Most Profitable Areas of Law Today
Law is a complex and ever-changing field. What is profitable today may not be tomorrow. Here are some of the most profitable areas of law today, based on current trends.
While this information should not be taken as gospel, it may give you an idea of where to focus.
Finance
The stock market crash of 2008 left many people in dire financial straits, causing an increase in litigation. As a result, finance law has become one of the most sought-after areas for new attorneys entering the workforce. An expert in this area can easily make six figures and enjoy a comfortable lifestyle.
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Employment
With the economy still in a strange place, workers need attorneys to help them fight employers. In some cases, the employees win big, which of course, is profitable for their attorney. If you focus on employment law, expect a significant salary with a comfortable lifestyle.
It is such a lucrative field that there is even employer of record service companies who specialize in the legal aspects of adding workers to organizations looking to expand into new global markets. This allows companies to cover all employment requirements without the cost or risk associated with becoming a foreign entity.
This is just one example of a lucrative subset of employment law. There are many fields within employment law that can lead to a comfortable lifestyle for those looking for financial security.
Taxes
At times, the government needs help with enforcing tax laws. This is one of the most profitable areas for attorneys looking to make big money. An expert in this field can easily earn six figures and enjoy a comfortable lifestyle.
What’s more, you can do much of your work from home or in any city that has an office that serves your clients. So, you could be an expert working anywhere in the world!
International taxation is also a lucrative sub-specialty within the subject of tax law that allows attorneys to focus on international citizens, entities, and relationships.
Healthcare
The number of people in need of healthcare is growing, and this creates a lot of work for lawyers. Because the U.S. has not yet come under one-size-fits-all health care, there are many ways to make money when it comes to this field. Just look at all the pharmaceutical companies that advertise their products on television.
Each advertisement requires an expert product lawyer to give the drug company permission to advertise prescription drugs.
Those who specialize in this field can expect a comfortable income, and there are always opportunities for growth. For instance, you could eventually become a partner at your firm if you pick one of the more lucrative sub-specialties within healthcare law.
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Intellectual property
One of the most significant fields in patent law is product development and engineering. This field is always in need of legal help, whether it’s protecting a new design or helping with an IP issue.
Patents can be expensive and time-consuming to secure, but the payoff can be great. An expert in this field could make six figures annually and enjoy a comfortable lifestyle.
