Sometimes bad news for everybody else means lawyers are doing well.
Bankruptcy attorneys, for example, made bank while the rest of the country was sinking into a recession back in 2008.
Now another recession is feared as automatic spending cuts and tax hikes are set to take effect tomorrow unless Congress can strike a last-minute deal.
Corporate clients are freaking out about the so-called fiscal cliff, and attorneys have been making bank again, The National Law Journal reported earlier this month.
In recent weeks, companies have been scrambling to close transactions before Tuesday to avoid the unprecedented financial uncertainty of the new year.
Lawyers have been working around the clock to help clients complete deals that will make their clients money before Jan. 1, such as trust transactions and charitable contribution planning, McDermott Will & Emery partner Henry Christensen told the NLJ.
“Lawyers will be busy,” Christensen told NLJ, “but their clients will not be happy with Congress for making them do all these things.”
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