Question of the Week
When The Going Gets Tough, What’s the Best Niche Practice?
Posted Apr 8, 2009 11:10 AM CST
By Reginald Davis
We know times are tough.
Many lawyers are finding their in-boxes empty and their bank accounts draining.
Yet law is a vast field; there are nooks and crannies, practice niches that could allow lawyers to stay in the work they love.
So we’re asking, in the spirit of aid to your fellow attorneys, for your suggestions of places to look and legal skills to hone in these recessionary times.
Tell us...
When the going gets tough, what's the best niche practice?
Answer in the comments below.
Read last week's question: Who’s to Blame When Turnover Is High?
Featured Answer:
Posted by Associate Anonymous: "My mid-sized firm has a fairly abysmal turnover rate. I’m a third-year associate, and I’m considered “mid-level” here because no one makes it past year six. I’m one of those paralyzed associates who has fallen behind on hours. Why? Because I got thrown into a practice area that no one else in our firm practices in (the other lawyer who did this was a sixth-year associate who left shortly after I was hired). Left to sink or swim, and I’m sinking. I am given work that would be handled by much senior associates at other firms and given absolutely no guidance in doing the work. As a result, I put in a 60 hour work week and I’m still underbilling. I know I share the blame here - I could work even harder and try even more - but after a while you kind of give up. The response is Pavlovian.
My firm thinks everyone who leaves here does it because they want more money or just don’t want to do the work. Truth is we’re burned out and frustrated. I would take a lower-paying job that requires me to work just as hard or harder if I thought there was a chance at actually learning something. Law school does not teach lawyering, and until it does law firms have to actually train and mentor new associates."
- How B of A’s GC Got Fired: Leave Now, and Leave Your BlackBerry Behind
- Schools Ranked by 'Super Lawyers' Produced
- Law Firm Price Wars Break Out as Some Try ‘Loss Leader’ Bids for Work
- Five Questions for Law Firms Abandoning Lockstep Compensation
- Judge Jails 2 Attorneys for Contempt in 4 Days
- Reed Smith Will Ask Nonequity Partners to Pony Up Possibly 15% of Pay
- Court Deputy Ordered to Apologize or Face Jail After Taking Lawyer's Paperwork
- Skadden Jumps on the Bonus Bandwagon
- ABA Executive Director Resigns
- Nasty Attitude to Co-Worker, Naughty Word in E-Mail Cost 2 Their Jobs
Should Supreme Court Justices Be Able to Review News Accounts Before Publication?
Comments
R G Barlow III
Apr 8, 2009 2:42 PM CST
Law school!
Flag this comment
cd
Apr 10, 2009 5:09 AM CST
i think environmental is the best field of law, deemed the coldest practice by Legal Times in 1999, it’s beginning to heat up, maybe it’s global warming? It meshes law and policy very well.
Flag this comment
L
Apr 10, 2009 5:13 AM CST
I can tell you this - it’s NOT estate planning.
Flag this comment
TA
Apr 10, 2009 5:36 AM CST
Great article, a question with no answer. The so called featured answer didnt give an answer to the featured question.
Thanks?
Flag this comment
ERISA Dude
Apr 10, 2009 5:41 AM CST
Our employee benefit and executive compensation practice has been ridiculously busy through the entire downturn, even though the part of the practice that supports transactional work has been down. A significant portion of our practice is regulatory and compliance work, and that’s largely non-cyclical; thanks to Congress and the federal agencies, there are always new laws and regulations that clients have no choice but to comply with (for example, the recently enacted COBRA subsidy for displaced workers). And there is a significant counter-cyclical aspect to the practice; employers cutting costs, or reducing the workforce, need advice on how to handle employee benefit plans and programs affected by these actions. And well-trained and experienced EB lawyers are not easy to find, so you’re not stuck at your firm if you want to leave, even in a downturn. All in all, I am really glad I decided to take the road less traveled when I joined my first BigLaw firm—ERISA has been very very good to me.
Flag this comment
RC
Apr 10, 2009 6:03 AM CST
I have to agree with cd in #2 on the environmental. I currently work for a housing authority in real estate, but my background in environmental has proven to be the more useful skill. Similar to ERISA Dude in #5, it’s something that everyone needs to comply with.
Flag this comment
Tom Bolt
Apr 10, 2009 6:03 AM CST
The best niche practice during a downturn in the economy could be any practice. Our firm recently instituted a new cross practice group, ASSERT, the Asset Stabilization and Strategic Economic Recovery Team. ASSERT consists of attorneys from all our business law firm’s practice groups. You have to be flexible.
