You may not have heard of reinsurance. It's a way that insurance companies share the risk of big losses with other insurance companies — effectively, it's insurance bought by an insurance company from another insurance company. It spreads the risk across many companies, protecting them from large or unforeseen losses. This works in the same way as ordinary insurance, but on a much larger scale. Reinsurance attorneys work to make sure that contracts benefit their clients, and, if necessary, take legal action against a reinsurer or other body if a contract is violated. They're much like other legal jobs that attorneys may take, but reinsurance jobs are much more specialized.
Although warnings about a poor job market and an economy on the brink of a recession have filled the airwaves recently, the 2008 outlook for the legal market shows that it will continue to be a booming sector. Work, as well as jobs, in the areas of corporate securities, energy, and IP law in particular will continue to grow throughout the year. Moreover, salaries will also rise by 9.1% for attorneys, with first year associates who work at large firms earning $111,750 to $137,000.
According to a preliminary draft of the monthly employment report out from the Bureau of Labor Statistics, the Legal Sector saw yet another decline in jobs, after February’s whopping loss of 2,900 jobs.