Have you ever considered paralegal (also called legal assistants) as a career option? Working as a paralegal, especially as a debt recovery paralegal, can be a great career option. Debt recovery paralegals usually work in law firms and assist the attorneys specializing in debt related cases. As per data from the Bureau of Labor Statistics, 71 percent of paralegals work for law firms.
In a way, veteran debt recovery paralegals have a work profile somewhat similar to that of debt attorneys. However, U.S. law prohibits debt recovery paralegals to offer legal advice or representation to the law firm’s clients.
Responsibilities of a Debt Recovery Paralegal
Job duties of a debt recovery parallel can be quite diversified. They could include:
- Summing up and preparing legal reports
- Conducting thorough research for debt recovery cases This may require searching the Internet, libraries, and public records
- Checking information for accuracy
- Assisting attorneys during trials, closings, and hearings
While a paralegal may have to work on various brunches of law like bankruptcy, tax laws, intellectual property laws; a debt recovery paralegal will need to work solely on debt cases.
Are you Ready to be a Debt Recovery Paralegal?
If you are contemplating a career as a debt recovery paralegal, then make sure that you have the following qualities:
- Writing and communications skills
- The ability to understand legal terms and procedures
- The aptitude to gather sufficient relevant data in a short time
- Curiosity to know the latest developments in the legal world
What About the Compensation and Job Demand?
According to the U.S. Bureau of Lablor Statistics (BLS), "Employment of paralegals and legal assistants is projected to grow 28 percent between 2008 and 2018, much faster than the average for all occupations. Employers are trying to reduce costs and increase the availability and efficiency of legal services by hiring paralegals to perform tasks once done by lawyers. Paralegals are performing a wider variety of duties, making them more useful to businesses."
Not only are paralegal and law assistants in high demand, but the compensation is good as well. According to the BLS, "In May 2008, full-time wage-and-salary paralegals and legal assistants earned $46,120. The middle 50 percent earned between $36,080 and $59,310. The top 10 percent earned more than $73,450, and the bottom 10 percent earned less than $29,260."
The employment prospects of a debt recovery paralegal can be influenced by the business cycle. During recession, the debt levels are high and the demand for debt recovery paralegals can substantially increase.
As the legal world is becoming more and more intricate, the demand for debt recovery paralegals is increasing. Under the circumstance, paralegals specializing in debt recovery have a bright future. If you have an interest in law, then this profession can be a suitable choice for you.
Want to learn more about educational paths in paralegal studies? Learn more about paralegal degrees at Rasmussen College.
This article was written by a guest author Amy Lewis. She writes on a wide range of financial topics like credit debt management, debt consolidation and bankruptcy. She has been associated with several financial organizations including Liberty Fiduciary Services, Oak View Law Group, Karlin Daniel & Associates and many more.