Financial Lawyers

Finance lawyers specialize in working in a variety of fields including tax, corporate compliance, marriage and divorce, banking and public arenas. Typically, finance lawyers provide legal guidance around issues such as policy, public and environmental issues and mergers and acquisitions. The lawyers represent corporations, government organizations or individual clients during legal proceedings. According to the "United States Department of Labor Occupational Outlook Handbook," about 27 percent of lawyers are self-employed as law firm partners or as owners of solo practices.

The next few posts will be steps on how to become a financial lawyer. Enjoy! :)

"In the Halls of Justice the only justice is in the halls."

- Lenny Bruce

Pro Bono

Many attorneys lend their services at no charge, which is known as pro bono work. More than 70 percent of lawyers polled by the American Bar Association say they provide pro bono work, according to a 2009 news release from the University of Buffalo. This is a 10 percent increase from 2004. The university references published works---" Private Lawyers and the Public Interest: The Evolving Role of Pro Bono in the Legal Profession"---that examine free legal services during economically difficult times. The upswing in pro bono services is related to the deep cuts in government assistance for the poor, the university says. In addition, law firms are viewed more favorably by the public when they accept pro bono cases.

“Laws control the lesser man... Right conduct controls the greater one.”

- John Hathway

Personalities

Consumers have a stereotypical image of lawyers as being aggressive perfectionists. Sadly, those same personality traits might be responsible for a high suicide rate among lawyers, says journalist and law school graduate Debra Cassens Weiss in an American Bar Association Journal article titled "Personal Lives: Lawyer Personalities May Contribute to Increased Suicide Risk." She cites studies that indicate that suicide is the third-leading cause of death in the legal profession behind cancer and cardiac troubles. Cassens Weiss also references studies showing that male lawyers between ages 20 and 64 are twice as likely to die from suicide than men in the same age range in other professions. Other researchers found that female lawyers have high divorce rates, and many attorneys say they suffer from anxiety several times a month

“The law will never make men free, it is men that have to make the law free.”

- Henry David Thoreau

Salaries

Salaries of experienced attorneys vary widely according to the type, size, and location of their employer. Lawyers who own their own practices usually earn less than those who are partners in law firms. Lawyers starting their own practice may need to work part time in other occupations to supplement their income until their practice is well established.

"Where there's a will, there's a lawyer"

- Robert Elliott

In May 2008, the median annual wages of all wage-and-salaried lawyers were $110,590. The middle half of the occupation earned between $74,980 and $163,320. Median annual wages in the industries employing the largest numbers of lawyers in May 2008 were:

Management of companies and enterprises $145,770
Federal Executive Branch 126,080
Legal services 116,550
Local government 82,590
State government 78,540

"A countryman between 2 Lawyers, is like a fish between two cats."

- Benjamin Franklin

Independant lawyers

For lawyers who wish to work independently, establishing a new practice will probably be easiest in small towns and expanding suburban areas. In such communities, competition from larger, established law firms is likely to be less than in big cities, and new lawyers may find it easier to establish a reputation among potential clients.

"An incompetent lawyer can delay a trial for months or years. A competent lawyer can delay one even longer"

- Solsby kid

Economys affect on jobs

Job opportunities often are adversely affected by cyclical swings in the economy. During recessions, demand declines for some discretionary legal services, such as planning estates, drafting wills, and handling real estate transactions. Also, corporations are less likely to litigate cases when declining sales and profits restrict their budgets. Some corporations and law firms will not hire new attorneys until business improves, and these establishments may even cut staff to contain costs. Several factors, however, mitigate the overall impact of recessions on lawyers; during recessions, for example, individuals and corporations face other legal problems, such as bankruptcies, foreclosures, and divorces—all requiring legal action.

"People are getting smarter nowadays; they are letting lawyers, instead of their conscience, be their guide."

- Will Rogers

Job tips

Because of the keen competition for jobs, a law graduate’s geographic mobility and work experience are assuming greater importance. Willingness to relocate may be an advantage in getting a job, but to be licensed in another State, a lawyer may have to take an additional State bar examination. In addition, employers increasingly are seeking graduates who have advanced law degrees and experience in a specialty, such as tax, patent, or admiralty law.

"Lawyers are men whom we hire to protect us from lawyers"

- Elbert Hubbard

Jobs

As in the past, some graduates may have to accept positions outside of their field of interest or for which they feel overqualified. Some recent law school graduates who have been unable to find permanent positions are turning to the growing number of temporary staffing firms that place attorneys in short-term jobs. This service allows companies to hire lawyers on an “as-needed” basis and permits beginning lawyers to develop practical skills.

"Lawyers are the only persons in whom ignorance of the law is not punished."

- Jeremy Bentham

Job prospects

Competition for job openings should continue to be keen because of the large number of students graduating from law school each year. Graduates with superior academic records from highly regarded law schools will have the best job opportunities. Perhaps as a result of competition for attorney positions, lawyers are increasingly finding work in less traditional areas for which legal training is an asset, but not normally a requirement—for example, administrative, managerial, and business positions in banks, insurance firms, real estate companies, government agencies, and other organizations. Employment opportunities are expected to continue to arise in these organizations at a growing rate.

"A lawyer is a learned gentleman who rescues your estate from your enemies and keeps it himself."

- John Lothrop Motley

Employment

Job growth for lawyers will continue to be concentrated in salaried jobs as businesses and all levels of government employ a growing number of staff attorneys. Most salaried positions are in urban areas where government agencies, law firms, and big corporations are concentrated. The number of self-employed lawyers is expected to grow slowly, reflecting the difficulty of establishing a profitable new practice in the face of competition from larger, established law firms. Moreover, the growing complexity of the law, which encourages specialization, along with the cost of maintaining up-to-date legal research materials, favors larger firms.

