Going to law school can be one of the most exciting career paths to take on. As there are several different paths you can take, this is an industry that has a multitude of sectors to explore. Whether you’re currently in law school or only considering it, starting to study these areas now is crucial. However, that’s why I’ve brought you a few noteworthy suggestions. Check them out below:
If you’ve had an interest in helping out up-and-coming companies, then going the startup route might not be a bad suggestion. Although you might not be able to build out a customer base as quickly as if you went the corporate route, the payoff could be well worth it down the road, especially if you’re able to negotiate some equity. However, first, you have to know what the startup landscape looks like and how you can compete.
First and foremost, look at who the current startup lawyers are and how they’re pushing themselves, like Aaron Kelly, who covers a wide range of early-stage projects. Furthermore, it’s wise to dive into specific niches, like crypto; as noted by Business Insider, the crypto space surpassed $700 billion this past year. If you’re trying to get a piece of that pie, then studying up on the pre-ICO list and how you can assist with any securities law for ICOs could help you earn a sizeable commission in no time. Look and see what type of startup work you might want to do, as this can be a pretty lucrative field if you get involved with the right company.
According to the CDC, there are approximately 30.8 million ER visits for unintentional injuries per year alone, which goes to show why there are so many personal injury commercials on TV. This is a field with volume, and usually a smart practice if you believe that you’re a good enough negotiator with insurance companies. Although personal industry might sound limited, that couldn’t be further from the truth.
Personal injury can have a wide range of uses, including working on the side of the insurance, as well as putting together liability for major corporations. There are also plenty of industries that need to handle cases of class action lawsuits or multi-million dollar suits against major corporations. Yes, the personal injury industry could have some great payouts if you end up with a solid firm, so don’t be afraid of this being a good route to go.
As much as personal injury can be wise, so can working directly with an insurance company. This is perhaps one of the most lucrative fields because as noted by Statista, there are approximately $4.5 trillion paid in insurance premiums per year. And while you’ll most likely being deal with settlements, other aspects like semantics and interpretation of different statues will be a lot of your focus.
Considering how vast the insurance is, I’d suggest finding a field that’s specific to your interests. For example, the type of work that someone who deals with commercial property insurance is vastly different than someone who works in the medical industry. Insurance can be a great gateway to exploring a variety of paths within the law, giving you the chance to take on a vast number of industries.
Finally, one of the more traditional routes when we initially think about law school, the criminal law route can be an excellent way to give back to your community. Although some consider it the lowest paid positions in the legal industry, according to study.com, the actual average is around $115,820. However, this is a field that comes with a certain passion for wanting to help others, and if that’s a passion of yours, then it’s time to start looking at how you want your career path to go.
The most likely route you’ll have to go for the criminal law route is either working as a public defender or prosecutor at first. While being a prosecutor can be a career route, it’s also a way to gain insight into how the government side of the law works before going into public practice. Especially those who go the defendant route, you’re going to find a variation of those who can pay you a decent amount; however, this can be beneficial as not only does everyone deserve a fair trial, but you additionally have the opportunity for a referral. Overall, this is one of the more noble paths to go, so take it with pride if this is your choice.
What type of law have you been considering going after? Comment with your answers below!