A Guide to the Most Profitable Legal Specialties
A degree in Law, and the field of Law in general, can certainly be rather broad. With international Law, corporate law, and many more specialties there really is something for everyone in this field – but some of these fields are simply more lucrative than others. Thus, in this article we will take a closer look at some of the most lucrative legal fields that you need to know about, so that you can choose the one that is right for you and your career. As well, when looking at the factors that can affect whether a legal specialty is lucrative, the following are just a few that are particularly important to note . The number of hours you place into your work is certainly a large factor into how lucrative your specialty will be, with more hours obviously means more money. The client base you establish also plays a large role, as does the reputation that you build and are comfortable with. The location can also affect how lucrative the field is. Those who practice International Law may be more comfortable making their home and establishing a reputation in an area outside of where they work to ensure that their services are sought after above and beyond those in the area.
Corporate Law: A Highly Paid Specialty
Corporations have different needs than other businesses when it comes to legal counsel and representation. Corporate lawyers represent and consult for corporations, partnerships, and limited liability companies with regard to their structure, financial activities, and regulatory issues. Corporate law is one of the most lucrative areas of law, owing to the high value of the transactions involved and the massive scale at which corporations operate. If your idea of a productive workday is negotiating billion-dollar mergers and litigating complex commercial disputes, corporate law is for you.
Corporate lawyers typically represent organizations during transactions and litigation. Common tasks include filing articles of incorporation, drafting operating agreements and corporate bylaws, registering corporations with state agencies, maintaining business licenses, and determining the tax implications of a particular merger or acquisition. Corporate lawyers may also advise on the proper management of the corporation with regard to federal and state regulations.
Corporate lawyers work in a variety of settings. Most commonly, corporate lawyers spend their days at law firms, where they work exclusively with corporate clients. Some corporate lawyers, however, work in-house, serving as the sole counsel for a corporation or for a particular department within a large corporation. Large corporations will almost always having in-house corporate counsel, while small corporations may hire external counsel only as needed. Corporate lawyers who work for large law firms billed approximately $477,000 a year, as of 2016, and a few occupations topped $1 million a year. In-house counsel earned between $185,000 and $600,000 a year, depending upon their level of experience.
Some of the most notable verdicts and settlements in U.S. history resulted from corporate litigation. Some of the most notable examples are: Enron and Worldcom, two major scandals involving false reporting and record-keeping leading to bankruptcy; Delaware v. Exxon Mobile, a stockholder derivative suit over an oil spill settlement; and Klienfield v. Harman, a corporate misrepresentation action that settled for $200 million.
IP Law: Make Money Off Intellectual Property
It should come as no surprise that the laws which protect innovation and safeguarding ideas are highly lucrative. Becoming an IP, trademark or patent attorney is a hot, up and coming field. The field of IP law is generally divided into 3 areas; litigation, which includes copyright, software, trademark and patent law; the second area covers IP protection like licensing and litigation; and the last area is where IP lawyers practice transactional law by drawing up IP licensing agreements. Because knowledge and the ability to protect your ideas are highly coveted, and new companies and industries often need help protecting their reputations and ideas; education and which corporations to recruit from to build their brands add up to a high demand for IP lawyers. Most recently the top earning IP lawyers were on the West coast; whose clients are the Silicon Valley giants (Apple, Facebook, Twitter, Google), pharmaceutical companies (Pfizer, Merck, Eli Lilly) and thousands of other tech, pharmaceutical, and Fortune 500 companies. Although the highest legal sectors are getting more competitive, they are still in high demand and there are lucrative positions with big name firms. The newest hot spot for IP lawyers may be New York City.
Tax Law: A Lucrative Specialization
Tax law is one of the most demanding specialties of law with respect to technical understanding. The requirements of continued learning, due to both changes in tax codes and regulations, and the ongoing complexities of increasingly complex businesses, require very high levels of expertise. There is no clarity in a business transaction until a tax lawyer weighs in, deciding which of numerous possibilities will be the least expensive from a tax perspective. Businesses of all sizes rely on timely and sound tax advice to keep them out of trouble with the IRS and state taxing agencies while they find the most cost effective way to structure their organization and business deals.
For some businesses, the repeated need for basic advice might lead them to seek a retainer agreement with a tax law firm, such as Dentons, which might generally cover a certain amount of analysis and advising. Dentons has over 700 attorneys in over 50 countries specializing in tax law, and were named Global Tax Firm of the Year in 2012 by Who’s Who Legal.
Tax law firms represent a wide range of clients. A very large portion of their work involves preparing property tax appeals for assessment disputes involving state and local tax agencies. That work is usually billed hourly. Most business clients have tax lawyers prepare their annual tax returns, using their work as an opportunity to probe into their financial affairs so that appropriate tax advice can be provided. Many businesses find it useful to have their tax lawyer set the initial deal parameters for a business transaction, deal with the tax agencies, and then refer the deal the business eventually makes to an M&A specialist. This combination allows the tax lawyer to understand the details of the transaction well enough that there are no bad surprises, but gives the business access to a lawyer with a much more fine-tuned specialty, who can vet the deal in detail. The tax lawyer can thus be helpful by ensuring no unnecessary taxes are paid, and that the best deal can be provided for a client based on the overall organization and structure of the client’s affairs. For some clients, that might also mean forming strategic partnerships with other corporations.
