President Obama has made decent changes that are benefiting lawyers and law firms in the Washington, D.C. area. As promised, more work has been made for the government, which has created more work for lawyers and law firms in the area. The firms in D.C. are doing better than most firms around the country.
During the summer, the request at these firms has dramatically increased. While even the largest firms have about a 1.5 percent demand, firms in D.C. have a demand percentage of 3.5 percent. One of the partners at SNR Denton, Mike McNamara, has said, “The administration’s approach has been good for business.” He also says, “One of the drivers of [Washington] law firm growth has been the regulatory state.”
Because of the major changes and recent reforms, law firms in the area are busier than ever before. Most of the people who work for the government will rely on lawyers and law firms scattered around the area. Meanwhile, the law firms look forward to working with and representing these clients.
The CEO of Hogan Lovells, Warren Gorrell, spoke about the Affordable Care Act recently passed through Congress and says, “Pharma, device companies, insurers… all of those companies are affected by the Affordable Care Act and other regulatory and enforcement activities of the Obama administration.” After passing a healthcare reform bill, the President chose to sign the Dodd-Frank reform. This reform protects the consumers. With this reforms intact, attorneys in the D.C. area are busy providing guidance for the consumers and defending those who need it.
Statistics show that law firms in D.C. can earn over $300 million dollars each year because of all the work they will be doing. Attorneys will not only represent consumers who are in need of a defense team, they will also represent companies, businesses, and government members. All of this work will keep the firms in the area busy but it will pay off because they are earning way more than the average law firm. McNamara, the partner at SNR Denton, say, “Government has become a far greater force in business planning.”
More work is also being made for lawyers in the area due to the crack down from the Federal Bureau of Investigation. The federal agents have been working on the investigation of a number of different companies.
The head of McDermott’s regulatory and governmental affairs business unit, Raymond Jacobsen Jr., says, “The Obama administration is bringing more cases, cases with higher penalties, and going after deals that have been closed.” He also says, “It is a good time to be an antitrust lawyer.”
During the downward spiral of the economy, law firms all over the United States suffered. This meant that many firms had to merge, some firms closed, and tons of attorneys were left unemployed. With the recent changes and the demand for attorneys in Washington, D.C., the firms are finally growing which enables more attorneys to find employment and decreases the overall unemployment rate in the city.