But within weeks, Sarkessian had been interviewed several times and hired by one of the city's most prominent firms. As the slowing economy backs many weaker companies into a financial corner, law firms around the country are scurrying to beef up their bankruptcy practices. Bankruptcy filings by large publicly traded companies last year jumped up to 176, a 21 percent rise from 1999 and a 44 percent increase from 1998, according to the American Bankruptcy Institute.
Every day there's some new household name either considering filing or filing for bankruptcy.
Xerox Corp. Meanwhile, Owens Corning and Armstrong World Industries have filed for bankruptcy protection in an increasingly popular tactic to help cap potential asbestos-related liabilities against them. Nationwide, legal recruiters report a growing demand for bankruptcy attorneys, particularly in larger cities where major corporations are located. Much of that demand is in Philadelphia, a result of its proximity to Delaware, where many companies make their legal home to take advantage of favorable state laws. There are a number of openings - they're all looking. In other large cities, like New York and Chicago, demand for bankruptcy attorneys has more than doubled in the last year, recruiters say.