Bankruptcy will be an important practice area for the legal profession, obviously, in 2009 and 2010, as we continue to move through the major upheaval in our economy. And our law firms will benefit. Many are now seeking to bolster their bankruptcy practice groups.
However, one aspect I did not expect was that lawyers and law firms will likewise face economic hardships … And I’m not addressing the obvious issues coming from the collapse (for other reasons of the large firms such as Heller, et al.).
I’m addressing the more mundane, the traditional, average lawyer, the lawyers that make up the bulk of our profession. When these lawyers are in trouble, the entire profession needs to wake up and pay attention.
I was just contacted by an attorney asking me to value a law firm for purposes of the lawyer’s personal bankruptcy. His law practice is an asset of his personal estate. Times are hard when the helpers need help themselves.Tags: Cash & Finances, Management, Personal Thoughts