If there is one career which did not suffer too much during the weakened economy, it is being an attorney. Of course, some areas of law practice may be struggling, but others are thriving. This is especially true if you are a civil law attorney as opposed to a criminal defense attorney.
Here are a few areas of the law which are in demand and can provide a good income for attorneys who practice one of these.
Since the recession, civil litigation has increased. It seems that when times are tough, individuals and businesses turn more quickly to the legal system when they need to recoup losses. Some may also use litigation as a way to avoid paying money owed.
Unfortunately, this area is growing by leaps and bounds as more and more people find themselves unable to pay their bills. With large numbers of unemployed, there are many who simply cannot meet their mortgage or monthly debt obligations. Also, many find themselves unable to pay rising medical costs and declare bankruptcy.
This area is growing as environmental issues become more of an issue. New technologies such as managing carbon assets, renewable energy, and greenhouse gas inventories are creating new business for environmental law attorneys.
Along with bankruptcy law, this law practice area is one of the fastest growing. With a struggling economy and high unemployment numbers, many homeowners cannot pay their monthly mortgage payment. The national foreclosure epidemic is also exacerbated by outdated state foreclosure laws and excessive penalties.
Employment and Labor Law
As more people lose their jobs or have difficulty finding one, employment lawsuits are on the rise. During a strong economy, people do not have much trouble finding a new job, so are less inclined to file claims related to employment. When workers face financial ruin when they lose their job, they are much quicker to pursue litigation.
Intellectual Property Law
An organization or business’ most valuable asset is their intellectual property. With new technology and scientific discoveries, more companies are finding they need lawyers who specialize in these areas to help protect their intellectual capital.
This is one of the newest areas of law practice and is predicted to grow tremendously over the next several years. E-Discovery lawyers are specialized in electronic security information. They work with corporations and individuals who are forced to comply with new e-discovery rules. Lawyers with a bent for technology will be great demand as this field continues to grow.
Attorneys practice many different types of law. These areas are some of the fastest growing and those which are making a profit even in this economic turndown.