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Bankruptcy Attorneys Career

published October 06, 2009

By CEO and Founder - BCG Attorney Search left
Published By
( 21 votes, average: 4.7 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
Bankruptcy attorneys or bankruptcy lawyers are people who specialize in the legal procedure through which businesses, corporations, and individuals are declared insolvent as well as financially incapable of paying creditors. Today, bankruptcy law is one of the most in demand areas of practice in the legal arena with law firms all over the country expanding their restructuring and bankruptcy practices, especially in these turbulent times where, companies and organizations are applying in larger numbers for bankruptcy.

Responsibilities of Bankruptcy Attorneys

If you are an attorney specializing in bankruptcy law, you may work in various kinds of positions, representing businesses or individuals who are filing for bankruptcy. In fact, a bankruptcy lawyer also represents creditors who are looking for payment from defaulting companies or organization. The attorney can also work as business advisors dealing in financial restructuring or liquidation issues on behalf of corporations that intend to purchase failing businesses for purposes of investment. Every position requires the services of a bankruptcy attorney for researching the purport of the law or a relevant judicial decision for applying to the respective cases.

Requirements

The educational qualifications of a bankruptcy attorney are similar to that of any lawyer. A lawyer is required to hold a bachelor's degree in law from an accredited law school or institution. Examples of the same are listed below:
 
  • Strayer Online University
  • Strayer University
  • University of Phoenix
  • Penn Foster College
  • AIU Online

The first step is to gain an undergraduate college degree, preferably in pre-law. Then you need to prepare for the LSAT (Law School Admission Test). Depending on the scores of the test and your GPA (Grade Point Average), apply for law schools. After three years of law school, complete your internship with a respectable law firm specializing in bankruptcy services.

For practicing law in most of the states, lawyers should have a Juris Doctorate or JD degree and are required to pass a written bar examination or other ethics examinations. There are additional requirements stipulated by agencies and courts for bankruptcy attorneys. At times, the private firms may ask for work experience or additional degrees.
 
Interested in these kinds of jobs? Click here to find Bankruptcy jobs.
Employment Outlook

The employment outlook for bankruptcy attorneys is extremely good in today's times. The United States Bureau of Labor Statistics states that generally lawyers start with salaried positions in law firms. These graduates usually start as legal associates or apprentices for gaining experience with senior lawyers. After practicing for a couple of years, a few lawyers may be offered to partner the firms of more established bankruptcy lawyers. On the other hand, other bankruptcy lawyers may seek opportunities in the private sector for becoming legal advisors or offer legal counsel to non profit organizations or corporate houses.

Salaries

The median annual salaries of bankruptcy lawyers according to the statistics of 2006 were around $102,470, compared with those in the mid levels earning between $69,910 and $145,600, although salaries depend on location, type, and size of the employer.

Conclusion

Bankruptcy law is a relatively stable area of legal practice irrespective of whether the state of the economy is healthy or otherwise. Moreover, the prospects are good no matter if you are dealing with personal filings or issues relating to the corporate sector. In fact, it may be summarized that the need for bankruptcy attorneys both on the side of the debtor as well as the creditor is likely to increase with the rise in the default rates of mortgage and consumer loans.
 
Interested in these kinds of jobs? Click here to find Bankruptcy jobs.

Alternative Summary

Harrison is the founder of BCG Attorney Search and several companies in the legal employment space that collectively gets thousands of attorneys jobs each year. Harrison’s writings about attorney careers and placement attract millions of reads each year. Harrison is widely considered the most successful recruiter in the United States and personally places multiple attorneys most weeks. His articles on legal search and placement are read by attorneys, law students and others millions of times per year.

More about Harrison

About LawCrossing

LawCrossing has received tens of thousands of attorneys jobs and has been the leading legal job board in the United States for almost two decades. LawCrossing helps attorneys dramatically improve their careers by locating every legal job opening in the market. Unlike other job sites, LawCrossing consolidates every job in the legal market and posts jobs regardless of whether or not an employer is paying. LawCrossing takes your legal career seriously and understands the legal profession. For more information, please visit www.LawCrossing.com.

published October 06, 2009

By CEO and Founder - BCG Attorney Search left
( 21 votes, average: 4.7 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.