Law Practice Management
More Regulation Likely Will Mean More Legal Work
Posted Sep 24, 2008, 11:56 am CST
By Martha Neil
With the federal government apparently on the verge of a major regulatory overhaul of the nation's financial institutions, as part of an effort to prevent an economic debacle, the upsurge in oversight could well mean more work for lawyers.
A $700 billion government bailout of struggling banks and Wall Street companies proposed by the Federal Reserve chairman and U.S. Treasury Department secretary is likely to be tied to increased transparency and regulation, reports the Am Law Daily.
If so, that almost undoubtedly will mean more jobs for lawyers, according to North Carolina attorney A. P. Carlton Jr., a former president of the American Bar Association.
"What we're witnessing is going to change the way a lot of things are done and it's going to have a tremendous effect within the legal profession on the corporate and transactional side," he tells the law blog. "With regards to the structural nature of it, far more than Sarbanes-Oxley did."
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