How an Obama Presidency May Benefit Lawyers
Lawyers in diverse practice areas ranging from labor law to bankruptcy are likely to benefit from legal changes that could be made during the Obama administration.
Lawyers can expect more regulations in banking and health care, fewer restrictions on lawsuits, more real estate lending and a pro-labor tilt, according to business development consultant Larry Bodine. Lawyers who spoke to the American Lawyer also predict fewer bankruptcy restrictions and raise the possibility of job protections based on sexual orientation.
Writing at his LawMarketing Blog, Bodine (a former editor and publisher of the ABA Journal) makes a number of predictions, including:
–More regulations for banks, hedge funds, large oil companies and health insurers.
–More tort litigation. The American Association for Justice will seek to ease restrictions on product liability suits and pharmaceutical class actions, to limit companies’ use of federal regulations to shield them from state suits, and to ban mandatory arbitration in consumer contracts.
–More real estate closings. Banks getting federal bailout money will be pressured to make more mortgage loans. Meanwhile a likely moratorium on foreclosures will encourage more home sales.
–A pro-union tilt that will increase the number of union members and labor contracts written by lawyers.
Lawyers speaking to the American Lawyer also expected pro-labor changes. Willis Goldsmith of Jones Day predicted passage of the Employee Free Choice Act, which will make it easier for unions to organize. He also suggested there will be amendments to Title VII to remove caps on damages and curtail arbitration in labor disputes, as well as amendments to the Occupational Safety and Health Act to increase penalties for violations.
Eric Tate of Morrison & Foerster said a key issue is whether to protect gays and lesbians from job discrimination by passing the Employment Non-Discrimination Act, and whether to include transgender individuals.
Bruce Zierinsky of Cadwalader, Wickersham & Taft told the American Lawyer he expected changes to the bankruptcy law to increase protections for companies and individuals.
