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: Legal Pad | LAThe beginning of the bankruptcy boom
By Jason Siegel
The number of businesses filing for bankruptcy increased by 44 percent in 2007 and lawyers say it's getting worse by the day, The Recorder reported.
"I think we'll be in a full insolvency cycle six months from now, and it will continue for some time," Peter Gilhuly, a bankruptcy partner in Latham & Watkins' Los Angeles office told The Recorder.
California was the biggest hot spot, accounting for nearly one-eighth of bankruptcies filed in 2007. Work won't just increase for bankruptcy lawyers.
Attorneys with derivatives experience may be involved in bankruptcy cases and transactional lawyers may see work increase with more buying and selling of asset components from a bankruptcy, lawyers told The Recorder.
Full post as published by Legal Pad | LA on April 16, 2008 (boomark / email).
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