Recessions are not all alike. The Great Recession of 2007 through 2009 largely arose from flawed fiscal and regulatory policies. These causes were capable of relatively precise, conventional solutions.

Counsel representing the C-Suite had a useful role and helped in the effort to break out of the recession. They became more conversant with an alphabet soup of federal statutes, including the Troubled Asset Relief Program (TARP), the Emergency Economic Stabilization Act (EESA) and the Sarbanes-Oxley Act (SOX). They also read up on Dodd-Frank, golden parachute bans and limits on guaranteed bonuses, all while considering the role incentive compensation can play in improving or worsening economic conditions.