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Recession-Proof Practice Areas — Do They Exist?

published February 11, 2008

Stony Olsen
( 333 votes, average: 4 out of 5)
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It's a question worth pondering in light of today's economic climate: is there such a thing as a recession-proof practice area?
 
Recession-Proof Practice Areas — Do They Exist?

I would imagine if you are in real estate right now, you are really keeping an eye open. Mergers and acquisitions too, I hear. This is particularly true after the bloodbaths at prominent firms recently, plus who knows how many yet to come. Yet not very long ago, those areas were all the rage.

So what practice areas can you pretty much guarantee yourself continual employment in, regardless of the economy?

This is an interesting question, oddly enough. I think it's one of the few areas where small practices have an advantage over the big firms.

Why? Well, let's think about this for a minute. What makes a recession-proof anything? Why, it would be services that people always need. Think of the food industry — people always need to buy food, regardless of whether the economy is doing well. But even food is not immune: people buy the cheap food and rely on storage more. And the restaurants can really feel the effects of an economic downturn. But it's certainly better than being a luxury boat manufacturer, no doubt about that.

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