Law firms have always counted on bankruptcy as a countercyclical practice in hard times. Now, those that prepared when the economy was booming may be about to get their reward.
A number of Big Law firms have been shoring up their bankruptcy and restructuring groups over the past two years, anticipating a surge in work as a cyclical economic downturn loomed on the horizon but never materialized. As the coronavirus outbreak has shut down much of the world and tanked the economy seemingly overnight, they are poised to be busier—perhaps far, far busier—than expected.
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