Back in college and law school, I used to have thoughts and beliefs on issues that guided my conscience to vote a certain way. As soon as I became part of a larger operation, I quickly learned that the good of the firm outweighs whatever convictions I used to have. I’ll leave this type of voting for those who don’t stand to gain anything either way, but still fight tooth and nail for what they believe is “right.” I remember those days.
I didn’t have a chance to post an endorsement because I was up to my eyeballs in election law. One of the parties hired us to be ready just in case there was any need for Election Day filings. Of course, to prepare for this, we needed to attend a week’s worth of CLEs on the various subjects. (Side note: wouldn’t it have made more sense for them to retain cheaper attorneys who actually have a working knowledge of election law? Not that I’m complaining.) And of course, we were not needed. But waiting around just in case was the easiest twenty billable hours I have ever gotten in a long time.
So instead of an endorsement, I’ll take a minute to discuss how an Obama presidency will effect our firm. I think this guy is going to make the partners a lot of money!
First, litigation in general will be on the upswing. After eight years of Bush, the ATLA (excuse me, the American Association for Justice) is chomping at the bit to exert their muscle over everything from Office of Civil Rights regulations to inserting private rights of action wherever they can squeeze them in. There can be little doubt that an Obama administration realizes which side of the business/lawyer debate it needs to be on if it wants to have the same prodigious fundraising effort in four years.
Our class action department will get a nice boost in business as soon as it becomes easier to file in state courts. Everyone from drug manufacturers to mortgage lenders to the Girl Scouts will need to fight these class actions in due time. (OK, I don’t know of any current legal threats against the Girl Scouts, but give them time…plaintiff’s attorneys will come up with something.)
As you may recall, VP Biden’s son is a personal injury/asbestos plaintiff’s attorney. Thus, I think it is safe to say the EPA will have an epiphany and come out with new standards regarding the “acceptable” level of asbestos fibers, which will quickly make their way into court. And long standing protections from vaccine and drug manufacturers will be gone, leading to suits over everything from autism to too much constipation. Also in the product liability realm, legislation mandating national “market share liability” will make EVERYONE a proper defendant, even if the plaintiff has never heard of you!
Business litigation will be booming trying to keep up with the suits arising from the economic downturn. Specifically, it will have a flood of cases dealing with aspects of the foreclosure mess and the government’s response. They won’t have to worry about the actual foreclosures themselves, but rather litigation between all of the hands a mortgage passed through on its way towards the buckets of mung known as mortgage-backed securities will be intense (and very profitable.) Add to this almost certain government regulation, or the bestowing of “private attorney general” status on plaintiff’s attorneys, and the water will be full of even more blood.
I don’t even know where to begin with Labor and Employment. First, the removal of any privacy in union balloting will ensure a massive uptick in the number of unionization drives they need to fight. Next, what about the employees who will almost inevitably be laid off when their bosses’ tax bills go up? Winding down factories and companies is a nice shot of business. Finally, new government guidance on issues like sexual harassment and OSHA compliance will keep them busy.
On the corporate side, real estate and tax stand to make a fortune these next few years, but other departments should do just fine. First, real estate…housing…housing…real estate. See how this could be profitable? And all of the LLCs that were in the flipping business (or more likely, the financing flips business) are certainly going to need attorneys. The number of new developments will decrease, but the conflicts regarding the planned projects that will be cancelled will be good for them.
The tax lawyers also work with relatively simple logic: rich people don’t like taxes. If taxes go up, rich people are more than willing to pay a tax attorney to avoid paying more taxes (provided the attorney will charge less than the increase in taxes, which is debatable in some cases.)
Mergers and acquisitions may be in a slightly worse position than others, but there are still plenty of opportunities in an Obama administration. The mergers will not be because of the usual reasons (successful market, expansion of business, etc.), but rather because firms will fail and need to be folded into businesses that are failing slightly less.
Our banking department? Yeah, the head of that department already bought a foreclosed vacation home in Florida merely on the anticipation that the bailout regulations are going to keep his troop churning the hours for some time to come.
I could go on, but you get the picture. No matter who won, there would be opportunities for lawyers. But there is absolutely no denying, President Obama will be GREAT for the legal industry!