Tax attorneys working for themselves or on very small scale earn an average of $64,907 per year, while those working for large law firms earn an average of $118,758 per year, according to SimplyHired.com in 2012.
Overall, the U.S. Bureau of Labor Statistics (BLS), a unit of the U.S. Department of Labor, projects that employment of tax lawyers is expected to be strong, as more corporations and organizations are formed, and more professionals are engaged to assist with tax matters. The BLS states, "Job opportunities should also be favorable for attorneys willing to relocate to areas where their specialty is in high demand".
Medical Malpractice: A Profitable Practice
If you love statistics, the career of a medical malpractice lawyer is the right match for you. We live in a world surrounded by facts and what could be more interesting than to help rectify someone’s health situation with facts and statistics on your side? Unfortunately, the issue is not that simple. For one, there are different types of cases within these field of law, and you’ll need to identify your niche before you can make statistics work for you.
One type of case seen most frequently in a medical malpractice law firm is related to negligence caused by health professionals. You might think that the most known types of malpractice lawsuits are related to surgery and birth. However, it seems that the majority of medical malpractice complaints concern misdiagnoses. The reason for such outcome is most probably the difficult nature of diagnosing conditions with similar symptoms. Another type of case involves compulsory malpractice lawsuits, or what is commonly known as "preventive" malpractice. These lawsuits are filed even before a problem arises , in order to protect the responsible ones in case a specific fault is found later on.
It is important to note that the earnings of a medical malpractice lawyer will depend directly on the amount of hours worked on each assigned case. It may take anything from a few days to a few years to settle a case. Thus, its important to keep records of every case handled, it is for your own benefit. Working harder means earning more. A successful medical malpractice lawyer can take home $150 000 to $200 000 annually. A less experienced professional can earn about a third of this, about $50,000 a year.
The more cases are won, the higher the earnings. The largest malpractice settlements in the past few years have been of about $35 million for a little boy that sustained permanent brain injuries during birth, $72 million for a nurse that suffered medical negligence during exposure to radiation and $100 million for a child that had been born with brain trauma at the hands of negligent medical practitioners.
Real Estate Law: Earning Big Money Off Real Estate
Real estate law is one of the most lucrative areas of the legal system, considering how crucial a role it plays in the world of business. Any lawyer can tell you how fast money can slip through your fingers in a bad investment or a deal gone awry; having a real estate lawyer on your side is indispensable for any transaction of this nature. This field has only grown in importance as the economy has suffered and recovered from recession. As one of the fastest-growing specialties, real estate lawyers have enjoyed a steady influx of clients, providing legal services for anything from minor contracts to multimillion dollar transactions. They can help clients buy, sell, lease, or transfer property, draft contracts and agreements, represent their clients during disputes, and ensure that all issues of title and inheritance are properly addressed. One of the most appealing aspects of real estate legal work, and one that many find quite profitable, is lending. Real estate is often obtained through loans, and those loans need to be properly secured. Those who deal with contracts, mortgages, or other facets of lending can be highly compensated for their work.
International Law: Worldwide Opportunities
International law is one of the most globalized fields, as it is not limited by any physical or territorial borders. When it comes to complex international legal issues, there are oftentimes several countries involved, as well as international entities. Perhaps the largest case of its kind involved the United Nations Convention on the Law of the Sea which is an international treaty that governs various oceanic issues. It consists of 167 parties, or countries and various organizations… the result, naturally, is a considerable number of disputes, the vast majority of which are resolved peacefully through negotiation. However the most complicated disputes that do emerge tend to become major court cases involving thousands of lawyer hours and millions of dollars in legal fees alone. As a result of the vast expertise and resources required to represent such a client, attorneys that practice international law can demand some of the most lucrative salaries of any field.
Other typical international law cases include human rights, such as those represented in the recent Supreme Court case from Mexico that held that sexual violence is a crime against humanity, and the Safe Drinking Water and Sanitation Decade 2005 – 2015 resolution from the World Health Organization. Still other cases involve corporations and securities laws, enforcement of business contracts across borders, disputes over intellectual property, and various business and financial issues arising between multinational corporations.
Conclusion: Securing Your Future in a Profitable Legal Niche
As discussed, some of the top profitable legal fields include:
- Intellectual Property Law
- Corporate Law
- Immigration Law
- Tax Law
- Labor and Employment Law
- Trust and Estate Law
These practice areas were highlighted based on their market demand and salaries. Nonetheless, it is essential to consider one’s passion and skills for their practice area. For instance, you may enjoy working with businesses to draft employee contracts, but if you do not have the skills and knowledge in labor laws, your chances of landing a job are extremely low .
While the market demand is an essential factor to consider, it should not be the sole reason for choosing a specialty. When pursuing a career in law, it is crucial to enjoy what you do and possess the skills needed to succeed. Although money plays a significant role in our economy, in this profession there are several other factors that play into a successful career.
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