The legal profession offers more practice areas and specialities than most aspiring attorneys would expect. Economic forces and other market factors often dictate the busiest or most lucrative practices for a law firm, and many junior attorneys "go with the flow" to service those teams. Before they know it, a practice area has chosen them.

As new attorneys embark on their legal careers, they should consider their natural strengths, skills, and interests, as well as supply and demand in different practice areas, before pursuing a particular area of expertise.

This Article provides an introduction to the following major practice areas:

For an attorney with a head for economic policy, an antitrust practice offers an opportunity to work at the intersection of law and economics. "At the heart of antitrust practice is learning how your client competes in the marketplace," explains Christian Lorenz, Senior Legal Editor for Practical Law's Antitrust service.

The US antitrust laws are designed to protect the competitive process and promote consumer welfare. These laws have evolved to prohibit companies from engaging in a wide range of anticompetitive conduct including, for example, price fixing and other unlawful agreements among competitors, monopolistic activity, and anticompetitive mergers, acquisitions, and joint ventures.

There are four primary areas of antitrust practice:

Antitrust attorneys may specialize in one or more of these areas or have a practice that encompasses all four.

Junior attorneys can be expected to assist in tasks including:

Lorenz recommends that aspiring antitrust attorneys make it a habit to review the news every morning, whether through daily alerts or subscribing to press releases from the FTC and DOJ, to follow developments in antitrust law and practice. "Staying up to date and having a big picture understanding of the antitrust landscape better prepares you for conversations with clients and colleagues, and gives you a leg up on future projects," he says.

For a collection of resources that new attorneys can use to get up to speed on antitrust topics, see Toolkit, Practice Area Essentials: Antitrust.

Attorneys interested in both transactional and litigation aspects of practice should consider specializing in bankruptcy, which offers an interesting blend of both.

At its core, a bankruptcy proceeding provides a distressed individual or company (the debtor) with a process aimed at alleviating debts and compensating creditors that have varying financial interests and legal protections. Given the conflicting positions of creditors and the limited funds available to a debtor, "the most important attribute for a successful bankruptcy attorney is the ability to think fairly, logically, and creatively," says Ira Levee, Senior Legal Editor for Practical Law's Bankruptcy service.

In large law firms, bankruptcy matters typically involve complex corporate reorganizations and orderly liquidations under Chapter 11 of the Bankruptcy Code. By contrast, smaller firms generally handle liquidations for individuals under Chapter 7, reorganizations for individuals under Chapter 13, and smaller corporate reorganizations under Chapter 11. Depending on the issues involved and the size of the team, bankruptcy attorneys may need to develop expertise in a particular substantive area, such as tax or securities, or partner closely with colleagues in other practice groups or special counsel from another firm to address these issues.

Key clients in a bankruptcy matter are:

Junior attorneys might also be involved in reviewing, researching, or drafting motions and responses, preparing client witnesses for testimony, and communicating with experts. Notably, given the quick pace of a bankruptcy proceeding and the frequency of emergency motions, attorneys often must complete these tasks within a short time frame (commonly within 24 hours). "The generally rapid pace of a bankruptcy proceeding offers junior attorneys the opportunity to quickly build up their courtroom experience," notes Levee.

Levee encourages aspiring bankruptcy attorneys to:

For a collection of resources that new attorneys can use to get up to speed on bankruptcy topics, see Toolkit, Practice Area Essentials: Bankruptcy.

A career in capital markets and corporate governance may appeal to attorneys who are excited by the idea of applying both legal and business judgment to their client matters. This practice area has transactional and advisory components. Attorneys typically focus on issues relating to conducting initial public offerings (IPOs) or other securities offerings, filing periodic reports with the Securities and Exchange Commission (SEC) and disclosing information to investors, and complying with various corporate governance standards established by the SEC and the major securities exchanges.

Attorneys focusing on the most common aspects of capital markets and corporate governance law must have an understanding of:

The capital markets practice area also encompasses other specialized areas, including laws and regulations relating to investment advisers and broker-dealers.

Other federal laws and state securities and corporate laws also may apply to a matter, including Delaware corporate law and case law (given that many companies are incorporated in Delaware).

