It’s a cliche to say that intense activity in business, even to the extent of outright turmoil, is good for commercial lawyers. But this week’s extraordinary events on Wall Street are a reminder that the reason it’s a cliche is because it’s true.
Back in the ancient history of Monday morning, some lawyers glancing at the headlines were predicting a very lean winter. Yet by Wednesday morning it looked rather different, with law firms gaining from a frenzy of bid activity and high-end bankruptcy work in the wake of Lehman’s shock Chapter 11 filing. This must now rank as the busiest week that leading law firms in London and New York have seen in many a moon.
