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.