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Obama Administration May Offer New Opportunities for Law Firms
Though another president who took office at a time of economic crisis has already laid claim to the song "Happy Days Are Here Again," law firms may find themselves recycling that tune in January when Obama takes office. That's because experts are already predicting that an Obama presidency will increase regulation for industries ranging from banking to healthcare, and incentivize new industries like green technology, fueling a need for lawyers in these practice areas.
At the Law Marketing Blog, Larry Bodine lists a bunch of practice areas that will heat up with an Obama administration in power. They include: (1) regulatory law and enforcement work, because industries from banking to private equity funds to large oil companies will likely be targets of the new administration, while health insurance companies will be subject to heightened regulation; (2) litigation, because a Democratic administration will probably push back tort reform measures, giving rise to more lawsuits; (3) "green" law, i.e., representing companies that deal in green technology, whose growth will be stimulated by likely tax incentives as well as a cap and trade system; and (4) real estate, because the bailout legislation will most likely require banks availing themselves of the benefits to begin issuing mortgages again.
The practice experts quoted in the
Legal Intelligencer agree with Bodine's prediction that regulation will become the new sensation. In addition, the article highlights tax law and environmental regulatory law as potential growth areas.
Finally, just as Obama has moved quickly to name a transition team, law firms thinking about entering these practice areas should hit the ground running now so that they're prepared to assist clients once the new administration takes office.
Posted by Carolyn Elefant on November 6, 2008 at 12:27 PM | Permalink
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