Financing needs, M&A deals, and tax considerations drive many securities offerings, making collaboration with colleagues in these practice areas common. Additionally, a capital markets and corporate governance attorney often cooperates closely with specialist attorneys to draft disclosures on executive compensation, intellectual property, tax, or real estate matters. If a transaction involves a company in a regulated industry, the attorney may need to consult a specialist in the relevant regulatory area as well.

The day-to-day workflow in this practice area can be unpredictable, says Christopher Roehrig, Senior Legal Editor for Practical Law's Capital Markets & Corporate Governance service. Typical assignments for a junior attorney include:

A capital markets and corporate governance practice is "demanding, intense, and fast-paced," notes Roehrig. He explains that junior attorneys must put in the time necessary to learn the numerous laws and produce high-quality work product in an efficient manner. "While these efforts often involve long hours, the upfront investment can pay off later and ultimately help you achieve some work-life balance," Roehrig adds, "and equip you to deal with the bigger challenges that arise when, as a senior attorney, you are responsible for clients' most complicated issues."

For a collection of resources that new attorneys can use to get up to speed on capital markets and corporate governance topics, see Toolkit, Practice Area Essentials: Capital Markets & Corporate Governance.

Solutions-oriented attorneys who particularly enjoyed contracts coursework during law school may enjoy commercial transactions work. Commercial transactions attorneys play a key role in supporting their clients by drafting and negotiating agreements for various business activities, including the sale of goods and services, supply, distribution, and resale arrangements, and advising on marketing and advertising. Law firms do not typically have a separate commercial transactions practice, but clients of various practice areas often seek counsel on these matters. Also, in-house attorneys frequently handle commercial transactions as one of their primary duties.

Commercial transactions attorneys must ensure that a client's various agreements properly describe key issues (for example, the conditions to a company's performance under the contract and agreed allocation of risk) and satisfy applicable regulatory requirements. "A company's deals are often very important to business operations and strategy, and clients tend to view the attorney as a trusted advisor who has seen many transactions and knows the pitfalls," notes Tom Smolders, Director of Practical Law's Commercial Transactions service.

In a typical day, a junior attorney who handles commercial transactions should expect to work on several different matters. Common tasks include contacting the client for details on important deal terms and diligence, developing term sheets and schedules for key deal points, and drafting and reviewing final agreements. As attorneys become more senior and gain experience and an understanding of market practice, they are increasingly involved in client counseling and negotiating agreements.

An attorney seeking to specialize in commercial transactions will benefit from honing the following skill sets:

For a collection of resources that new attorneys can use to get up to speed on commercial transactions topics, see Toolkit, Practice Area Essentials: Commercial Transactions.

A corporate and M&A practice may appeal to attorneys who are interested in business issues and economic trends. Attorneys joining this practice area assist companies in achieving their business goals and, later in their career, are well positioned to specialize in a particular industry or stage of business, or to join a company's in-house legal department.

Though corporate law is defined broadly, two main practice areas typically fall within a law firm's corporate department:

In some firms, corporate attorneys may also specialize in, among other things, commercial bank finance (see Finance), private equity and investment management, startups and emerging companies, and international transactions.

True to its reputation as demanding and fast-paced, the corporate and M&A practice area offers little predictability from day to day, according to Barbara Oikle, Senior Legal Editor for Practical Law's Corporate and M&A service. "After a client's businesspeople decide to do a deal, the pace is likely to be frantic, with attorneys working nonstop to draft and finalize the deal documents," she explains. "Going two or three days without sleep is not unheard of, especially in a public company deal, because time is of the essence and premature publicity leaks can kill deals." Given that there are ebbs and flows in M&A practice, Oikle advises junior attorneys to take advantage of the downtimes to recover from the hectic periods and get up to speed on the latest corporate law developments.

To excel in this practice area, junior attorneys should have strong project management, negotiating, and writing skills. Additionally, Oikle encourages rising corporate attorneys to:

For a collection of resources that new attorneys can use to get up to speed on corporate and M&A topics, see Toolkit, Practice Area Essentials: Corporate and M&A.

An employee benefits and executive compensation practice may be a good fit for attorneys who enjoy variety throughout the day, both in the people with whom they interact and the topics and issues that arise. This practice area can be divided into the following two main areas:

"Attorneys interested in this practice area can shorten their learning curve by taking employee benefits, executive compensation, or ERISA courses, along with courses on tax, corporations, and securities law," says Jessica Cherry, Senior Legal Editor for Practical Law's Employee Benefits & Executive Compensation service. In addition to learning the substantive legal issues, Cherry highlights the following competencies and attributes as critical to success in this practice area:

For a collection of resources that new attorneys can use to get up to speed on employee benefits and executive compensation topics, see Toolkit, Practice Area Essentials: Employee Benefits & Executive Compensation.

