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.
This article deals with the hazards of the economic downturn and how legal professionals and employees are responding to the stress involved. Economic deterioration is a major issue with the lawyers, among whom a high rate of suicide has been reported. Law firms are resorting to pay cuts, layoffs etc.
Jobs in the legal sector are beginning to improve, according to James Ross, a Capital Region Labor Market Analyst. In June of this year, 3,000 jobs were lost in the legal sector. In July, there was a more than two thirds dip in jobs lost, with only 800 legal sector jobs being cut, including paralegals and lawyers.