Along with a record-setting surge in the number of failed companies during the recession — and the enormous legal fees that some of those failures have generated — law firms are finding that it’s not business bankruptcy as usual, and it likely never will be again.
The huge increase in business failures has made bankruptcy and restructuring practices the saving grace for law firms facing their own financial struggles. The collapse of Lehman Brothers Inc., General Motors Co., Chrysler LLC and other major companies has delivered millions in legal fees to the old-guard practices at the likes of Weil, Gotshal & Manges; Kirkland & Ellis; Jones Day; and Skadden, Arps, Slate, Meagher & Flom.
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