"Lawyers spend a great deal of their time shoveling smoke."

- Dan Lamper

Job Outlook

Employment change. Employment of lawyers is expected to grow 13 percent during the 2008-18 decade, about as fast as the average for all occupations. Growth in the population and in the level of business activity is expected to create more legal transactions, civil disputes, and criminal cases. Job growth among lawyers also will result from increasing demand for legal services in such areas as healthcare, intellectual property, bankruptcy, corporate and security litigation, antitrust law, and environmental law. In addition, the wider availability and affordability of legal clinics should result in increased use of legal services by middle-income people. However, growth in demand for lawyers will be constrained as businesses increasingly use large accounting firms and paralegals to perform some of the same functions that lawyers do. For example, accounting firms may provide employee-benefit counseling, process documents, or handle various other services previously performed by a law firm. Also, mediation and dispute resolution are increasingly being used as alternatives to litigation.

"It is always the best policy to tell the truth, unless, of course, you are an exceptionally good liar."

 - Robert Smith

Employment

A relatively small number of trained attorneys work in law schools and are not included in the employment estimate for lawyers. Most are faculty members who specialize in one or more subjects; however, some serve as administrators. Others work full time in nonacademic settings and teach part time.

"Only painters and lawyers can change white to black."

John Maine

Advancement

Most beginning lawyers start in salaried positions. Newly hired attorneys usually start as associates and work with more experienced lawyers or judges. After several years, some lawyers are admitted to partnership in their firm, which means that they are partial owners of the firm, or go into practice for themselves. Some experienced lawyers are nominated or elected to judgeships. (See the section on judges, magistrates, and other judicial workers elsewhere in the Handbook.) Others become full-time law school faculty or administrators; a growing number of these lawyers have advanced degrees in other fields as well.

Some attorneys use their legal training in administrative or managerial positions in various departments of large corporations. A transfer from a corporation’s legal department to another department is often viewed as a way to gain administrative experience and rise in the ranks of management.

"Whoever tells the best story wins."

- Freddie Voogth

Requirements

Many States require the Multistate Performance Test to test the practical skills of beginning lawyers. Requirements vary by State, although the test usually is taken at the same time as the bar exam and is a one-time requirement.

In 2008, law school graduates in 52 jurisdictions were required to pass the Multistate Professional Responsibility Examination (MPRE), which tests their knowledge of the ABA codes on professional responsibility and judicial conduct. In some States, the MPRE may be taken during law school, usually after completing a course on legal ethics.

"A Lawyer can do anything to win a case, sometimes he will even tell the truth."

Richard Tree

MBE & MEE

Although there is no nationwide bar examination, 48 States, the District of Columbia, Guam, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands require the 6-hour Multistate Bar Examination (MBE) as part of their overall bar examination; the MBE is not required in Louisiana or Washington. The MBE covers a broad range of issues, and sometimes a locally prepared State bar examination is given in addition to it. The 3-hour Multistate Essay Examination (MEE) is used as part of the bar examination in several States. States vary in their use of MBE and MEE scores.

"If there were no bad people, there would be no good lawyers."

 - John Kingston

Licensure

To qualify for the bar examination in most States, an applicant must earn a college degree and graduate from a law school accredited by the ABA or the proper State authorities. ABA accreditation signifies that the law school—particularly its library and faculty—meets certain standards. With certain exceptions, graduates of schools not approved by the ABA are restricted to taking the bar examination and practicing in the State or other jurisdiction in which the school is located; most of these schools are in California.

When I was a very young lawyer, I had a senior partner who advised me never to get mad, except on purpose.

Warren Christopher

Licensure

To practice law in the courts of any State or other jurisdiction, a person must be licensed, or admitted to its bar, under rules established by the jurisdiction’s highest court. All States require that applicants for admission to the bar pass a written bar examination; most States also require applicants to pass a separate written ethics examination. Lawyers who have been admitted to the bar in one State occasionally may be admitted to the bar in another without taking another examination if they meet the latter jurisdiction’s standards of good moral character and a specified period of legal experience. In most cases, however, lawyers must pass the bar examination in each State in which they plan to practice. Federal courts and agencies set their own qualifications for those practicing before or in them.

"The good lawyer is the great salesman."
- Janet Reno

Advanced law degrees

Advanced law degrees may be desirable for those planning to specialize, perform research, or teach. Some law students pursue joint degree programs, which usually require an additional semester or year of study. Joint degree programs are offered in a number of areas, including business administration or public administration.

After graduation, lawyers must keep informed about legal and nonlegal developments that affect their practices. In 2008, 46 States and jurisdictions required lawyers to participate in mandatory continuing legal education. Many law schools and State and local bar associations provide continuing education courses that help lawyers stay abreast of recent developments. Some States allow continuing education credits to be obtained through participation in seminars on the Internet.



"It is unfair to believe everything we hear about lawyers. Some of it might not be true."
- Gerald F. Lieberman

Clinical programs

A number of law schools have clinical programs in which students gain legal experience through practice trials and projects under the supervision of lawyers and law school faculty. Law school clinical programs might include work in, for example, legal-aid offices or on legislative committees. Part-time or summer clerkships in law firms, government agencies, and corporate legal departments also provide valuable experience. Such training can lead directly to a job after graduation and can help students decide what kind of practice best suits them. Law school graduates receive the degree of juris doctor (J.D.), a first professional degree.

"He who is his own lawyer has a fool for a client."
Proverb