With the economy still reeling from the financial crisis and unemployment at over 10%, bankruptcy is one area of the law that is not suffering. Sure, the economy will recover eventually, but that does not mean that the need for bankruptcy attorneys will disappear.
Some of the reasons to consider bankruptcy practice include:
- 1. Length. Bankruptcy cases are relatively short. Most Ch. 7 cases last between 3 and 6 months from the date of filing. Compare this to litigation matters, which can take years.
2. Structure. Title 11 of the United States Code or simply the Code. Learn it. Love it. It will become your new Bible. In bankruptcy law, there are virtually no surprises. When you know what to expect, it makes doing your job that much easier.
3. Compensation. Guaranteed. Under the Code, an attorney is entitled to receive a portion of the assets as compensation for legal expenses.
4. Satisfaction. Because the 2005 Code amendments largely benefit the debtor, almost all bankruptcy cases are ruled in their favor. That’s good for the debtor and for the attorney representing the debtor.
This blog entry is the first of a series of posts for The Illinois Bankruptcy Lawyer Blog called “My Law Office.” These posts will be primarily geared toward practice management for bankruptcy attorneys.