Lawyers Hope Bailout Bill ‘a Full Employment Act’ for Law Firms
Law firms gearing up to offer advice on the $700 billion bailout bill hope to help clients—as well as their own bottom lines.
Law firm marketing consultant Peter Zeughauser told the Wall Street Journal (sub. req.) why lawyers are so eager to counsel clients about the bill, known as the Troubled Asset Relief Program.
“People are hoping this becomes the Full Employment Act for lawyers,” he told the newspaper.
Experts told the Wall Street Journal that law firms may see work beyond the task of counseling clients on how to get money under the bailout bill. There could be more work in bankruptcy, litigation, regulatory compliance and white-collar defense of accused executives whose actions aided the downfall of financial institutions.
Several law firms are forming task forces that pull in lawyers with expertise from several practice areas to counsel clients about the bailout, ABAJournal.com reported yesterday. At Katten Muchin Rosenman, lawyers have analyzed the bill and are preparing client alerts on the effects of the new law. They are also advising practice groups whose clients may be affected by the bill, including in the areas of real estate, bankruptcy, tax and energy.
