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Legal Commentary

: Adam Smith, Esq.

Lehman Bros. RIP; Merrill, Meet BofA; ??AIG??

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Pete Peterson, former head of Lehman Brothers, co-founder of Blackstone, and secretary of commerce under Nixon, described this weekend's events on Wall Street with what almost amounts to understatement:  "My goodness. I?ve been in the business 35 years, and these are the most extraordinary events I?ve ever seen."

So "Adam Smith, Esq." has to ask you all:  What will this mean for your firm, and for our industry?

We'll report back on the results after a suitable sample of you have spoken.  (You may choose one or more than one response.)

Will the realignment of the top financial services institutions fundamentally alter the long-term demand for legal services?
No; the players may be re-shuffled but the intrinsic demand will remain the same.
No, because the primary "demand" comes from the Fortune 1000 and FTSE 100, not Wall Street.
It could actually increase demand in the short run as things need to get sorted out.
Hard to say/too soon to tell.
Yes: The era of massively leveraged I-Bank balance sheets is over.
Yes: The era of rampant securitization of everything in sight is over.
Regardless of deal flow, we will be moving to a more regulated world, with more not less demand for lawyers.
The continuing force of globalization will overpower any temporary lulls.
What do I care? I'm a litigator!
  
Free polls from Pollhost.com

 

Full post as published by Adam Smith, Esq. on September 15, 2008 (boomark / email).

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