Virginia Lawyers Weekly

The business of law is no more immune to the economic downtown than any other enterprise, but Virginia law firms say they are weathering the storm, in part by offering special services that meet the needs of clients in the leaner times. In addition, while the job picture for new law grads is less rosy, it is far from bleak according to placement professionals at law schools.

“You’ve got to switch your focus a little,” said Michael C. Buseck of Williams Mullen, referring to adjustments as law firms confront the economic slump. Buseck heads a Financial Crisis Task Force created specifically to help clients adjust to the new economic climate.

Several large Virginia law firms rushed to announce such special advisory teams in the wake of the sudden drop in the stock market. Buseck said that his group has produced business, as well as good public relations, for Williams Mullen. Similar crisis teams were promoted at Hunton & Williams, LeClairRyan, Sands Anderson Marks & Miller, and other firms.

The “Financial Recovery Team” at Sands Anderson also has attracted a potential client, according to Brian R. Pitney. He reports that a New York entity contacted the firm about a plan to acquire non-performing loan packages from banks.

In addition, the team is fielding inquiries from existing clients. “I’m finding that clients and other professionals just want to find out what’s going on,” Pitney said.

“They’re quite busy,” said LeClairRyan chairman Gary D. LeClair of his firm’s crisis team.

“Our experience tells us that these are times that are fraught with opportunity, provided you are nimble and brave,” LeClair said. “This is not a time to hunker down.”

LeClair said that his firm just approved a 10 percent increase in its annual budget and plans to add new lawyers.

At Sands Anderson, Pitney reported that the firm is looking for experienced lawyers who can expand the firm’s practice areas. “We have found that this is a great time to hire lateral attorneys with significant books of business in areas we have not had a presence in, such as immigration and international law,” Pitney said.

LeClair described what he called “countercyclical” elements of the practice at LeClairRyan, such as bankruptcy, that pick up the slack when business is slow in other areas. He noted that the firm’s construction group works on new projects in good times and helps clients work through distressed situations in bad.

That’s a familiar change in approach for Richard F. Smith, senior counsel with Smith Pachter McWhorter, a construction law firm in Vienna. “Construction business is down, but I don’t think it’s down and out,” Smith said.

Smith serves as a mediator and arbitrator in construction disputes. “I’m mediating a lot of cases right now,” he said. “So far, I haven’t seen a big change in business.”

The Hampton Roads firm of Kaufman & Canoles is helping its business clients avoid wrong turns as they look for opportunities presented by the downturn. Two lawyers from that firm, including creditor’s rights practitioner Paul K. Campsen, will take part in a January CLE seminar on title issues in buying distressed property.

Campsen notes that banks, real estate agents, and homeowners want to sell quickly, and buyers can get burned if they are not careful. “We are trying to convey some of the pitfalls they can encounter if they try to buy distressed property through a foreclosure sale or a bankruptcy-approved sale,” he said.

Like other firms, Kaufman & Canoles plans a multidisciplinary team to help clients respond to the leaner times. Campsen will serve as chair.

Small-town lawyers report little if any impact on their business from the economic downturn. “We are recession-proof,” said Rocky Mount attorney Arthur J. Donaldson. “The reason is that discretionary spending has never been a source of income for a small-town practitioner,” he added. “In the long run, the small practitioner will survive.”

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