2009 Fall, Pg. 6. Introduction: Hard Times.

AuthorBy Attorney Michael DeLucia

New Hampshire Bar Journal

2009.

2009 Fall, Pg. 6.

Introduction: Hard Times

New Hampshire Bar JournalVolume 50, No. 2Fall 2009INTRODUCTION: HARD TIMESBy Attorney Michael DeLucia"If the debtor be insolvent to serve creditors, let his body be cut in pieces on the third market day. It may be cut into more or fewer pieces with impunity. Or, if his creditors consent to it, let him be sold to foreigners beyond the Tiber."

-Twelve Tables, Table III, 6 (ca. 450 B.C.)

This issue of Bar Journal deals with the aftermath of the economic events that are symbolized by the words "Lehman Brothers," "AIG," "credit-default swaps," and "subprime mortgage lending." September 2009 marks the one-year anniversary of the collapse of Lehman Brothers; and for those who have forgotten, it also marks the drop of the stock market on September 15, 2008, by 500 points and the ensuing financial panic that engulfed global financial markets.

This "Hard Times" issue deals with recession-related legal topics in three broad areas: issues for attorneys representing individuals or consumers; impacts on institutions, including a roadmap guiding board members wrestling with dissolution questions; and four articles looking at employment-law in a cost-cutting environment.

I want to thank the attorneys who made this issue one of the largest and most comprehensive that the Bar Journal has undertaken. Nearly 20 attorneys volunteered to wrestle with these topics; and the articles appearing here are informative and a handy guide for attorneys whose clients are bringing both novel and basic legal problems to the table.

THE GREAT RECESSION

The articles do not, however, deal at length with the causes of the "Great Recession" or the devastating impact upon families, college graduates, retirees, homeowners, and those legions who have now joined the ranks of the unemployed. But some context is important to appreciate the articles that follow.

One year after the collapse of Lehman Brothers, the national unemployment rate stands at 9.7 percent, and is expected to pass the 10 percent mark. The unemployment rate, however, is deceptive, since it excludes those American workers who long ago abandoned the search for employment. In August 2009, an additional 216,000 jobs were lost, marking the 20th consecutive month of national job losses. As others have pointed out, these job losses...

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