Not that there was any doubt now that more than a a dozen law firms (click here for full coverage) have jumped on the Financial Crisis practice group/task force train, but we think you can safely declare something officially a “trend” when the WSJ runs an article and video on it. Today, the WSJ notes that “People are hoping [the bailout legislation] becomes the Full Employment Act for lawyers,” says law-firm marketing and organizational consultant Peter Zeughauser. It continues:
Few law firms are known for their marketing prowess. But times are lean, so they’re getting aggressive. Many, including Akin Gump Strauss Hauer & Feld LLP, K&L Gates and Chadbourne & Parke LLP, are assembling “working groups” of litigators, legislative experts, restructuring and deal lawyers, and issuing statements on the bill. In the past, some groups have criticized these “task forces” as little more than marketing gimmicks.
In addition, law firms are optimistic that there will be a pickup in regulatory, litigation, bankruptcy, investigative and white-collar criminal work. The WSJ’s Ashby Jones has this video report, as well: