Credit: William Brown
As the presidential campaign gains steam and the November election approaches, The American Lawyer asked legal observers what it will mean for Big Law. From the revolving door and busy practice areas to M&A activity, they shared their perspectives on the varied ways the industry could be affected by presidential politics in the coming year.
Steven Wall, Managing Partner, Morgan, Lewis & Bockius
“If Democrats gain a majority in the White House and Congress, I would expect expensive regulatory work from 2021-23. That work would impact the financial services industry and employers across the United States in many different ways. If the GOP remains in control in Washington, I would expect firms like ours to be increasingly active in the regulatory efforts of the states rather than on a federal level. The vacuum created by activist attorneys general over the past few years would not allow regulatory practices to slow down, especially in states with Democratic governors. If the economy remains strong, regardless of who is in control of the government, I anticipate more transactional work. If the economy wanes, we would shift focus to practices like bankruptcy and restructuring.”
