Legal News

The $700 Billion Bailout Bill: A Bailout for Law Firms?

By Dan Slater

If the subprime mortgage mess, in its early incarnations, didn’t provide enough full-time employment for lawyers, now law firms have the Bailout Bill.

The Law Blog’s Ashby Jones reports today that the legislation comes at an opportune time for law firms, which have been mired, like financial institutions, in their own downturn. “People are hoping this becomes the Full Employment Act for lawyers,” says law-firm marketing and organizational consultant Peter Zeughauser.

In addition to elite firms with New York roots and longstanding banking ties, such as S&C, firms in other pockets around the country, reports Jones, are digging into the bill and gearing up for what they hope will be a nice bump by advising clients on the bill’s nitty-gritty or preparing documents to gain U.S. Treasury assistance.

Some firms are turning to new marketing initiatives to pick up clients. Akin Gump, K&L Gates and Chadbourne are assembling “working groups” of litigators, legislative experts, restructuring and deal lawyers, and issuing statements on the bill. Also, Akin Gump chairman Bruce McLean thinks white-collar work is on the way. “If the government’s going to buy up assets from a bank, it’s probably also going to look into whether or not there was criminal activity,” he says.

Photo: iStockPhoto

Full post as published by Law Blog - WSJ.com on October 15, 2008 (boomark / email).