FAQ from email: How do I find the "hot" practices? A question for another time is whether, having found the "hot practice," you would rather sort lint than do the work...
Identifying “hot� or “hottening up� practices isn’t rocket science. Students and lawyers must pay attention to the news – not just Britney and sports – but the actual news that covers the economy or politics or human rights or whatever you care about. Pay attention to the economy in the city or state in which you hope or plan to work. Finally, abandon all magical thinking about how law practice works. For example:
1. Real Estate Development If you want to work for real estate developers in 2008, you must create Plan B. If it isn’t clear why this is so, Google "Subprime Mortgage," read the last 10 weeks of the Wall Street Journal or The Economist and then listen to NPR for a week.
2. Structured Finance With some layoffs already appearing, early 2008 may not be the best time to have Structured Finance as a first career goal. Certainly the work will continue, but at a sharply reduced rate. If a summer or a first year associate is picking practice groups, there are many others which will last through and beyond any recession that may happen. (litigation, tax, ERISA, intellectual property)
3. Subprine Practice - Alternative Energy - Technology Careful readers of legal newspapers, newsletters or other materials, might find reference to firms that have created “Subprime Practices Groups,� Alternative Energy and/or Technology groups. Why? Because smart lawyers are always trying to see around the corner in the economy. Getting in on the ground floor is a good idea, and smart law students always look carefully at where the economy is heading and they try to get to the front of the line. Smart law students express interest (based on some research) in these areas.
Holding on to a practice area that is in a steep decline, either because the business has gone or the partner who was generating 90% of your work has departed without associates is nothing but magical thinking. From my headhunter days: A wonderful firm (and I call it wonderful because of what its management did) lost an international trade partner who left with his book of business and none of his five associates. The firm, to its eternal credit, and offered them oil and gas regulation work. Four of the five said “Gosh. I’ve been waiting all my life for oil and gas regs to appear on my desk.� The fifth, who had just bought a condo and had a new wife who had just quit her job, was the lone holdout. “I want to do international trade and only international trade,� he insisted. He was out of the firm in three months and was unemployed for a period of time.
In a shaky economy, students and lawyers should be focused in professional development, skill building and networking and paying obsessive attention to the economy, to new businesses and new industries.