Finance attorneys provide a wide range of legal assistance to the financial services industry. Their clients are typically either a borrower (a company or an individual) or a lender or group of lenders (usually banks or other financial institutions).

A finance practice encompasses elements of law, business, and the financial markets. The work is often very technical, and generally involves sophisticated clients and high-stakes deals. "Individuals who most enjoy this practice area tend to be detail oriented and well organized, with a curiosity or understanding about financial products, accounting principles, and economic trends," notes Melissa Malpass, Senior Legal Editor for Practical Law's Finance service.

Most finance attorneys work at large and mid-size firms in major markets such as New York. At a firm, some litigators may specialize in representing financial institutions in private lawsuits or enforcement actions (see Litigation). However, traditional finance attorneys specialize in either:

A finance attorney's daily routine varies significantly depending on the practice. While a corporate finance attorney usually works long hours for several months when completing a deal for a client, a regulatory attorney's day may consist of fielding questions from several clients about different regulatory issues.

A rising finance attorney should:

"The financial services industry is changing due to rapidly advancing financial technology (fintech) and an industry desire to reinvent itself to avoid increasing regulation," notes Malpass. "This evolution makes it a particularly exciting time to be a finance attorney."

For a collection of resources that new attorneys can use to get up to speed on finance topics, see Toolkit, Practice Area Essentials: Finance.

Intellectual property (IP) attorneys are a large and varied group of practitioners who typically focus on either "soft IP" matters (that is, copyright, trademark, and trade secrets) or patent matters. Further, IP attorneys may work in a litigation or transactional capacity.

For a collection of resources that new attorneys can use to get up to speed on IP topics, see Toolkit, Practice Area Essentials: Intellectual Property & Technology.

For an attorney interested in complex commercial disputes with an international flavor, a career in international arbitration offers an opportunity to advocate in a procedural setting designed to reach the merits of a case quickly and efficiently, according to Steven Skulnik, Senior Legal Editor for Practical Law's International Arbitration and Litigation services.

Arbitration is an alternative to litigation as a means of resolving disputes. It is based on the parties' agreement to submit the dispute in question to arbitration. Like a judgment issued by a court, the decision of an arbitral tribunal (called an award) is final and binding. However, arbitration differs fundamentally from litigation in various ways including, for example, the emphasis on confidentiality in arbitration (for more information, see Practice Note, Arbitration vs. Litigation in the US).

The Federal Arbitration Act (FAA) provides the basic legal principles applicable to arbitration in the US. Its core principle is that arbitration agreements involving interstate or foreign commerce should be presumed valid and enforceable, and are revocable in only narrow and limited circumstances. This principle is supported by provisions requiring the courts to stay proceedings before them that involve matters referable to arbitration and to issue orders directing the arbitration of those matters. The FAA also requires courts to confirm arbitral awards rendered in the US and abroad, except in the limited circumstances when the party resisting enforcement can show a permitted defense to enforcement. Arbitration practitioners must understand these laws to ensure their client has an enforceable arbitration agreement and arbitral award.

Parties can agree to arbitrate any dispute that otherwise would be litigated in court. The kinds of disputes that are often arbitrated include those over:

Attorneys may specialize in one of these areas or have a practice that is more general. Commercial litigation often requires attorneys to become experts in their clients' business or industry. "In US litigation, the learning curve can be less steep because the merits of the dispute will often not be heard for years," Skulnik notes. "In arbitration, by contrast, attorneys plead the merits of the case in exacting detail from day one. There is no time for a learning curve."

To succeed in this practice area, Skulnik encourages attorneys to:

For a collection of resources that new attorneys can use to get up to speed on arbitration topics, see the Arbitration Toolkit.

Attorneys may be drawn to the labor and employment (L&E) practice area because it is people oriented and involves relatable topics.

L&E attorneys handle issues that arise in employment relationships, including hiring and termination practices, wage payment, employment discrimination, workplace harassment, retaliation against employees for exercising their rights, leave due to illness or military service, and accommodation of a religious practice or disability. Most L&E attorneys do not focus on employee benefits and executive compensation matters as part of their practice (see Employee Benefits and Executive Compensation).

