From Personal Injury to Litigation - The Most Profitable Types of Attorney Offices to Open
From Personal Injury to Litigation - The Most Profitable Types of Attorney Offices to Open Photo by Tingey Injury Law Firm on Unsplash

The legal profession is as old as time. You can expect to hear all sorts of names for an attorney -- lawyer, barrister, advocate, solicitor. The path to specialization in the legal profession is diverse, not unlike the medical field. There are various specialties to choose from, but you may be wondering which type of attorney office may be the most profitable. To save you the web search, we've compiled the top eight most profitable types of attorney offices to open, from most profitable to least profitable.

8 most profitable types of attorney offices to open

While the law in general champions liberty, attorneys often enjoy significant compensation. Hard work is a given in any legal specialization, but which type of attorney office you pick can determine the financial gain.

1. Complex litigation

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While complex litigation can involve attorneys with specialization from other sections of the law, this branch is exceedingly taxing. Only the best and most experienced attorneys oversee such cases. Complex litigation cases may involve multiple jurisdictions, complex legal issues and colossal sums of money. Only corporations with massive financial resources can afford to keep such attorneys on retainer.

2. Intellectual property

Inventors and creators of anything - tangible or otherwise - need protection from unscrupulous individuals and companies to enjoy the financial rewards of their efforts. Intellectual property attorneys play a vital role in preparing documents for patents and trademarks. The patent filing process can be very strenuous, even for experienced lawyers.

Copyright issues also fall under the purview of such intellectual property attorneys. Some aspects of copyright infringement, for example, can be vague and difficult to prove. These attorneys can render expert arguments in favor of their clients, earning very competitive salaries in the process.

3. Healthcare

Healthcare will always be a trending topic. The need for an effective healthcare system will always ensure that people take any aspect of this sector seriously. Medical attorneys are crucial to this sector. Hospitals and pharmaceutical companies are always walking a tight rope, legally speaking.

Malpractice lawsuits, both frivolous and genuine, keep affecting many health institutions. Medical attorneys also work closely with insurance companies to ensure the process of claims goes smoothly. Such attorneys command exorbitant fees at the end of a case.

4. Real estate

Real estate law presents opportunities for hardworking attorneys. These attorneys deal with all issues concerning real estate. Poor waste disposal around a property, for example, may seem like a non-issue to the majority of people. However, if the authorities investigate and establish liability of the homeowner, they may incur severe penalties.

A real estate lawyer with expertise in the local property market can help fend off harsh punishments. Conveyance transactions, transfer of title deeds and rental leases constitute the critical issues that a real estate attorney handles.

5. Bankruptcy

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Protracted litigation in bankruptcy cases is a common occurrence. Bankruptcy protection will shield you from ruinous debts and claims. A bankruptcy lawyer ensures the whole process runs smoothly, including filing all the required paperwork.

6. Corporate

Big corporations often complete mergers and acquire small startups. Corporate attorneys ensure such companies comply with industry regulations and standards. These attorneys ensure that contracts and other critical aspects of running a corporation are in order. Such attorneys can navigate the legal terrain because of their specialized knowledge regarding the nuances of legal transactions.

7. Criminal defense

In today's pop culture, the most prominent types of lawyers seem to be criminal defense attorneys. Popular TV shows and movies paint a picture of trial attorneys as brilliant and all-knowing professionals ready to pull a rabbit out of the proverbial hat while representing clients.

Criminal defense attorneys help individuals embroiled in legal battles that engender precariousness. A defense attorney has to be at the top of their game. A silly mistake or any form of incompetence on their part can have severe repercussions for the freedom (or lack thereof) of their client.

8. Personal injury

Accidents or mishaps at the workplace tend to dominate personal injury law. Determining the guilt of the accused party is where a personal injury attorney comes in. They can also help negotiate a fair settlement for their client. This settlement may include a "pain and suffering" settlement. These attorneys usually get a significant percentage of the damages awarded to the plaintiff.

Final thoughts

Being an attorney is a high-paying job regardless of which type of attorney office you decided to pursue. Choose wisely and enjoy your attorney practice.