Legislation and Lobbying
How an Obama Presidency May Benefit Lawyers
Posted Nov 6, 2008 8:26 AM CST
By Debra Cassens Weiss
Lawyers in diverse practice areas ranging from labor law to bankruptcy are likely to benefit from legal changes that could be made during the Obama administration.
Lawyers can expect more regulations in banking and health care, fewer restrictions on lawsuits, more real estate lending and a pro-labor tilt, according to business development consultant Larry Bodine. Lawyers who spoke to the American Lawyer also predict fewer bankruptcy restrictions and raise the possibility of job protections based on sexual orientation.
Writing at his LawMarketing Blog, Bodine (a former editor and publisher of the ABA Journal) makes a number of predictions, including:
--More regulations for banks, hedge funds, large oil companies and health insurers.
--More tort litigation. The American Association for Justice will seek to ease restrictions on product liability suits and pharmaceutical class actions, to limit companies’ use of federal regulations to shield them from state suits, and to ban mandatory arbitration in consumer contracts.
--More real estate closings. Banks getting federal bailout money will be pressured to make more mortgage loans. Meanwhile a likely moratorium on foreclosures will encourage more home sales.
--A pro-union tilt that will increase the number of union members and labor contracts written by lawyers.
Lawyers speaking to the American Lawyer also expected pro-labor changes. Willis Goldsmith of Jones Day predicted passage of the Employee Free Choice Act, which will make it easier for unions to organize. He also suggested there will be amendments to Title VII to remove caps on damages and curtail arbitration in labor disputes, as well as amendments to the Occupational Safety and Health Act to increase penalties for violations.
Eric Tate of Morrison & Foerster said a key issue is whether to protect gays and lesbians from job discrimination by passing the Employment Non-Discrimination Act, and whether to include transgender individuals.
Bruce Zierinsky of Cadwalader, Wickersham & Taft told the American Lawyer he expected changes to the bankruptcy law to increase protections for companies and individuals.
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Comments
Aaron
Nov 6, 2008 11:27 AM CST
And not to mention, the Obama administration stands to create more public service opportunities and work for lawyers in public interest: http://equaljusticeworks.wordpress.com/
J.D.
Nov 6, 2008 1:37 PM CST
So to sum this up:
Obama White House = more regulation and more litigation.
We definitely don’t have enough of either!
Ellen Barshevsky
Nov 6, 2008 5:55 PM CST
In a see of bad news, this mabye good for us ATTORNEY’s. There should be more opportunities for us, in particular if we are ALL members of the bar IN GOOD STANDING.
I agree there shoud be more LITIGATION, and mabye if the economy gets better, more real estate CLOSINGS. But not if peeple have to sell there houses at a loss.
My boyfriend says there is a CAPITAL gain tax that will NOT apply if the person rolls it over, but I do NOT think it applies because my tax law Professor said that it must be a likekind exchange, and if you sell something, you are NOT exchangeing it. So I told my boyfriend something for once that I knew but HE did NOT know.
I am told I am very PUBLIC SPIRITED and therefore hope that mabye we get more jobs out of the new ADMIN, even if their not the best jobs, they at least have BENEFITS.
jujujinglejip
Nov 7, 2008 6:46 AM CST
You can “sell” something and still execute a like-kind exchange. It is called a deferred exchange, and the sales proceeds must be held in a qualified escrow account. Tell your boyfriend THAT.
How is she a lawyer
Nov 7, 2008 6:58 AM CST
Ellen I hope your writing in a pleading is better”
Sea not See
Their not there
They are not Their
Bill Dickey
Nov 7, 2008 7:01 AM CST
Ellen, have Alan look at Section 1031 of the Internal Revenue Code. This is a complicated area that even tax accountants get screwed up on. There’s also a famous case, I believe it is called In re Yock Heating, that addresses the issue.
silencedogood
Nov 7, 2008 7:06 AM CST
How is she a lawyer,
Maybe you are new, but Ellen is someone’s idea of a joke which was funny for about 5 seconds and is now become tedious in the extreme.
The more you acknowledge the existence of the comment the more gratified and hungry for more the internet troll becomes. Just ignore whoever it is for all our sakes and eventually they will stop.
fadeproof
Nov 7, 2008 7:48 AM CST
silenced is right…..look no further than the fact that codename “Ellen” never defends herself. She just makes a goofy comment and then disappears (no doubt sitting back and enjoying the firestorm). Prove us wrong “Ellen”......
JFK
Nov 7, 2008 8:24 AM CST
Just what we ned to get the economy going again - more work for lawyers. Very productive. That and the Ministry-of-Hiring-People-to-Dig-Ditches-and-Fill-Them-Up-Again. Too bad neither Obama nor his team have ever been involved in businesses that produce goods and services, i.e. create value and form the basis for our prosperity. They think value is created by the government ransferring money.
joesmylawyer
Nov 7, 2008 8:39 AM CST
I just wonder where this vast reserve of litigation cash is hiding. Even we attorneys can’t milk a dry cow.
J. J.
Nov 7, 2008 8:52 AM CST
Thank you, JFK, you said it. Don’t worry joesmylawyer, the Obama government will just print the money…
N
Nov 7, 2008 9:35 AM CST
I see a great opportunity for a lawyer now: sue the American people for Negligent Entrustment.
Barak
Nov 7, 2008 11:47 AM CST
Don’t forget the work for estate attorneys, in all likehood the estate tax will be repealed.
Thomas Jefferson
Nov 7, 2008 11:57 AM CST
This is sick. More regulations and litigatiion? A good thing? Maybe for lawyers, but not the country. The best thing for the country is too abolish the ABA. That way we can stop being controlled by them, and the indigent wont have to rely on “pro-bono” to get attorneys.
