Law.com - Firms Bank on California Cities' Distress: "A parade of law firms big and small have responded to Pacific Grove's call for help as the California city works to get a handle on its growing budget deficit.
While Pacific Grove is not ready to file for Chapter 9, under which municipalities seek bankruptcy protection, it is exploring the legal costs and potential consequences of such a move. It has recently received eight pitches, from behemoths like Orrick, Herrington & Sutcliffe, Cooley Godward Kronish and Morrison & Foerster, and from smaller, more regional shops such as Best Best & Krieger, McNutt Law Group and Renne Sloan Holtzman Sakai. Responding to the city's request for qualifications, the firms outlined costs for pre-filing consultation and representation in bankruptcy and post-bankruptcy proceedings."
This must be a boom year for bankruptcy lawyers.