What type of Law is in greatest demand? Forum

[gpb19]

Does anyone know if those who graduate with a concentration in taxation have a distinct disadvantage compared to those with an LLM and JD? I'm possibly interested in tax law, but not in going for an LLM.

[carrowd3]

It's hard to answer without knowing what school you will be graduating from. But here is one particular situation...I have a friend that graduated from SMU with some sort of Tax emphasis and he had a lot of trouble finding a Biglaw job. He went on to earn an LLM in tax from NYU and he no longer had any problems finding a Biglaw job.

[Wes Henricksen]

From what I've seen, the LLM gives tax lawyers (and aspiring tax lawyers) a very big boost in their careers. And NYU tax LLMs are in the highest demand. Your best bed may be to get a job at the top firm you can get into, and once you're there as a summer associate or new associate, ask for tax assignments. Doing some tax work will help you decide whether to go that route with your career. If you end up really liking it, you can always do an LLM later on.

[StCuervo]

I think the following is a pretty decent ranking of money-to-need:

3. Estates and trusts. People always need wills, prenups, etc. and usually the people getting these documents aren't poor.

Did I miss any biggies, guys?

I'm not sure this is true. I was reading an article recently (drat I can't find it) that said that big firms were shedding their estates and trusts practices because they weren't bringing in the big bucks. Now for small and medium sized firms, you are probably right that this is bread-and-butter work and there is steady demand. But at BigLaw, which a lot of TLS folks are interested in, I think it is a different story.

[HauntedStarling]

I'm not sure this is true. I was reading an article recently (drat I can't find it) that said that big firms were shedding their estates and trusts practices because they weren't bringing in the big bucks. Now for small and medium sized firms, you are probably right that this is bread-and-butter work and there is steady demand. But at BigLaw, which a lot of TLS folks are interested in, I think it is a different story.

That makes sense. I forget a lot that people on TLS are really interested in big firm work, and come to think of it, things like family law and estates are more personal and logically therefore might be the baby of more personal, smaller firms. I imagine that many folks out there would actually prefer a smaller firm, someone they knew personally, etc to handle such matters. I suppose you don't need a team of attornies as in BIGLAW to write up your prenup. Of course, if you're super-rich, you may want that anyway.

On the other hand, there's the argument that the OP was asking what's in the greatest demand, not just what's in the greatest demand in BIGLAW. I mean, Public Interest is in huge demand, but BIGLAW generally only handles the pro-bono cases it needs to, unless a firm is known for its pro-bono work. So, if OP is asking what's in greatest demand generally, I stick to my guns; but if they're asking what's in greatest demand in BIGLAW, I bow to your point, StCuervo.

[Wes Henricksen]

I agree with HauntedStarling in that Biglaw firms generally do not touch family law and estate planning. Those practice areas are handled by small to medium sized firms. And as far as what is in demand in Biglaw, I've got to say (again) that Banktuptcy is booming. It's a practice area that tends to always keep lawyers busy, but even more so given all the bankruptcy filings amid the financial crisis.

[interestedbyestander]

I have been hearing that divorces are slowing down now that people have no money to pay for it. Or, they can't sell their house to split the value. But I'm not a fan of divorce (who is), so I won't be doing that type of law.

LOL Family law is not my interest either, however this economic crisis will not last forever and there will ALWAYS be divorces. You need to be thinking long term when it comes to your career.

[SethD2767]

I agree with HauntedStarling in that Biglaw firms generally do not touch family law and estate planning. Those practice areas are handled by small to medium sized firms. And as far as what is in demand in Biglaw, I've got to say (again) that Banktuptcy is booming. It's a practice area that tends to always keep lawyers busy, but even more so given all the bankruptcy filings amid the financial crisis.

Also, don't forget about employment law with all of the layoffs taking place.

[TTT-LS]

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[animalcrkrs]

Most common bankruptcy lawyers don't work on retainer, they are the first to get paid because they demand clients pay them in full BEFORE they will file the paperwork to declare.
This doesn't apply in call cases of course (big business)...
A family friend just graduated from Stetson, couldn't find a job, and just landed one 2 months ago- in home forclosure proceedings. There's a booming business for you, sadly.

[playhero]

I am under the impression that Security and Corporate Mergers are the most lucrative and hardest to get into.

[lserenfindis]

Depends on the economy. If the economy is good, transactional is good. If the economy is bad, litigation is good.

[The Zeppelin]

I imagine bankruptcy law is pretty popular now.

[Dick Whitman]

There's always going to be demand for extremely complex legal work because the supply of lawyers with the necessary brainpower to do that work will always be in limited supply, and that type of work is growing (although areas such as derivatives-related legal work are temporarily down). This is why salaries jump so dramatically at the top end.

I imagine for tax law that having neither an LLM or previous tax accounting experience would be a significant drawback. I've heard stories of 3L's with Big 4 tax accounting experience getting offers significantly above average BigLaw 1st year associate salaries.

Immigration law should vary depending on government policy. If immigration is up, I suppose it is because of the increased enforcement by the federal government. On the other hand, too much enforcement could dry up the pool of aliens needing immigration legal services.

[TTT-LS]

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