Recession-Proof Law Firm Practice Areas

Law firms have been affected by the recession with corporate deals drying up and layoffs starting but some practice areas are more recession friendly than others. Here are some practice areas we are seeing with robust hiring in 2023:

1. Litigation: Disputes often arise during economic recessions, making litigation a relatively stable practice area.

2. Bankruptcy: Bankruptcies tend to increase during economic recessions, providing a steady source of work for bankruptcy lawyers.

3. Labor and employment law: Companies may need legal help during recessions to navigate layoffs, wage and hour disputes, and other employment-related issues.

4. Intellectual property: The need for legal assistance with intellectual property issues, such as patent disputes, is generally not tied to economic conditions.

5. Health Care: The healthcare industry is typically less sensitive to economic conditions, and there is a constant demand for lawyers with expertise in healthcare law.

6. Real estate: Despite the ups and downs of the real estate market, there is always a need for lawyers with expertise in real estate transactions and disputes.

7. Environmental law: Companies still need to comply with environmental regulations during recessions, making this a relatively stable practice area.

It is important to note that even in these practice areas, the demand for legal services can be affected by the severity and duration of a recession. However, these practice areas are generally considered to be more resilient during economic downturns.