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.
About the Author: This article was written by a Rasmussen College guest contributor.
Comments (4)
Debt recovery paralegals - Deb Shearer
I think this would be very rewarding to help people who are reeling from this economic breakdown. People need to feel they have hope and not be judged. Some people look down at others because of debt, but it may be from a loss of employment, high medical bills, a catastrophic illness and the list could go on....people need hope, understanding and compassion!
Global unemployment - Job Center Plus Admin
With global unemployment at a record high for it’s third year running since the start of the economic crisis, international studies are suggesting a weak recovery for employment is likely to continue in 2011, especially in developed economies & may be leaving many people wandering how this will effect there employment & financial future...
Paralegal and law assistants are in high demand, but is the compensation still going to be that good considering the declining national economy?
Subject - Name
I just would like to give a huge thumbs up for the great info you have here on this post Thanks.....
Debt Recovery - lindy
Very interesting article. This career would definately be on the up as to many that are being replaced by computers. Thank you for the information
<a style="text-decoration:none;color:black"href="http://incorporatedebt.com/complete-debt-consolidation/" ref="nofollow">Lindy</a>
