Bankruptcy attorneys remain busy in down economy by ProQuest


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Bankruptcy attorneys remain busy in down economy
Heavy Wall Street losses are providing more work for some lawyers                                   At LeClair Ryan, “we are seeing a change             the net result is that LeClair ryan, which
                                                                                               in the distribution of work,” said Gary D.          has 300 lawyers in 20 offices in the United States,
          By Beth Fitzgerald                       And yet, some lawyers are busier than       LeClair, chief executive officer. “A year ago, we   expects to grow this year — though slower than
the LegAL profeSSIon is facing a reces-      ever, as the recession generates work for those   were doing more work in business transac-           in the early years of this decade, when the
sion-driven downturn, as decreased economic  who specialize in bankruptcy and litigation, or   tions, in real estate buying and selling. now,      economy boomed. the firm has done some
 BED6465 Law NJBiz.doc:Layout 1 4/20/09 12:52 PM investors hit with heavy losses
activity means fewer business decisions that who represent Page 1                              we have more work in the bankruptcy and             modest hiring, LeClair said: “We have more law-
demand a lawyer’s advice and review.         on Wall Street.                                   workout areas.”                                     yers today than we projected when we did our
                                                                                                                                                   budget back in the fall of 2008.”
                                                                                                                                                         David Freinberg heads the firm’s newark
                                                                                                                                                   office and specializes in real estate. And while
                                                                                                                                                   the recession has changed commercial real
                                                                                                                                                   estate law, he still has plenty of work.
                                                                                                                                                         “A year ago there were numerous transac-
                                                                                                                                                   tions on my plate: development sales, acquisitions
                                                                                                                                                   of real estate, major leasing transactions. these
                                                                                                                                                   days, my transactions tend to be more of a workout
                                                                                                                                                   nature — lease disputes that lead to workouts.”
                                                                                                                                                         the result, freinberg said, is more real estate
                                                                                                                                                   litigation to compensate for fewer real estate

                                                                                                                                                    “A year ago we were doing more
                                                                                                                                                     work in business transactions,
                                                                                                                                                    in real estate buying and selling.
                                                                                                                                                     Now, we have more work in the
                                                                                                                                                    bankruptcy and workout areas.”
                                                                                                                                                     David Freinberg, head of LeClair Ryan’s Newark office

                                                                                                                                                   deals. “I do a pretty significant leasing practice,
                                                                                                                                                   and now a lot of it is tenants coming, hat in hand,
                                                                                     Clients know they can depend on                               to their landlords and saying, ‘We can’t make a go
                                                                                                                                                   of it unless you make concessions.’”
                                                                                     Bederson & Company. For over
                                                                                                                                                          “our litigation and bankruptcy areas are
                                                                                     70 years, we have provided financial                          extremely busy,” said Steven R. Klein, a mem-
                                                                                     expertise and guidance to individuals                         ber of hackensack-based firm Cole Schotz,
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