As I briefly discussed back in April , prior to their current respective roles as co-host of Thinking Like a Lawyer and host of The Jabot podcasts, I joined Joe Patrice and Kathryn Rubio as the host of our own podcast entitled Recess Appointment . Not surprising for a show that first aired in the midst of the 2012 presidential election, especially when our unofficial tagline was “four liberals agreeing,” we spent a lot of time discussing the economy. Despite discussing economic matters for more than a year, I am hesitant to claim any sort of expertise in the field, especially since the bulk of my contribution on the topic was regurgitating points that Justin Wolfers had tweeted. But while I am not going to be teaching in Vanderbilt’s Law & Economic Ph.D. program any time soon, I can still look at the below chart from Deutsche Bank, courtesy of the New York Times’ Ben Casselman, and understand it is not painting a rosy picture of the American economy in the near future.
Indeed, it might have been Pete Campbell himself who best summed up how some economic indicators are currently looking (Image via Giphy) The bearish economic view is not merely reflected in viral tweets and memes. As recently reported in The American Lawyer , McDermott Will & Emery is expanding the ranks of its restructuring and insolvency group not in anticipation of a future recession, but to deal with the recession that “‘we’re at the beginnings of . . . right now.’” A recession that is either already upon us or just waiting off stage should not be too surprising given that the United States is currently in the midst of its longest period of economic expansion in its history. At some point, the economic cycle will have to shift to a contraction stage, as is the case with every other national economy — Australia serving as the bizarre exception, having now entered its 27th consecutive year of economic growth.
Talk of an economic downturn can spook those in the legal world old enough to have lived through the […]