There are specific areas of the law that aspiring lawyers can focus on. If you want to start a career in this sector, you need to answer a few important questions. Should you join the league of divorce attorneys if you’re from Albuquerque or should you concentrate on labor law since there are many employment lawsuits in New Mexico?
Choosing the right field in the law sector may indeed be challenging, but this guide might help you make up your mind.
Demand
Industry experts note that the most lucrative specializations as of 2016 are complex litigation, corporate law, intellectual property law, and healthcare law. Complex litigation deals with the cases of the world’s largest companies; therefore, the demand is high. But to be a complex litigator, you must be the crème de la crème. These companies know that there’s so much at stake, so they only want someone who can win the case for them.
Corporate law also deals with businesses, but instead of handling litigations, corporate lawyers assist their clients with their legal compliance needs. These include drafting of documents, such as bylaws, privacy policy, contracts or agreements, and so on. With the continuous rise in the number of businesses these days, corporate lawyers are undoubtedly among the most wanted.
With the increase in the number of patents filed in federal courts nowadays, intellectual property lawyers are sure to have plenty of job opportunities. Trademark is another field intellectual property lawyers can focus on. If you are active on the web, you’ll find several cases where companies fight over a product name or design.
Healthcare lawyers are also in demand because healthcare laws are dynamic. Their clients need to make sure they are up-to-date with the state and federal laws and that legal issues between a healthcare provider and insurance provider are settled.
Salary
Intellectual property lawyer. The job description of IP lawyers are mentioned above, and, apparently, they deal with plenty of patent and trademark technicalities. That said, it’s no wonder their median pay is $137,000 annually and they may earn as much as $197,000.
Tax lawyer. Tax attorneys have an average annual pay of $99,000, which can go as much as $200,000 for those on the higher end.
Trial lawyers. Civil litigation is also one of the most pressing jobs for lawyers; therefore, getting paid $99,000 annually on the average is understandable.
Employment and labor attorneys. Representing the workforce is also taxing, so an $87,000 average annual salary is decent.
Here are the industries that pay their lawyers high enough:
- Scheduled air transportation—$214,000
- Industrial machinery manufacturing—$209,000
- Beer, wine, and distilled alcoholic beverage merchant wholesalers—$205,000
- Electronic component manufacturing—$196,000
- Cable and other subscription programming—$195,000
Note, however, that high salary does not equate to high demand. The industrial manufacturing, for example, is the second highest industry but its need for lawyers is very low.
So, what is the best specialization? As many experts say, all fields in law have their own hells and heavens. You just need to find the one you’re most comfortable with and where you can expand your horizon. If you can’t make the decision, you may start at the aforementioned factors.
