5 Reasons Why Now Is A Great Time To Be A Bankruptcy Lawyer
Posted at Legal Practice Pro
Bankruptcy filings continue to slide, and most of the attorneys I know who practice in the field are making significantly less this year than last. A perfect time to become a bankruptcy lawyer!
Sounds counter-intuitive, doesn’t it? After all, we’ve been taught to jump into new lines of work when we see a demand and growing opportunities.
Or have we?
Baron Rothschild, member of the Rothschild banking family, is widely credited with the quote, “buy when there’s blood in the streets, even if the blood is your own.” He should know – he made a fortune buying the financial panic following Napoleon’s defeat at Waterloo.
So let’s look at some of the reasons why now is the perfect time to be a bankruptcy attorney.
Less Competition. During the Great Recession of 2008-2012, every lawyer practiced bankruptcy. With most people having financial troubles, it was pretty easy to find new clients. Now that the bankruptcy market has dried up and the economy recovering, those lawyers have gone back to real estate, family law, and other areas.
Cheaper Advertising. With fewer bankruptcy attorneys and less money to go around, paid ads for bankruptcy-related terms have gotten far less expensive. Clicks on Google AdWords have less competition, and various companies catering to the legal market have dropped their prices for ads in an effort to lure in more advertisers.
New Opportunities. If you want to make a splash as a bankruptcy lawyer, there are more opportunities than ever to hone in on a specialty market of clients. Consider getting training in student loan law to set yourself apart and own your slice of the market.
To Every Bust There Is A Boom. Bankruptcy filings are down – that is, they’re down now. But as the economy continues to heat up and people start spending again, there’s sure to be a need for bankruptcy lawyers. Do you want to be the attorney just coming onto the scene, or would you prefer to be able to lay claim to having some experience?
Bankruptcy Is Everywhere. When the marriage falls apart, issues surrounding debt bubble to the surface. Failing businesses hover around bankruptcy-related concerns. Even death involves bankruptcy because it becomes important to understand how to handle the estate of the deceased. Understanding bankruptcy is, to some extent, key to fully grasping every aspect of the law.
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