Our Real Estate and Financial Services Practice Group is admitted not doing as many closings as before, but they are putting their expertise to good use by going to the banks on behalf of clients and renegotiating mortgages and loan workouts. They are revisiting leases and renegotiating them on behalf of landlords and tenants.
At the same time, our Labor and Employment Group is working with employers implementing RIF’s while others are attempting to keep their employees in place at reduced pay.
Our Government Relations Group is working with our local government to secure tax concessions and government financed marketing dollars to boost client revenues.
Our Corporate and Tax Group is also working on tax packages and revising corporate documentation to implement necessary changes in corporate structure.
Finally, our Litigation Group is busy with foreclosures, workouts, and other general litigation matters.
Quite simply - there are no best niche practice areas in a down economy. We must simply rethink the way we do business…we cannot continue with business as usual. Clients in the down economy are looking at every dollar. Are we delivering quality legal services for value?
Flag this comment
Paula Noe
Apr 10, 2009 6:32 AM CST
Dispute Resolution (ie, Dispute Settlement, utilizing the process best for the clients) is a good place ot be during hard times…..people are really searching for meaningful resolution - especially in family law - and a choice of collaborative practice, for example, gives the clients a degree of control over the outcome…....
Flag this comment
Scott
Apr 10, 2009 6:38 AM CST
Patent law
Flag this comment
B. McLeod
Apr 10, 2009 7:01 AM CST
Immigration?
Flag this comment
B
Apr 10, 2009 7:04 AM CST
asset protection for those who still have assets to protect
Flag this comment
Slacker
Apr 10, 2009 7:14 AM CST
Disability benefits. Social Security, VA, worker’s compensation… When poor people lose jobs, they need public entitlements. You can make a living during good times, but you’ll do even better in an economic downturn. Set your own hours, work from home if you want, answer to no one but the client and the ethics board.
Flag this comment
Cynic
Apr 10, 2009 7:15 AM CST
Start a law school. Plenty of unemployed prospective students out there who will borrow the money to buy into your promises of a better life.
Flag this comment
Troy
Apr 10, 2009 7:19 AM CST
I found employment as a HUD closing agent for a particular state. Right now we are very busy. Our law firm has a contract with HUD (The Department of Housing and Urban Development) to close on all homes HUD sales. When a home owner uses an FHA loan to purchase a home, and then gets behind on mortgage payments, HUD will pay off the lender and then own the home. Then HUD markets the homes, and after HUD finds a buyer our law firm law does the closing. HUD contracts with law firms in each state to do its closings. HUD also contracts with companies to advertise its homes. Anyway, needless to say, HUD has many homes it is trying to sell at the moment, due to the high number of foreclosures right now. Also, since buyers can usually find HUD homes at rates far below market value, these homes are selling quickly, even in this terrible housing market. So our law firm is very busy. So being a HUD closing agent is a niche market that is booming at the moment.
Flag this comment
Chuckle
Apr 10, 2009 7:20 AM CST
How about unemployment counselling? (It’s easy—apparently you just tell people to keep up their commute in their work wardrobe and their daily Starbucks. That may help boost their pride, making them appear to be more dynamic!)
Flag this comment
Estate Planner
Apr 10, 2009 7:22 AM CST
@ #2 - I’m not sure where you’re practicing, but I’m a member of the estate planning and administration group at my firm and we’re rolling along. There’s been a slight dip, but people continue to get married, have children, get sick and die. As long as that’s the case, they’ll continue to want smart, effective estate planning counsel. My firm is in the suburbs, but I know that friends in the same field in downtown offices (where the billing rates are about double what we charge) are just as busy.
Flag this comment
Joey
Apr 10, 2009 7:31 AM CST
I’m thinking about branching out into immigration. I have no idea what I’m doing, yet, but I’m trying to learn the area.
Flag this comment
MLB
Apr 10, 2009 7:36 AM CST
One that is warm and roomy. Bring food and water.
Flag this comment
Clark
Apr 10, 2009 7:39 AM CST
I’m a solo practioner in debt collection. I collect for a small clientele of colleges, banks etc., but also purchase charged off receivables from credit card companies. We are swamped.
Flag this comment
KC
Apr 10, 2009 7:46 AM CST
Energy!
Flag this comment
Nancy Forster
Apr 10, 2009 7:55 AM CST
Criminal defense never goes out of style (unfortunately?!)
