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COVID-19: As Coronavirus Ravages the Economy, Bankruptcy Attorneys Prepare for the Flood
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 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.
"Not surprisingly, given the unprecedented scale and scope of the crisis, I've never seen anything like it. It is resulting in an enormous increase in the volume of activity from our clients as everyone tries to figure out how to triage and deal with this crisis," said Abid Qureshi of Akin Gump Strauss Hauer & Feld. He said clients that normally work with other groups in the firm, including tax, labor, public policy, corporate and energy attorneys, who also have experience doing restructuring work for their respective industries, have been asking for advice.
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Major Differences In UK, U.S. Copyright Laws
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