Legal Community Challenged: It’s the Economy, Stupid

This article discusses the U.S. economy. In the face of a possible recession, Sills Cummis & Gross is upbeat. According to R. Max Crane, the Firm’s Managing Partner, “In a funny way, it is a case of good news and better news.” According to the article, “As Crane explained it, the good news is that the liquidity meltdown is more clearly affecting the billion-dollar-plus transactions rather than the $20 million to $500 million deals that are the firm’s ‘sweet spot.’” The article continues, “The better news, he [Crane] added, is that ‘when the economy runs into a rough patch, litigation, bankruptcy and restructuring workouts grow and those happen to be our three strongest practices.’” “Crane said the structured-finance meltdown is a huge source of potential business for the firm, as banks, investors and creditors look to recover money lost in the suddenly risky investment.” “And so, despite a slowdown in some traditional practice areas, the firm is actively looking to hire new lawyers, he [Crane] added.”