Are Law Firms Affected By Recession As Well

Almost every sector of the job market has been affected by the current economic situation, including the legal sector. Many law firms are worried about the future, and are very cautious when it comes to hiring. That means they're going to be sticking to a particular strategy and not taking too many risks.

What does that mean for law students coming out of law school, or lawyers looking for a new position? It depends on the area of practice. Students going into law school should think carefully about their specialty before they make a final decision. In general, specialists in regulation in just about any industry are doing better. Lawyers specializing in corporate law, mortgage law, and similar fields are in much lower demand, but there are several sectors where business is still booming.

The health care industry, for instance, is still going strong. After all, the demand for health care never really goes down. That makes law in this sector an extremely recession proof area. Demand for associates with two to five years of experience in this area remains high.

In addition, attorneys with training in public law or in the government sector are doing well. Students unsure about their specialization may wish to consider becoming a government lawyer. After all attorneys in this area are able to get high level networking almost right away, and this is another industry that a recession just doesn't slow down.

One of the hottest practice areas currently is employment and labor. With so many people hoping to hold onto their jobs, trying to get new ones, or suffering discrimination as companies try to cut costs, there's a lot of call for appropriate legal expertise.

There are lots of opportunities in the fields of employment and labor in both small and large firms. Employee benefits lawyers are especially in demand. ERISA attorneys remain marketable, especially if they have experience dealing with service-provider issues, executive compensation, and similar issues.

Tax law is quite active as well, especially when it comes to lateral employment. An LL.M. in tax, a background in finance, accounting or economics, and international tax experience or transactional corporate experience can go a long way. Intellectual property law, litigation, corporate law and estate planning are also holding strong, as well as immigration law, as the number of immigrants who need to navigate the labyrinth of immigration law continues to increase.

So, if you're in law and are worried about your future, it's not all dark. While some law firms are affected by the recession, other areas are doing very well. It all depends on which specialization you're working in.

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