Flag this comment
MommyEsq
Apr 10, 2009 7:56 AM CST
Bankruptcy
Flag this comment
Hadley V. Baxendale
Apr 10, 2009 7:59 AM CST
good and efficient work at a reasonable price, with personal attention to the clients. That niche always survives, if coupled with flexibility. As a bankruptcy lawyer, I have to know litigation and transactions. From that platform, when the economy is up and bankruptcy down, I can work on non-distressed transactions and business contract litigation.
Flag this comment
Jeff Pruitt, Jr.
Apr 10, 2009 8:09 AM CST
I am right there with #23. I do bankruptcy and real estate closings in Georgia. We are staying busy with refis and bankruptcy. Usually if one is up then the other is down. However, we are moving along.
Flag this comment
Tracie
Apr 10, 2009 8:11 AM CST
Insurance Defense. More people are suing for professional “negligence,” car accidents, slip & fall etc. because they need the money. Insurance companies have an obligation to defend, so they have to hire someone. My firm is still going strong. . .
Flag this comment
Chrystal
Apr 10, 2009 8:21 AM CST
Bankruptcy. When times are bad bankruptcy lawyers do well.
Flag this comment
Anne Golden
Apr 10, 2009 8:24 AM CST
Employment work on both sides of the aisle is very, very busy. Our firm represents only employees, and we’re inundated by inquiries about hostile workplaces; managers forcing out employees who are older, minority, disabled, etc.; breach of contract claims, and review of severance agreements. Of course every well-founded employee claim makes work for management lawyers as well.
Flag this comment
Marcy
Apr 10, 2009 8:31 AM CST
Definitely, bankruptcy practice is an excellent area to focus on in these troubled times. After being laid off from an in-house position where I primarily handled debt collection and creditor’s bankruptcy work I opened up a debtors’ bankrutpcy practice. I have the satisfaction of feeling as if I am actually helping people at this point and the advantage of having been on the other side of the fence.
Flag this comment
Bill Dugan
Apr 10, 2009 8:56 AM CST
Marcy, how the heck were you laid off from a debt collection /bankrupcy firm in times like these? Why were they downsizing? They should be upsizing?
Flag this comment
Jim
Apr 10, 2009 9:19 AM CST
Criminal and Bankruptcy/Debtor-Creditor practice. I do both real estate and criminal defense (small shop, >10 att’y firm). My real estate practice is hanging in there, but I’m from one of those states that hasn’t been hit as hard by the recession. My criminal work has remained steady, probably more than real estate. My oil & gas related work has all but disappeared with the drop in oil prices.
Flag this comment
vjn
Apr 10, 2009 9:21 AM CST
I agree with number 4 above. Misleading article.
Flag this comment
K
Apr 10, 2009 9:42 AM CST
Energy and environmental law on the bright side. On the dismal side: bankruptcy, personal injury/ plaintiff’s work (people are more apt to sue in tough times, and juries are more empathetic and likely to award higher damages), and of course, family/divorce law.. since lack of money is one fo the leading causes of divorce. As for me, I plan to leave law and start a socially responsible consulting and PR firm for small business. Law is a dismal place to be these days, unless of course you have a background in environmental law or energy…
Flag this comment
Guest
Apr 10, 2009 9:48 AM CST
The “featured answer” is from last week’s questions.
Flag this comment
CaliGirl
Apr 10, 2009 9:50 AM CST
Trust & Estate administration—and associated litigation. People are still dying, and their relatives still need help splitting up the stuff that’s left. And since there’s less stuff left to divide up, they fight over it more.
Flag this comment
MJ
Apr 10, 2009 10:19 AM CST
To deal with economic cycles, I suggest dual specialties in real estate and bankruptcy.
Flag this comment
R
Apr 10, 2009 10:38 AM CST
Workers’ compensation. When times are tough and folks are getting laid off, people file more comp claims.
Flag this comment
TomA
Apr 10, 2009 10:46 AM CST
I can’t believe it took 22 answers for someone to say bankruptcy! I just got back from getting sworn in for federal court so I could expand my practice into that. I have been seeing a lot of debt collection work, but everyone is broke, so it’s harder than ever to collect.
Flag this comment
Dick Brickwedde
Apr 10, 2009 11:10 AM CST
Originally referred a case by the Franciscan Ministries Legal referral clinic because they couldn’t think on another attorney who practiced administrative law, this environmental attorney has taken on the task of representing poor day care providers who sue the State of New York. Unbeknownst to most lawyers, if you represent a poor person or small business in a suit with the State and you win, you can ask the court to have the State pay your attorney’s fees. Not only am I doing good deeds, but the State continues to be Ordered to pay my fees in the cases I win.
