Thriving Law Areas
The courtrooms are always busy. But some areas are more lucrative in the face of an economic meltdown. Specialization of attorneys, paralegals and other legal professionals is crucial. These areas will benefit greatly. These are always true in times of recession. Below are five sectors that are financially rewarding. Awarding to all legal practitioners in a harsh economy.
Litigation is booming even in the light of the economic meltdown. In hard times organizations and individuals have had to resort to the legal system. They look to eliminate financial losses by using litigation as a cash flow tool to avoid paying debts. There is an increase in the civil lawsuits. This is both in federal and state courts. Helping enrich civil court attorneys in the process.
The latest uptick in litigation has seen a demand for competent legal professionals. Attorney’s who can represent clients in areas of commercial litigation. insurance defense, class actions, and personal injury lawsuits are on the rise also.
Nowadays awareness of environmental issues is on the rise. Issues such as managing of carbon assets and renewable energy are huge. Use of clean technology and keeping greenhouse inventories have put food on the table of environmental law attorneys. Lawyers who can advise clients on green initiatives and sustainability can make bank as ‘going green’ are fast becoming a global priority. Experts project that in the near future legal work is bound to increase more for environmental lawyers. This is due to the recent climate changes, global warming, and other environmental concerns.
Intellectual Property Law
Intellectual property is an organization’s most valuable asset. There are various things developing in science and technology. It has become highly necessary for authors and inventors to protect themselves. Other owners of creative works need to employ the services of lawyers also. Especially attorney’s that are knowledgeable in intellectual property law.
The world is getting innovative and competitive. That means copyright lawyers and civil court attorneys are not going out of jobs anytime soon. This is due to the need to procure rights to novel ideas. To protect ownership protection for existing creations. They also work with civil court attorneys when disputes arise.
One of the fastest growing areas of practice in the legal industry in recent times. There is a the higher rate of underemployment. Many consumers are unable to pay their mortgage obligations and monthly debts. A surge in Chapter 7 filings has been created due to the dwindling economy. Foreclosures and skyrocketing medical costs play a key role. This is also prompting businesses to seek legal assistance in restructuring their assets. These are duties that civil court attorneys need to handle. Knowledge of bankruptcy will be profitable to civil court attorneys and paralegal. This also helps other legal practitioners in an ailing economy.
Labor and Employment Law
These statistics are according to a recent litigation trends survey. Corporate counsel envisions a swell in litigation soon. Labor and employment disputes are going to dominate those lawsuits. Regardless of any situation there is bound to be litigation. But there are specific areas that are more lucrative at certain times and being privy to these areas is critical. In the case of an ailing economy I believe knowledge in these five areas is crucial. They can help make you get the most out of the situation.