The AMLawDaily website today features a story about the effect that the bailout plan proposed by Ben Bernanke and Henry Paulson will have on law firms. They interviewed Alfred Carlton, Jr., former president of the ABA to see what he foresees for the legal profession in the near future. The following is an excerpt from one of his answers:

“I think that, in general, the plan will have a profound effect on the practice of corporate law because we are going to enter an era of financial structuring in this country which will more closely resemble the European model. That means much bigger banks with a particularly American twist--more regulation, and thus more jobs for lawyers.”

To see the full article, click here.

One of the most interesting things that we are likely to see is a rush of attorneys practicing bankruptcy and other forms of law that continue to surround the financial crisis. The recession has hit law firms in the past year, and is now causing lawyers and firms to refocus their practice to deal with current conditions. The lasting effects on the legal profession could be great, even when the financial sector finally begins to rebound.