Forecast for Legal Work Under Obama

Linda Myers comments on legal issues under the Obama administration.

"'It's pretty apparent that with all the bailout money and programs to support the financial sector, part of the trade-off for it will be increased regulatory overlay and scrutiny,' said corporate lawyer Linda K. Myers, a partner at Kirkland & Ellis. 'One of the things lawyers are going to have to understand is the regulatory scheme that will be imposed as a result. ... I think there will be more for us to do with respect to learning to interpret these regulations, and how they're going to apply to our clients.'

What is not yet clear, Myers said, is what form those regulations would take.

But across the corporate arena, Myers continued, stricter credit standards for business loans would likely have an impact on the work of transactional lawyers. And, she added, 'Bankruptcy lawyers will be more busy. And, it is possible that there may be some overhaul in some of the bankruptcy laws as well.'"

This article appeared in its entirety in the January 1, 2009 edition of Chicago Lawyer.