Until recently, the legal industry was often thought of as recession-proof. According to this theory, when the economy heads south and demand for corporate and M&A work dries up, countercyclical practice areas like bankruptcy are supposed to pick up the slack. As we’ve all learned, law firms are not immune to downturns like the current one. 

Likewise, there aren’t any truly hot practice areas in this economy, either. Demand for attorneys in hardship-related practice areas like bankruptcy, reorganization, and litigation has increased, though not enough to offset lost billables in other areas.

A few specialized areas of law could grow moderately in the months ahead, including class-action lawsuits on behalf of securities owners and predatory lending victims, as well as work involving new regulations for securities and financial markets. Demand for IP work (especially patent work) is also expected to grow as software and biotech companies fight to protect their inventions.

Eventually the economy will come back to life, and demand for legal services will do the same. Even so, it might make sense to think outside the law-firm box – at least for a while. For displaced attorneys who are willing to put their legal careers on hold, there are many roles in the fields of business, publishing, real estate, government, social services, education, and the arts for which a law degree or legal experience can give you a clear advantage. What’s more, your willingness to try something completely different could also give you an edge when the law firms in your area start hiring again.