Bankruptcy Lawyers Adjust to Drought

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Bankruptcy Lawyers Adjust to Drought
2006-11-22
An improving economy isn't good news for everyone. With fewer businesses going broke, the pace of traditional work for bankruptcy lawyers has slowed considerably -- for now. Industry experts say a big reason is because money is flowing more freely -- especially from hedge funds and private equity groups -- to keep businesses afloat that might have filed for Chapter 11 bankruptcy in leaner times. But bankruptcy lawyers are evolving, and some even say the rivers of money may run dry in the near future -- possibly during the next economic downturn. "There has never been liquidity like this before -- never close to it in my 32 years," said Frederick Holden Jr., a partner in Orrick, Herrington & Sutcliffe's bankruptcy and debt restructuring practice group in San Francisco....
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