Bennett Murphy

The economy seems to be on the mend. Corporate profits are strong, and the Dow is north of 12,000. In the legal world, layoffs are down, bonuses are up, and hiring is way up.

But governments — federal, state, and local — are staggering under mountains of debt. State and local governments have borrowed $2.4 trillion as of mid-2010, and they’ve promised another $3 trillion in retirement benefits.

There is tons of talk out there about a possible wave of municipal bankruptcies. And even if the talk might be overblown, the possibility of default by multiple local governments or even state governments — which might someday get the ability to declare bankruptcy — can’t be ruled out.

If municipal bankruptcies start popping up all over the place, Dewey & LeBoeuf will be ready. The firm just picked up a leading expert in the area….

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