While some legal practice areas are suffering in the current recession, certain legal areas are thriving. The top seven legal emphases listed below are thriving because of the growing demand for their services,
In light of the economic downturn, civil litigation has swelled. In tough times, individuals and organizations are more likely to resort to the judicial system to recoup financial losses or to use litigation as a cash flow tool to avoid paying money owed.
As a result, the number of civil lawsuits filed in state and federal courts is rising across the country. The recent swell in litigation of all types is driving demand for legal professionals who can represent clients in areas such as complex civil litigation, commercial litigation, insurance defense, class actions, labor and employment, personal injury lawsuits, and regulatory actions.
The need for environmental law attorneys is a result of a rising awareness of environmental issues such as the use of clean technology, renewable energy, managing carbon assets and keeping green house gas inventories. As going green becomes a global priority, attorneys who can advise clients on green initiatives and sustainability issues are in demand.
Experts predict that greenhouse gas, climate change, global warming, and other environmental legislation will increase the work for environmental attorneys in coming years. Bankruptcy law is one of the fastest growing practice areas in the industry today.
With unemployment reaching record levels, many consumers no longer have the means to pay their monthly debt and mortgage obligations. In addition, a declining economy, escalating medical costs, and record foreclosures have created a surge in Chapter 7 filings across the nation.
The ailing economy has also prompted more business to seek legal help in restructuring their assets. As bankruptcy work continues to explode, attorneys, paralegals, and other legal professionals with bankruptcy knowledge will be highly sought after.
With businesses downsizing, the job market declining, and government enforcement increasing, there has been a dramatic increase in labor and employment lawsuits. In a strong economy, employees find new jobs quickly and are less inclined to file employment-related claims.
On the other hand, unemployed workers facing financial ruin are more motivated to pursue litigation. In addition, litigation rises in an economic downturn as regulators step up enforcement and organizations file more lawsuits to collect on money owed.
Corporate counsels predict litigation to swell in the future, and labor and employment disputes are predicted to account for a significant number of those lawsuits. As the economy deteriorates, more homeowners are struggling to keep up with mortgage payments.
It is estimated that as many as 10,000 foreclosures occur every day in the United States. Outdated state laws, such as fast-track foreclosures and excessive penalties, are exacerbating the national foreclosure epidemic.
The national foreclosure crisis has created a growth in foreclosure law and a demand for legal professionals who can help protect the rights of lenders, investors, business owners and homeowners and guide them through the foreclosure process. Intellectual property is an organization's most valuable asset.
New developments in science and technology have created the need for attorneys with specialized backgrounds in these areas to help protect the intellectual capital of businesses, authors, inventors, musicians and other owners of creative works. In today's competitive landscape, demand for intellectual property attorneys is growing.
As long as invention and innovation exist, intellectual property attorneys, paralegals, and other professionals will be needed to procure the rights to new ideas and protect the ownership of existing creations. Even when other law practices are affected by recession, intellectual property law continues to thrive.
As more data is stored electronically, corporations are challenged with the task of wading through a growing sea of ESI to locate information relevant to a lawsuit. E-discovery attorneys and litigation support professionals help identify, preserve, collect, process, review, and produce ESI in litigation.
As the costs of e-discovery escalate, corporations are under increasing pressure to comply with new e-discovery rules and judges are less tolerant of discovery abuses. The e-discovery industry is forecasted to grow tremendously in the next few years and legal professionals with technical knowledge and skills will be at the forefront of this new and lucrative legal niche.