Market Rout Rings Up Legal Business
Posted Aug 17, 2007 10:11 AM CST
By Martha Neil
With the stock market in almost a seeming freefall state recently, following a subprime mortgage market meltdown, many obviously are unhappy.
But the bad news could be good news for a number of law firms. While not recession-proof, those with diversified practices can often gear up in one area as another loses steam. So many law firms are now adding to their attorney rosters in bankruptcy and litigation groups, as once-blazing hot practice areas, such as mergers and acquisitions, cool down, reports Reuters.
Litigation, for instance, is likely as mergers fall apart and companies can't keep up with contracts including debt agreements, predicts Jerry Reisman, managing partner of a 14-lawyer firm in Garden City, N.Y. So, in anticipation of more work, his firm has hired two lawyers in the last two months and is looking for three more.