This kind of practice brings
together the representing as well as the counselling of clients who are
considering or going through what is termed as “Bankruptcy,” or the
representation of creditors of a given company. The basic premise is that there
is a limited pool of assets and all the creditors are fighting to get the
greatest amount possible. This practice in law is a hybrid
litigation/counselling/contract practice. The day-to-day work engages a lawyer
in standard litigation tasks plus drafting agreements such as loan documents,
licenses, among others. The trials in these kinds of matters under certain
circumstances has a limited right to appeal. In this kind of practice there is a lot of negotiation that is involved and as such lawyers need to be equipped with negotiation skills in order for them to handle such matters competently. This kind of practice is governed by a special set of rules and requires a lawyer sometime before they get used to this kind of practice since it is counter-cyclical. The kind of lawyers who like this kind of practice: are those who are interested in deals and who always advocate for negotiation. For lawyers who do not have passion for this practices tend to be frustrated by the litigation process since the judge has a lot of discretion in which case parties tend to raise arguments without much merit due to the complexity of the practice. These kinds of cases demand a lot of time to be dealt with: however, they do not take a long time to be heard by courts.
circumstances has a limited right to appeal. In this kind of practice there is a lot of negotiation that is involved and as such lawyers need to be equipped with negotiation skills in order for them to handle such matters competently. This kind of practice is governed by a special set of rules and requires a lawyer sometime before they get used to this kind of practice since it is counter-cyclical. The kind of lawyers who like this kind of practice: are those who are interested in deals and who always advocate for negotiation. For lawyers who do not have passion for this practices tend to be frustrated by the litigation process since the judge has a lot of discretion in which case parties tend to raise arguments without much merit due to the complexity of the practice. These kinds of cases demand a lot of time to be dealt with: however, they do not take a long time to be heard by courts.
When it comes to a lawyer filing
for a client a bankruptcy case, it is crucial to first weigh the pros and cons
so as to determine the nature of bankruptcy that can be submitted. The question that would follow on the side of
the client is how he or she will get a suitable lawyer for the job. Clients
usually look out for a lawyer who has been in the field of practice for long
because they think that they have mastered the practice while others prefer"fresh brains" from the universities or various practice centers because of the
fact that the law changes, which the lawyers who have been in practice for a
long time tend to ignore sometimes. This explains the reasons as to why some of
the prestigious law firms always recruit fresh lawyers from the universities or
practice centers every year so as to bring along with them the newly developed
concepts in this area which the lawyers in practice do not know of. The client
also needs to consider the charges and mode of payments so as to support the
lawyer’s ability to handle the bankruptcy matter at hand.