For an aspiring lawyer fresh out of law school, there is probably no more pressing concern than deciding which area of the law to specialize in. That, and finding a law firm to take you on as a junior associate.
Of course, money isn’t the main priority for some law students. Not everyone goes to law school with the main aim of earning mega bucks. Some philanthropic types are more interested in doing good in the world, which often involves working pro bono cases for underfunded community legal projects or doing a stint as a public defender. But if money is your motivator, read on for a quick guide to the most profitable law niches.
Tax Law
Tax is something we all have to pay, even if a few individuals go to great lengths to avoid paying theirs. Unfortunately, taxation is incredibly complex, which makes it hard for Joe Public to make sense of it all. As a tax lawyer, you are at a great advantage. You know things everyone else is clueless about, so you can charge them a fortune.
Good tax lawyers are much sought after, especially by big corporations. Your job as a tax lawyer is to minimize your client’s tax liability by any legal means necessary. If you work for individuals, you’ll be hired to create tax efficient trusts and other tax planning structures.
Corporate Law
Corporate lawyers are also very well paid. Their areas of expertise include contract law, commercial law, mergers and acquisitions, and handling divestures. Working for smaller companies isn’t as well paid as working for huge global corporations. If you want to earn the big money, target the big names. To earn even more money, make sure you specialize in key niches like intellectual property and patent law.
Criminal Law
In every town and city across the US, there are law firms specializing in criminal law, such as Cline Jensen P.A. If a client is facing criminal charges, they need an experienced criminal defense attorney on their side. The more high-profile the case, the more a lawyer can charge. Many top criminal defense attorneys handle cases for celebrities and well-known household names. At the start of your career, you won’t be paid that well, but if you are lucky enough to score big wins on headline cases, more lucrative clients will soon be calling you for advice.
Family Law
Family law is a wide-ranging area that includes divorce, child support, and domestic abuse. Not surprisingly, divorce is the most lucrative area of law. If you can attract big-name clients with a high net worth, you stand to make considerable sums of money when a messy divorce case ends up in court. The more wins you score for your clients, the more well-paid work will come your way. To earn more money, specialize in more than one area, such as prenuptial agreements and adoption as well as divorce.
Remember, your earning potential will naturally increase with time and experience, so if you’re not making much in the early days of your career, don’t despair too much.
