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Dip in Bankruptcies Forces Firms to Trim Ranks

By Christine Simmons

A slowdown in Chapter 11 bankruptcy filings has led law firms to trim their ranks and steer bankruptcy attorneys into other areas.

“Firms across the board have been trimming their restructuring practices because there's been a pronounced slowdown in the field,” said John Rapisardi, a partner in O'Melveny & Myers and cochair of the firm's restructuring practice.While some attorneys say the “bankruptcy recession” will end when interest rates rise, others believe the change is long-lasting.

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