The Richest Areas of Law to Practice

Introduction

This tutorial provides an overview of the most lucrative areas of law to practice, based on insights from Julian Sarafian. Whether you are considering a career in law or seeking to specialize, understanding these high-earning sectors can guide your professional choices.

Step 1: Explore Biglaw

Biglaw refers to large law firms that typically handle corporate clients and high-stakes cases. Here are key aspects to consider:

• High Salaries: Starting salaries in Biglaw can be significantly higher than in other legal sectors.
• Work Environment: Expect long hours and a competitive atmosphere.
• Practice Areas: Common areas include corporate law, mergers and acquisitions, and intellectual property.
• Networking: Build connections through internships or law school alumni associations.

Practical Tip

Consider participating in summer associate programs to gain firsthand experience and an edge in hiring.

Step 2: Consider Startups

Working with startups can be both financially rewarding and personally fulfilling. Here's what to know:

• Diverse Legal Needs: Startups require assistance with business formation, contracts, and compliance.
• Equity Compensation: Many startup lawyers negotiate for equity, which can be lucrative if the company succeeds.
• Innovation and Growth: You'll often work on cutting-edge issues in a dynamic environment.

Common Pitfall

Be mindful of the risks associated with startups, as they can face financial instability.

Step 3: Focus on Plaintiff Side Lawyers

Plaintiff side lawyers advocate for individuals against larger entities, often in personal injury or class action cases. Consider these factors:

• Contingency Fees: Many plaintiff lawyers work on a contingency fee basis, meaning they earn a percentage of the settlement.
• Emotional Engagement: This practice area allows for meaningful client relationships and impactful advocacy.
• Market Demand: There's often a steady demand for lawyers who can handle personal injury or employment discrimination cases.

Real-World Application

Develop strong negotiation and litigation skills to excel in this area.

Conclusion

The legal profession offers diverse and financially rewarding paths. By focusing on areas like Biglaw, startups, or plaintiff-side law, you can position yourself for success. As you plan your career, consider internships or mentorship opportunities in these fields to gain valuable insights and experience. Always remember to seek guidance from qualified professionals in your journey through law.