Flag this comment
Kalifornia Arnold
Apr 10, 2009 11:32 AM CST
If patent law is viable—then you could say that niche in time saved #9 (couldn’t resist #9)
Flag this comment
Michael Lehners
Apr 10, 2009 12:43 PM CST
Bankruptcy and consumer protection, but you have to do it right. BK used to be fill out the forms. With 2005 BAPCPA amendments, it’s more complex. True, many debtors have no money. You don’t want those. They are probably judgment proof anyway. There are even more with some money drowning in debt. They are the good clients. Ask them to bring in all collection notices in the last year. That’s to feed your Fair Debt Collection Practice Act business. Take a quick course in FDCPA. It’s simple. Join NACA - National Association of Consumer Attorneys and learn consumer protection law. Join NACBA National Association of Consumer Bankruptcy Attorneys. They have given me invaluable practice advice and I’m buried with happy clients using this advice for their benefit.
Flag this comment
JimB
Apr 10, 2009 3:07 PM CST
Oil and Gas, at least now that prices have collapsed. (A year ago, I was so busy that I had to turn down new clients, was having trouble giving existing clients the full benefit of my best efforts, and still had no time for friends and family.) The work is always there, however, in good times and bad, and the cost of everything else in this industry is generally so high that legal fees are frequently little more than a round-off error ro a major venture; what is important, however, is that the work be done right! (I work in transactional and administrative areas which, unlike litigation, is not a zero-sum game.) Additionally, you can enjoy the benefit of long-term relationships resulting from dealing with the same clients over decades, especially when your clients are small companies and or individuals. Finally, my last key is to practice solo; if you do all the work yourself, you don’t have to worry about explaining, defending, or apologizing for partner/associate/employee missteps.!
Flag this comment
AJS
Apr 10, 2009 5:19 PM CST
Immigration is not it. Corporate clients pull back in sponsoring foreign talent unless its in Silicone Valley and others hold off on filing papers until better times. Down here in FL they say its Labor and Employment and Bankruptcy
Flag this comment
charles
Apr 10, 2009 7:00 PM CST
I agree about trusts and estates. Our firm laid off 3 lawyers doing this kind of work. Sure people still get married, have children, and die but there is a different dynamic they are utilizing. This kind of work has been cut in 1/2.
Flag this comment
eag
Apr 11, 2009 1:52 PM CST
I’m shocked that no one’s mentioned elder law! The boomers are turning 65—fast. Many of them have parents who are still living. They are facing complex challenges—estate planning, tax issues associated with retirement accounts, financial stress, children with special needs, anticipating incapacity, etc., etc. The demographics indicate that the work will be increasing. Of course, you need to have the right temperament and high emotional intelligence for the work, so not all lawyers are cut out for it. I find the work personally satisfying and it gives me a decent living.
Flag this comment
Kim
Apr 12, 2009 1:31 PM CST
Criminal defense. Crime is certainly not taking a downturn during a recession. Environmental law and bankruptcy should also be right up there, although I don’t practice in either of these fields.
Flag this comment
Joel
Apr 12, 2009 6:58 PM CST
I agree with #34.
Flag this comment
Insurance defense
Apr 12, 2009 10:54 PM CST
Not criminal defense. Sure, more people may turn to crime when their situation gets really tough, but by then they certainly can’t afford to hire a lawyer. They’ll be appointed a public defender, and the poor underpaid overworked public defender will just have to work a little later. (Many public defenders are looking at layoffs right now, too. Government runs short on money, budget gets cut, so a smaller staff ends up doing more work.)
I say look at labor/employment law—as bosses demand more work from remaining employees, stress and tensions rise ... layoffs, firings, untenable work conditions. I see an increase in labor/employment actions. Get in on the defense side if you can ... win or lose, employer’s insurance policy pays your bill.
Flag this comment
Doug`
Apr 13, 2009 9:07 AM CST
Government work. THe pay is Ok and the check is always there. THe benifits are great and survive bad times
Flag this comment
Bil Voorhees
Apr 13, 2009 9:10 AM CST
Legal Malpractice. No close second.
Flag this comment
Lawrence
Apr 13, 2009 11:55 PM CST
I’m pretty satisfied with my combination. I started as a business and real estate litigator, eventually broadened into business and real estate transactions. When business is good, transactions happen. When business is down, disputes happen.
Flag this comment
Add a Comment
We welcome your comments, but please adhere to our comment policy.
Commenting has expired on this post.