Brett A. Axelrod was featured in the Law360 article, "4 Tips For Landing New Bankruptcy Work." Full text can be found in the November 23, 2015, issue, but a synopsis is below.
A recent report has suggested that improved market conditions may cause bankruptcy activity to slightly drop next year. Attorneys must think strategically about their practice to acquire new business due to competition in the market for bankruptcy.
Fox Rothschild's Brett Axelrod shares steps that attorneys can take to maintain their practice and bring in new clients as the economy improves.
Follow the Market
Attorneys should take the time to investigate market conditions and industries that may face difficulty in the future if business has slowed and there are concerns with billable hours.
According to Axelrod, analyzing various markets and trying to anticipate what industries will likely need restructuring expertise can set "rainmakers" in bankruptcy apart from their peers.
Applying those same analytical skills can be beneficial in understanding the cyclical nature of the markets and how they intersect with bankruptcy work. There is likely going to be an increase in deal-making if corporate restructuring is down overall, Axelrod said.
"It's your job to do the due diligence, to chart the economic impact of whatever is going on," Axelrod said.
Share Your Expertise
Providing expertise to other members of the firm is important to building a practice and meeting people who can potentially be clients in the future.
Axelrod said bankruptcy attorneys are generally experts at valuations and reviewing covenants. Unlike them, corporate attorneys are more focused on when a particular deal is going public, not if the deal goes bad.
Providing that expertise before any issues are present has the added benefit of introducing restructuring attorneys to potential clients under positive circumstances, Axelrod added.
"Bankruptcy attorneys live in collapsed deals," she said, "so they know what quivers they need for a client."
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