November 28, 2016
Firm chair James S. Carr was quoted in The American Lawyer article “Survey: Big Law Leaders Say They're Bullish on 2017.” Given the uncertainty from Brexit and the U.S. presidential election, the article discusses the outlook for law firms in 2017. The publication surveyed the country’s biggest law firms in their 14th annual Law Firm Leaders Survey and found that 69% of respondents said they’re moderately optimistic about next year in regards to their law firms. The rest were uncertain and somewhat pessimistic. Mr. Carr said, “I’m in the 69 percent [who were moderately optimistic], and I think 2017 is going to be a good year. I do think that a change in administration from a Democrat to a Republican will mean more initial work, there’s no question about that.” He also commented on the changes that could happen to the bankruptcy and restructuring and corporate practice areas. “If interest rates go where the market dictates in a Trump administration, it could lead to an upswing in bankruptcy work. Interest rates have been low for many, many years. If interest rates go up and you have trillions of dollars of junk debt that gets refinanced, you’re going to see an uptick in bankruptcy.”
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