Law Areas That Thrive During Economic Downturns

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 in those areas

will be beneficial to them in times of recession. Below are five sectors that are financially

rewarding to legal practitioners in harsh economy

Civil Litigation: Litigation has boomed in the light of the economic meltdown. In hard times,

organizations and individuals have been known to resort to the legal system for the

recoupment of financial losses or using litigations as cash flow tools to avoid paying debts.

There is an increase in the civil lawsuits filed in the federal and state courts in the country,

enriching civil court attorneys in the process. The latest uptick in litigation has heightened the

demand for competent legal professionals who can represent clients in areas of commercial

litigation, insurance defense, class actions, personal injury lawsuits, etc.

Environmental Law: Nowadays awareness of environmental issues is on the increase. Issues

such as management of carbon assets, renewable energy, use of clean technology and keeping

greenhouse inventories have put food on the table of environmental law attorneys instead of

civil court 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

nearest future legal work is bound to more increase for environmental lawyers than civil court

attorneys due to the recent climate changes, global warming, and other environmental

legislations.

Intellectual Property Law: Intellectual property is an organization’s most valuable asset. With

the various developments in science and technology, it has become highly necessary for

authors, inventors and other owners of creative works to employ the services of lawyers well-

versed 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 and ownership protection for existing creations.

They also work with civil court attorneys when disputes arise.

Bankruptcy Law: One of the fastest growing areas of practice in the legal industry in recent

times. With the higher rate of unemployment, 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. This has also prompted

businesses to seek legal assistance in restructuring their assets, duties that civil court attorneys

cannot handle. Knowledge of bankruptcy will be profitable to civil court attorneys, paralegals,

and others legal practitioners in an ailing economy.

Labor and Employment Law: With the deteriorating economy, declining job market, business

downsizes and a plethora of government enforcements, employment lawsuits are bound to

skyrocket. This is not applicable where there is a strong economy. Otherwise, unemployed

workers experiencing financial difficulties are usually forced to pursue litigation. Furthermore,

as regulators step enforcement up and organizations file lawsuits to recover debts, there is also

a surge in disputes. According to a recent litigation trends survey, corporate counsels envisions

a swell in litigation soon, and labor and employment disputes are projected to dominate those

lawsuits.

Regardless of any situation, there are bound to be litigations. 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 can help make you get the most out of

the situation.

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