Co-contributor Mike Hensley Is Quoted.
In “Slim Pickings: Meltdown business should be booming for lawyers. But it’s not,” an article posted on December 17, 2008 at thebigmoney.com, writer Chris Thompson posits that the corporate failure in America should be a big boom time for American lawyers. However, he does not believe that to be the case. “Once-lucrative legal areas like structured finance, meanwhile, have died overnight. It seems lawyers will suffer like the rest of us.”
Mr. Thompson also observes that year-end 2008 bonuses were nonexistent or cut in half by many large law firms. Beyond that, many big firms have folded or have had to lay off up to 20% of their talent.
Real estate law, he states, has taken the biggest hit—“firms that specialized in real estate have watched their business tank.”
Co-contributor Mike Hensley was quoted in Mr. Thompson’s article. After he noted that fees at top firms handling high profile bankruptcy and securities-fraud defense matters can range from $450 to $1,000 an hour, Mike was quoted as saying “I’ll tell ya, lawyers are going to be the ones who, case by case, bail this country out.”