Gayle
Nov 7, 2008 12:51 PM CST
The idea that there are individuals who believe that regulation is bad thing after the tremendous Wall Street bailout is frankly astounding. Litigation and access to the Courts is and has always been one of the most important means of insuring that individuals, companies, and governments are held accountable for their failure to act in legal, ethical and responsible ways towards those who hold less power in this society. I look forward to this society being held to a higher standard than it has been held to in quite some time.
JFK
Nov 7, 2008 12:58 PM CST
Gale’s economic illiteracy is what is “frankly astounding”. Government distortions of the market place—by creating a mortgage feeding frenzy by refusing to control corruption at Freddie Mac and Fannie Mae and implicitly guaranteeing their obligations—are the primary culprits here (along with easy money by the fed). Whatever regulations Gayle might devise will only make things worse, much as FDR’s actions made the depression much worse and last much longer. Since Jim Johnson and Frnaklin Raines—each of whom made 100s of millions from Fannie Mae—were both advisors to Obama, Gayle, and since Fannie Mae and Freddie Mac function primarily as ATM’s for congressional campaigns, Gayle, you can rest assured that those who share your economic benightedness will carry the day.
TFL
Nov 7, 2008 2:26 PM CST
Doctors were once called “leaches” because they would attach leaches to patients to drain diseased blood. This article shows that we lawyers are now deserving of that sobriquet for other reasons.
kayode ademiluyi
Nov 7, 2008 11:54 PM CST
it,s quite informative and enlightening
George Sly
Nov 8, 2008 5:56 PM CST
Given the somewhat childish remarks above, I wonder how many of you are actually lawyers. Most of you don not even sign your names, This is a professional journal not a chat room.
JFK’s remark about President Roosevelt shows a complete ignorance of history. People were not employed to dig ditches and then fill them up. They were employed to build the Golden Gate Bridge, Grand Coulee Dam, the U.S. Highway system which preceded the Interstate Highway System and other public works which are still in use and which sadly are in disrepair because JFK thinks government is supposed to do nothing except tell people how to run their private lives.
We now have massive bank failures and a major recession. If it were not for the handful of regualtions and safety nets left in place such as Federal Deposit Insurance and Unemployment Insurance, we would be facing a repeat of 1929.
I am a lawyer, I do not believe in anarchy either social or economic. We have a Pure Food and Drug Act to keep garbage out of our food (read Upton Sinclair’s “The Jungle”). The failure to properly regulate our banking system and exotic investiment intruments such as mortgage backed securities and debt swaps has led to the current economic crisis. Why do JFK and the other “conservatives” think if you don’t regulate banking system you won’t get junk, anymore than if you don’t regulate food you get garbage at the store?
my56thchoice
Nov 8, 2008 6:55 PM CST
Contrary to conventional wisdom, an Obama administration will benefit few lawyers and harm many. Law firms will pay higher taxes. Electric rates will skyrocket as Senator Obama candidly told the San Fransico Chronicle on January 17, 2008. Senator Obama announced plans to rachet down permitted CO2 emissions produced by traditional energy producing plants. Senator Obama explained that the cost of retrofitting power plants to meet rachetted down CO2 emission limits will obviously be passed on to rate payers.
Although lawyers in some practice areas will experience increased demand for their services, higher taxes and electric rates will create a strong headwind for the economy for the duration of the new administration and create downward pressure on billing rates that can be charged to clients. Increased law firm overhead combined with pressure from clients to cut costs will make it more difficult for associates to meet their billable hour requirements while reducing their options for alternative employment. Partners will come under increased pressure to be more effective rainmakers and will have many of the same problems associates face in billing the same amount of hours in a cost cutting environment or else find a new job.
Steveross2008
Nov 8, 2008 7:12 PM CST
Poster # 19 makes some good points but is off base when he condems other posters for not using their real name. As every attorney knows, the First Amendment only protects people from punishment by the government. Private interests are free to punish lawful speech with firings (most lawyers are employees at will) or boycots which can lead to firings. Indeed the first amendment itself protects the right of the free market to sensor unpopular speech.
Even laws that provide for secret ballots are a recognition of the fact that the free exercise of one’s right to vote or engage in lawful speech is dangerous without the protection of anonimity.
1LatTier4LawSchool
Nov 9, 2008 10:14 AM CST
free speech is cool. but what we need is to be free after speech. bush and his patriot act have gotten rid of most of the constitution. shame on mr. bush. obama ftw!
George Sly
Nov 9, 2008 12:35 PM CST
In reply to Mr. Ross, you have a point, I see this comments section, differently than most posters. I see these comments the way I see letters to the editior that are printed in newspapers. When I write a letter to the editor of my local newspaper, I expect that I will be required to sign my name.
The ABA Journal is a legal publication, and I treat its web publication the way I would the magazine. I would agree that if one is making a comment in a news group or other “chat” room , anonymity may not only be desired it may be necessary. As stated I see this site the way I see the Journal and apply the same rules.
J.D.
Nov 10, 2008 3:24 PM CST
Besides, the First Amendment is ALSO going to face heavy regulation under a Democrat-run government. I hope that even those in favor of gov’t regulation of the markets don’t support having a gov’t tell us what we can say and listen to, a la the “Fairness Doctrine.”
Ellen fan club member
Nov 11, 2008 9:05 AM CST
I hope Obama makes Ellen his press secretary…..I would definitely be more interested in what the white house press releases say, the unbridled use of CAPS, and how Adam is doing.
Ellen, I love the updates! Keep ‘em coming
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