What does a fraud lawyer do?
Fraud lawyers are either involved in the prosecution or defense of people accused of performing fraudulent activity that has caused economic damage to another individual or organization. The types of cases range from fraud related to the sale or purchase of securities to stealing the identity of another individual. Fraud lawyers also handle cases where individuals attempt to hide the financial status of an organization by distributing inaccurate accounting information to persuade people to invest in the business. Fraud lawyers must carefully assess the facts and gather substantial evidence to build a viable case. They obtain the necessary documents and interview witnesses.
What kind of training does a fraud lawyer need?
Fraud lawyers must have a bachelor degree and a law degree from an accredited law school. All law schools require candidates to receive a satisfactory score on the Law School Admission Test (LSAT) to become accepted. Law school provides intensive classroom instruction and offers practical learning opportunities. Most law schools require students to complete an internship prior to graduation. Many aspiring fraud lawyers complete internships or clerkships in law firms that specialize in fraud to gain practical experience and establish valuable contacts. All states require fraud lawyers to pass the written bar examination to become licensed to practice law. Many states also require a separate ethics examination. Fraud lawyers must complete regular continuing legal education to maintain their licenses, keep their skills current, and stay up to date with advancements and changes in the field.
What are the prospects for a career as a fraud lawyer?
Employment of all lawyers, including fraud lawyers is expected to grow about as fast as average for al professions, increasing 13% from 2008 to 2018 (1). The growing population and increase in fraud cases will drive job growth of fraud lawyers.
Job prospects are expected to be good with strong competition. Fraud lawyers with excellent academic records and sufficient experience in fraud will have the best job opportunities.
How much do fraud lawyers make?
As of January 2010, the average annual salary for fraud lawyers is $89,000; average annual fraud lawyer salaries vary greatly on location, employer, education, experience, and benefits (2).
A career as a fraud lawyer is a great choice for people with a strong interest in fraud and representing a variety of clients. Fraud lawyers must have a solid understanding of the different types of fraud and the related concepts, policies, and procedures. Detail orientation, perseverance, analytical thinking, and good problem solving skills are essential traits. Fraud lawyers must have excellent communication and interpersonal skills and the ability to interact with a variety of clients, the public, and other legal professionals.