Track the fallout from the mortgage meltdown (or the uptick, if you’re a bankruptcy lawyer) in our roundup of stories about the battered economy’s effects on the legal profession.
“If past cycles have been any indicator, I would expect there to be work for transactional lawyers, involved in the buying and selling of asset components that come out of a bankruptcy, in addition to the litigators,” he said.
With banks suffering as well, attorneys who specialize in banking rules are consulting more with bankruptcy lawyers at Latham, Gilhuly added.
What began with real estate bankruptcies, then spread to retailers and now airlines will only grow, the lawyers said.
Cases will be increasingly complex, as big clients battle in court over relationships penned in more borrower-friendly times, Gilhuly said.
“It’ll be fast-paced with sophisticated folks and battles over major money.”
