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ANALYSIS: Now Hiring ... Bankruptcy Practitioners

Aug. 10, 2020, 6:47 PM

Recent analysis from Bloomberg Law found lawyer employment shrunk by 15% in the first half of 2020. However, a first look at results from Bloomberg Law’s Bankruptcy 2020 Survey teases that some practice areas may be opening their doors to new hires to prepare for an increase in bankruptcy filings. The survey (still taking responses!) is focused on how bankruptcy practice groups have changed this year and what steps firms are taking, if any, to prepare for a potential surge in filings.

Experts have been sounding the alarms to prepare for a deluge of bankruptcy filings in the wake of shutdowns, social distancing, and high rates of unemployment. Although overall bankruptcy filings are holding steady, some states hit hard by the coronavirus have started to show signs of increased Chapter 11 cases.

Initial results from Bloomberg Law’s Bankruptcy 2020 Survey show about two-thirds of respondents reporting that their firm is either currently expanding or planning to expand its bankruptcy practice group in response to the current economic downturn.

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If you’re reading this on Bloomberg Terminal, please run BLAW OUT <GO> in order to view this interactive graphic.

Furthermore, of those law firms that are expanding or planning to expand, the majority (83%) are hiring (or planning to hire) external candidates. And 46% of these respondents reported that they are moving (or planning to move) attorneys from other practice groups to bankruptcy to meet the growing demand. This means that despite shrinking attorney employment, some attorneys in slower practice areas could find job security in their firm’s bankruptcy group.

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If you’re reading this on Bloomberg Terminal, please run BLAW OUT <GO> in order to view this interactive graphic.

Is your firm expanding its bankruptcy practice group—or creating one? Bloomberg Law’s Bankruptcy 2020 Survey is taking responses, and the survey ends Friday, August 14th.

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