Promising News for the Business of Law

Corporate deals are driving an increase in business for law firms, according to the Philadelphia Inquirer.  This transactional practice increase is going on in spite of high unemployment and tight lending practices at the nation's banks.   The Inquirer notes corporate deal-making is on an upward trend and has been for the past six months, quoting one Duane Morris Partner:

"The climate has really heated up in the past six months," said Richard Silfen, a partner in the corporate practice of Duane Morris, the 700-lawyer Center City firm. "Most people think the world has very few places to go but up from here."

The upward trend in transactional business means there is suddenly a need for attorneys to handle the increased workload, which can only mean good things for the backlog of unemployed attorneys and upcoming crop of new law school graduates.  The National Association of Law Placement recently reported an uptick in recruiting of entry-level attorneys.