The job market for newly qualified lawyers is continually expanding, with numerous opportunities in a range of fields. Both current law students and those looking to graduate in the near future are greeted with the prospect of joining new and exciting areas of law, and with this expansion into new fields, this has also increased the number of positions available for paralegals and lawyers in training to get stuck into.
A study in a few years ago found that around 54% of law firms were planning on expanding their legal teams and, although there was a temporary dip in this figure during the pandemic, the last two years have seen an increase overall in demand for lawyers. It’s important for newly qualified lawyers, or soon-to-qualify lawyers, to have an open mind in the areas of law in which they want to practise, or have an interest in studying.
If you are considering a career as a lawyer, or want to become a legal expert in another field, then there are a number of different options and career avenues available, based on which type of cases and what clients you want to work with. Let’s take a look at 3 of the most promising legal fields for young lawyers to explore.
Commercial Law
Commercial lawyers can serve and work with businesses in a number of different ways, from negotiating and drafting contracts to collections and dissolving transactions to mergers. It is a broad area of law which focuses on the different legal issues which affect businesses. This area of law is growing exponentially due to an increase in the number of new business developments and marketing disputes.
There has also been a huge increase in demand for lawyers to specialise in the law surrounding virtual currencies and how businesses can accept and trade in this form of currency. Corporate lawyers will typically work directly for organisations or larger firms, so to get into this area, it is important for lawyers to understand things such as employment, bankruptcy, contracts and taxes.
For the US, see also our list of some of the Five Fantastic Best Small Business Lawyers of America, which includes a growing list of top small business attorneys by US State and City here:-
- Five Fantastic Small Business Lawyers in Chicago, Illinois
- Five Fantastic Small Business Lawyers in Houston, Texas
- Five Fantastic Small Business Lawyers in Los Angeles, California
Administrative Law
Administrative law, also known as public law, is an area of law that seeks to ensure that public bodies act in ways which are responsible, fair and, most importantly, legal. It is a way to challenge misuse of power or abuse of power that may have been caused by a public body. Administrative law is part of the common law within England and Wales and has been developed over many years. Other than the UK parliament (which is sovereign, so has the right), all other public bodies are subordinate to this law. This means that ministers must act within the law when performing their ministerial duties and functions. Administrative law is a really interesting area of law to get into for recently qualified lawyers and solicitors, especially if they have long held an interest in politics or public services.
Banking and Finance Law
Banking and finance law is an area which focuses on a contractual relationship between borrowers and lenders. With all financial transactions, the aim is to negotiate and manage relationships in order to ensure that the party’s interests are met in both a legal and commercial form. Banking and finance law is made up of different areas which are both technically complex and forever evolving.
This makes it an exciting area for newly qualified lawyers to consider entering, especially with the evolution of digital and cryptocurrencies opening a number of new and interesting avenues, such as bank fraud recovery and investment and trading scams. There are now law firms dedicated solely to being investment fraud lawyers, helping clients recover funds lost through online trades and investments. As the popularity of crypto grows, so too do the opportunities of falling victim to an online scam.
Thank you to our contributor who shared these views on some of the Most Promising Legal Fields For Young Lawyers. Our Editor would recommend you also see the guides within Legal Cheek and our new guide Who are five of the richest lawyers in the world? + Lawyer Salary FAQs (UK/US Edition) .
Latest posts by Five Fantastic Lawyers™ (see all)
- Introducing Our Latest Guide: How to Become an Employment Lawyer - October 26, 2024
- 5 Simple Ways to Choose an Auto Accident Attorney - October 14, 2024
- The Importance of Clear and Concise Deposition Summaries for Legal Teams - October 14, 2024