As a legal advisor to businesses, we were in recent times advising mainly on manufacturing and supply/distribution structures relating to product/services based commercial ventures. This type of work is still there but it is getting less. The mix of cheap capital which is being sucked into tech companies and the need to cut costs has spawned a high growth in tech businesses. The economy is now attracting a new breed of entrepreneurs and the self-employed. There seems to a divide between the well paid techno and digital businesses and the less well paid retail and manufacturing sector. For advisory legal services this means we are now creating more digital online businesses and web distribution systems than we have ever before.
Capital remains incredibly cheap, so it’s flowing into wages. But that’s only at the high end of the market around technology jobs. At the other end of the spectrum, we have the famed jobless recovery with the elimination of massive numbers of jobs that previously existed, especially in industrial and Fortune 5000 companies. While this is happening, we have an entirely new class of entrepreneurs, or self-employed, being created by companies like Uber.