Lawyers Hope Bailout Bill ‘a Full Employment Act’ for Law Firms

Law Firms

Lawyers Hope Bailout Bill ‘a Full Employment Act’ for Law Firms

Posted Oct 15, 2008, 07:27 am CST
By Debra Cassens Weiss

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.

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Posted by Chris Cardillo - 1 month, 2 weeks, 5 days, 9 hours, 27 minutes ago

At Kozyak Tropin & Throckmorton http://kttlaw.com, we realize that banks, financial institutions and other clients will be confused about bankruptcy related issues and litigation that may arise from this enormous bailout.

We are monitoring the situation closely and have been advising our clients on various bailout and compliance issues.
Posted by AC - 1 month, 2 weeks, 4 days, 13 hours, 10 minutes ago

Well, given that the first comment posted was a law firm stooping to brazen spam… I’d say full employment these days is wishful thinking.
Posted by Deyseeme T. Rollin - 1 month, 2 weeks, 4 days, 9 hours, 41 minutes ago

At Dewey, Cheatham, and Howe, http://wesueyou.com, we realize that attorneys, law students, and potential clients would be skeptical of a firm pimping itself in the comments section of a blawg.

We are monitoring the comments closely, and will continue to mercilessly troll anyone who takes themselves too seriously.
Posted by JFK - 1 month, 2 weeks, 4 days, 9 hours, 14 minutes ago

That’s the problem with big governement programs. The parasites like #1 above can’t wait to tap the pipeline as those unimaginable sums of money flow by.
Posted by jackcatscal - 1 month, 2 weeks, 4 days, 9 hours, 10 minutes ago

Bottom feeders.
Posted by Mike Raines - 1 month, 2 weeks, 4 days, 2 hours, 22 minutes ago

This is a very confusing time financially for businesses, banks and other clients out there. I think I would like to redirect the discussion to what the bailout means to businesses?

No matter who is president next year or for the next 30 years, this bailout has significant consequences to businesses who need financing to survive year after year.

I think it is very interesting what is happening in Europe and how this may affect businesses on a worldwide scale.

Questions I am asked regularly are :

Should I take my money out of the bank?

Is the value of the dollar in 2 years going to be so low that I should buy as much product today to lock in uninflated prices.

Should I change my price structure to price in the devalued dollars?

I don’t care whether you are pro Democrat or Republican, this problem will cross party lines and is certainly is putting fear into people.
Posted by Sandy Eliott - 1 month, 2 weeks, 4 days, 2 hours, 14 minutes ago

I have been hearing the same questions and also:

What banks are safe to invest in?

This is quickly becoming the biggest issue firms have had to deal with in awhile. It really affects companies that have 401k programs, and other incentives like life insurance and health care plans. Owners want to be fiscally responsible for their accounts.
Posted by Jerry - 1 month, 2 weeks, 4 days, 2 hours, 7 minutes ago

I don’t think that this will be a goldmine for law firms. Look around. Several firms are laying off attorneys and staff left and right. Some firms are folding up shop.

$700 bills is alot of money to go around. I just hope it infuses some sense of confidence back into the consumer.

I don’t have the kind of clients that will be directly affected by the bill. Indirectly though yes. However nobody has asked me about it yet.

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