has more than 240 team members, including over 40 physicians with significant expertise in major oncology specialties.
To accommodate anticipated growth, construction of a new building has begun with opening anticipated in early 2018.
The new Baptist MD Anderson Cancer Center will employ more than 600 team members over the next five years.
The 330,000-square-foot addition to the current Baptist MD Anderson Cancer Center will be constructed on a tract of land directly across San Marco Boulevard from the current Baptist MD Anderson and a parking garage will be built for about 600 cars.
Other elements include walkways along San Marco Boulevard, a multiuse bike and pedestrian path and a large green space.
A sky bridge will connect the current Baptist MD Anderson to the new building. Jacksonville’s Haskell Co. is part of the design team for the $150 million project.
Transactional and regulatory attorneys who have or can develop a health care focus stand to benefit from the presence and growth of Baptist MD Anderson and other similar institutions.
Transactional lawyers can counsel people and institutions on the legal issues generated by their business deals, because real estate matters stem from the purchase, sale or lease of property or the construction of new facilities.
In the more general health care scheme, regulatory lawyers are needed to draft agency regulations and defend regulatory action.
The Affordable Care Act has added complexities to the health law segment and provides an additional area for specialization.
With the addition of Baptist MD Anderson, Jacksonville’s legal community has an opportunity to further develop specialization in the health care law area.
If nothing else, the addition of MD Anderson to our community has already been an exciting event in my household, where my daughter, M.D. Anderson, has enthusiastically embraced the idea of seeing her name in lights.