Monday, August 21, 2006

Law Firms Brace For Bankruptcy Uptick

Will there be more bankruptcies next year? Many big law firms are betting on it, even though this year is expected to mark a 12-year low in corporate bankruptcy filings, the National Law Journal reports.
Despite the lull, some lawyers say they are seeing a rise in the number of corporate clients starting behind-the-scenes “restructuring preparation.” One lawyer told the magazine that his firm is “very bullish” on the prospect of more bankruptcies. Sectors seen as vulnerable include automotive, telecommunications, retail and health care.

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