Specializing in a particular area as a lawyer will increase your worth with private lawsuit companies and improve your earning ability. The areas of law practice have rapidly grown over the last few decades and any of them could be a good fit for you:
Here are areas to consider for specialized law practice:
1. International Law
The world has increasingly grown globalized.
- Companies that at one time operated nationally have expanded their interests internationally.
- Countries have organized themselves into trading blocks for commercial gain and increased political cohesiveness.
For these reasons, opportunities for you as an international lawyer are endless. You will be representing vast interests of companies or even governments all over the world.
You will also earn a very good income practicing international law.
2. Taxation Law
Tax law is very confusing for many individuals and businesses and therein lies your opportunity.
Many businesses know about the consequences of having the revenue authority flag them and therefore they are always looking for tax lawyers.
Specializing in taxation law will help you take advantage of this demand.
3. Intellectual Property Law
The growth of the internet has made it easy for many entrepreneurs to grow their ideas into businesses. It has also seen an increase in people duplicating other people’s ideas and profiting from them.
Since legislation in the area of IT related fields is largely lacking, the most that usually happens to these copyright infringers is delisting by the search engines.
This however does not compensate the owner of the intellectual property. If you understand technology and are interested in intellectual property law, this presents one area you should specialize in.
4. Medical Law
Medical law is lucrative because you will never be out of clients.
Plaintiffs will come to you on a daily basis complaining of personal injury or medical malpractice. Some will even sue insurance companies and pharmaceutical companies.
What’s more, lawsuit funding companies are attracted to medical law as they get good business out of funding cases that stand a chance to succeed.
5. Business Law
Due to the hard economic times over the last several years, many businesses have suffered and business owners may opt to sell. The hard economic times also created new opportunities and some people will be starting new businesses. You could offer valuable representation to both these groups.
However, if you really want the excitement of a versatile business environment, you can make it your goal to represent New York’s mega million businesses.
6. Environmental Law
Environmental law is a fairly new area. Governments and companies often find themselves the subjects of many lawsuits and court battles regarding environmental malpractices.
As NGO activities to lobby governments and businesses have intensified, many people have become aware to the need for environmental conservation and they have joined the bandwagon by filing lawsuits against companies. These lawsuits result in large monetary settlements.
Citizens, NGOs, governments, businesses, the World Bank and UN agencies are all stakeholders in environmental issues and depending on where your interests lie; you could represent any of them.