The loose-leaf binders on Beverly Hills attorney Paul Kiesel's blond wood shelves contain hundreds of stories alleging deception, loss and heartache.
Kiesel is representing struggling homeowners who contend they were misled about the terms of their mortgages. He is far from the only lawyer finding himself busy these days as a result of the hard economic times.
In addition to attorneys suing lenders, there are others providing counsel for companies that are downsizing or have been pushed into bankruptcy. Others are representing clients in fraud lawsuits against banks and Wall Street investment firms.
And there are lawyers guiding distressed banks and others seeking a piece of the $700-billion government bailout of the financial system.
The country may be slipping into recession, but it's shaping up to be boom time for lawyers.
"Is this a business opportunity?" Karen Garrett, head of the financial institution regulatory practice for law firm Bryan Cave in Kansas City, asks rhetorically.
She quickly answers her own question, saying that the $700-billion federal rescue package will create plenty of work as banks and other institutions seek legal guidance to get a share of the funding and comply with the sometimes complex requirements.
"From here on out, we're going to see huge opportunity as credit fans out and everyone tries to use the tools available from recent legislation," Garrett said.
The bailout also includes new rules, including restrictions on executive compensation, that will create even more work for lawyers, said Scott Sinder, head of Steptoe & Johnson's government affairs and public policy practice in Washington.
"We're going to have to marry program restraints with contractual obligations of companies," as lenders and insurers execute contracts with the government, Sinder said.
Even smaller clients whose business isn't directly affected by the credit and mortgage problems are peppering their lawyers with questions on such matters as the security of their deposits and their access to credit, said Bryan Cave's Marty Rolle, a partner in the London office.
Labor and employment lawyers, including a team at Rutter Hobbs & Davidoff of Los Angeles, are busy advising companies that are cutting their staffs on how best to handle layoffs without getting sued.
In international law firm Fulbright & Jaworski's latest litigation trends survey, 43% of corporate counsel surveyed said they expected an upswing in lawsuits, largely spurred by the economic crises.