L&E attorneys may assist an employer in complying with, or responding to claims under, various federal, state, and local laws (for more information, see Federal Employment Laws by Employer Size Chart). They do so either working in-house at a company or providing services through a law firm. Alternatively, L&E attorneys may represent an individual who seeks to assert claims against an employer.

The L&E practice area often involves counseling (assisting clients in preventing litigation), drafting (creating employment agreements or handbooks), and litigating (defending clients against claims). L&E attorneys have substantial client contact even at the junior level. For example, an L&E attorney often interacts with a client's human resources director, in-house counsel, or other specialists, as well as insurance companies (because employment practices liability insurance may provide coverage against an employment-related claim).

An L&E attorney's typical day is likely to include "a lot of firefighting" to handle the varied and unexpected issues raised by clients, according to Kate Bally, Director of Practical Law's Labor & Employment service. A junior attorney may conduct research on various L&E topics, write briefs and client memoranda, take depositions and conduct discovery, train employees on legal compliance on behalf of their employers, create employee handbooks, and draft agreements (such as settlement, separation, non-compete, or independent contractor agreements).

Successful L&E attorneys have a variety of well-honed skills and competencies. Bally emphasizes that the most critical skills include an attorney's:

For a collection of resources that new attorneys can use to get up to speed on L&E topics, see Toolkit, Practice Area Essentials: Labor & Employment.

Individuals who can stay cool under pressure, enjoy public speaking and persuasive writing, and are both nimble and organized tend to make the happiest litigators, according to Jessica Brand, Senior Legal Editor for Practical Law's Litigation service. "After clerking and seeing litigators in action, I realized how much I liked the fast pace of litigation and the opportunity to get out from behind my desk," Brand recalls. "It seemed like an exciting way to represent a client." (See Box, Judicial Clerkships.)

A litigation practice offers attorneys the opportunity to focus on a particular substantive area of law (for example, securities litigation), procedural phase (for example, appellate litigation), or industry sector (for example, automotive or retail litigation), or to develop a generalist commercial litigation practice that involves a mix of everything (for example, business torts, contractual breaches, and other business disputes).

Litigation attorneys are typically responsible for an entire case, from the filing of a claim through settlement or trial, along with any appeals. However, most of an attorney's time is spent on the discovery phase, during which the parties make and respond to discovery requests, conduct and defend depositions, and argue discovery disputes with opposing counsel and, at times, before the court. Discovery conflicts are often acrimonious, even when the stakes are relatively low, and frequently require litigators to adopt an adversarial posture in both written and verbal communications with opposing counsel.

In many ways, an attorney's litigation skills begin to develop in law school classrooms, where careful review and analysis and the ability to articulate a position are essential. For example, most litigators will perform some combination of the following tasks daily:

Litigation can be difficult from a work-life balance perspective, at least at the junior level. "As a litigator, your time is not really your own. You learn to structure your week to accommodate your job and the needs of your client and the partners with whom you work," notes Brand. "Work-life balance improves as you become more senior and have more control over scheduling matters."

For a collection of resources that new attorneys can use to get up to speed on litigation topics, see Toolkit, Practice Area Essentials: Litigation.

With data breaches and cyber attacks in the news daily, it is unsurprising that attorneys are flocking to privacy and data security practice. An evolving legal landscape means that these attorneys should be comfortable with uncertainty and relish new learning opportunities. "The constant change in applicable laws is both the best and worst thing about privacy and data security practice," says Lindsey Gillespie, Senior Legal Editor for Practical Law's Privacy & Data Security team.

A privacy and data security practice may focus on:

Successful privacy attorneys typically possess superior skills in the following areas:

Additionally, as in many practice areas, clear written and verbal communication skills are key to successful client relationships. "In-house attorneys do not have time to review a three-page memo detailing legal analysis on an issue," notes Gillespie. Junior attorneys should hone their ability to distill information into key points. "It is best to provide clients with a concise response on how to comply, including the risks and benefits of the recommendation, and, where applicable, the document or policy itself that is needed to comply," says Gillespie.

For a collection of resources that new attorneys can use to get up to speed on privacy and data security, see Privacy and Data Security Toolkit.

