Great time to be a bankruptcy lawyer

Jeff Tyler Apr 4, 2008
HTML EMBED:
COPY

Great time to be a bankruptcy lawyer

Jeff Tyler Apr 4, 2008
HTML EMBED:
COPY

TEXT OF STORY

Scott Jagow: This is an obvious sign of the economic times:
The bankruptcy industry is having a great year. Today, the American Bankruptcy Institute holds its annual meeting. As Jeff Tyler reports, those bigger profits are bittersweet.


Jeff Tyler: Giving counsel to failing business owners comes with an emotional toll.

Jack Williams: You know what you need to do as a professional. But as a fellow human being, it’s a very difficult thing to do. And it’s done not without stress.

That’s Jack Williams, a law professor at Georgia State University and the American Bankruptcy Institute’s scholar-in-residence. He believes the worst is still to come, since bankruptcies often lag two to three-quarters behind an economic downturn. Williams says bankruptcy law and accounting firms are hiring in a hurry.

Williams: You’re seeing some large national and international firms that are doubling their bankruptcy practice, anticipating a significant spike in predominantly business bankruptcy fillings.

This year, Williams expects we’ll see more than a million bankruptcies.

I’m Jeff Tyler for Marketplace.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.