A real estate practice may be a good fit for attorneys who are interested in real estate market developments, enjoy variety in their work, and gain satisfaction from seeing the tangible results of their efforts by, for example, visiting a property that they assisted in purchasing, selling, or refinancing.

Real estate attorneys handle a broad range of matters, including the financing, leasing, and ownership of commercial and residential real estate, construction and development projects, and real estate-related aspects of corporate transactions. "Every real estate transaction presents unique and challenging issues," says Julie Schwartzberg, Senior Legal Editor for Practical Law's Real Estate service. Depending on the stage of a transaction, a real estate attorney's day may involve:

A junior attorney usually assists more senior attorneys on real estate transactions, with the goal of learning how to independently manage and close a transaction. These transactions commonly conclude within a period of months and offer clear start and end points, so a junior attorney quickly gains experience with a variety of matters.

"In addition to a keen attention to detail, an attorney's ability to anticipate issues and provide guidance to clients to help navigate and close a transaction is the real key to success in real estate practice," says Schwartzberg. "Being able to do this while juggling competing demands is also important, given that many attorneys find themselves working on multiple projects at the same time."

After developing a strong knowledge base at a law firm, a real estate attorney generally pursues partnership in a law firm, joins a smaller law firm, or seeks an in-house position handling real estate matters for a bank, an insurance company, a retailer, or an institutional real estate company.

For a collection of resources that new attorneys can use to get up to speed on real estate topics, see Toolkit, Practice Area Essentials: Real Estate.

Attorneys who are analytical and academic typically find a tax law practice rewarding. There is a steep learning curve, and US tax laws are extremely complex and constantly changing. Besides handling the day-to-day client work, a tax attorney must commit time to keep up with changes in tax law and learn new areas.

Transactional tax attorneys provide expert advice that can help clients structure transactions or investments in a tax-efficient way and avoid costly mistakes. By contrast, tax attorneys who focus on controversy work represent clients in disputes with the IRS and other tax authorities. General advice to clients on how tax rules apply to a client's particular set of facts is also a part of tax practice.

Junior transactional tax attorneys often spend a fair amount of time researching discrete issues. They may also review tax disclosures in securities offerings or review and negotiate the tax provisions in M&A agreements or loan agreements. As tax attorneys gain more experience, they usually become more involved in the tax structuring for joint ventures, acquisitions, dispositions, investment funds, or financial products.

Although keeping up with tax developments can be demanding, it also offers an opportunity for junior attorneys. Tax reform legislation enacted at the end of 2017 was passed quickly and included major changes, particularly in the international area. "Understanding the implications of tax reform is a challenge for all tax attorneys, from the most junior to the most senior," notes Sara McLeod, Senior Legal Editor for Practical Law's Corporate and M&A service. "The legislation presents a real opportunity for junior tax attorneys to become as expert on the new tax rules as practitioners who have worked in the field for 30 years."

For a collection of resources that new attorneys can use to get up to speed on transactional tax topics, see Tax Considerations in M&A Toolkit.

A trusts and estates practice may appeal to attorneys who are interested in the prospect of dealing with the intricacies of family dynamics. Trusts and estates attorneys assist clients in managing their assets efficiently and passing those assets to the individuals and organizations that are important to them. Attorneys joining this people-focused practice area should expect to handle a variety of unique and interesting projects and interact with a mix of client personalities.

Along with building expertise in state, local, and federal laws governing trusts and estates, the breadth of topics implicated in client requests exposes trusts and estates attorneys to other practice areas as well, most commonly real estate and corporate. Although a trusts and estates practice involves tax concerns to a large degree, particularly for high net worth clients, tax law is not always the central focus (contrary to popular belief). There are many other reasons clients seek estate planning guidance, explains Samantha Brinn Merel, Senior Legal Editor for Practical Law's Trusts & Estates service.

Trusts and estates attorneys typically assist clients in three primary areas:

Attorneys most comfortable in a trusts and estates practice typically possess:

Junior attorney positions in trusts and estates practice are somewhat scarce, perhaps due to the smaller size of these practice groups relative to other practice groups, or to a preference for hiring individuals with previous experience in trusts and estates work. Merel encourages attorneys interested in this practice area to improve their candidacy by:

For a collection of resources that new attorneys can use to get up to speed on trusts and estates topics, see Toolkit, Practice Area Essentials: Trusts & Estates.