Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1894-02-04
LAWYERS AND THE PANIC.
Enormous Business Done by Big Law
Firms During the Last Six Months.

| Enormous BUSINESS Done Dy Dig LAW
Firms During the Last six Months
New YORK, January 3O.-The big
| law firms OF the country are credited
with having done an enormous business
! during the past six months. Times Of
panic are considered times of prosperity
! for the LAWYERS. Here in the metropo-
! lis the large legal concerns have been
/ exceedingly busy. Many OF them have
hired additional clerks A great many
young attorneys, whose private practice
was small, have been called in TO help
out the great concerns. 10 order to as
! certain the accuracy Of the statement
/ the head of one OF the biggest law firms
! in the country was called upon the other
day.
''Yes, it is perfectly true" he said,
that the legal fraternity has been very
busy and is to-day crowded with all the
work it can possibly handle, and more
too. Periods OF depressions always re-
suit in the need Of lawyers. Their SER
vices are constantly required. But |
think | verse the sentiment Of every
! busy counselor when say that would
much rather have the ordinary run OF
/ business than the crush Of work that
has been upon US for months and prom
ises TO continue for months to come"
"Why is that?" was asked.
because of the immense RESPONSE
/ biity that rests upon u.s." was the re-
ply. Seasons of failure and OF COM
mercial shrinkage In value bring diff
cult problems in law and finance. The
counsel OF large dry goods house, for
l 10 70 no
feasibility OF the firms making an as
signment. Creditors are pressing.
Collections are bad. There is u big
stock on hand that cannot be disposed
Of. Contracts were made in prosperous
times for extra material in additional
goods, and the fulfiIlment OF those con-
tracts on the part OF the purchasers
means ruin. The lawyer is asked to
consider what bettsr be done. He Is
asked to have the contracts released,
if possible, or the carrying Of them out
postponed. He is compelled TO become
az once, not only legal adviser, but
also an expert accountant and a
fnancier; ne recognizes the Importance
of the situation. A right decision and
diplomatic handling Of affairs will take
the establishment over the impending
crisis. A wrong decision or an unfor-
tunate treatment of the case may result
i'm disaster 10 the firm and the personal
impoverishment of the individual pur-
chaser. No ordinary retaining fee can
adequately compensate for the work
aud money involved. Yet the charging
Of an extraordinary sum for services
will only add to the burdens of the con-
Germ. The client, troubled may be TO the
verge of insanity, never stays 10 argue
over charges He says he wants relief,
and is willing to pay for it, provided he
is helped out of mis- difficulties. Don't
you see the responsibility Of the posi-
ton.
Then take the case Of the counsel
for n great railroad or industrial cor
poratlcn. The company gets into trou-
bic. Its position has become very embar-
RAISING Something has to be done and
done at once. The demand for action
is urgent. The counsel must decide
whether il is wiser to apply for a re-
ceiver or endeavor TO secure loan, or
issue additional securities. The officers
Of the corporation become frantic.
They are untitled to decide what is
best. The mental strain is awful.
Balance sheets and a statement OF bills
receivable aud bills due are brought the
lawyer. He must go over them from
the bookkeeper's standpoint. He must
take into consideration not only the ex-
listing emergency but also future con-
tingencieS. The appointment OF re-
ceiver may pull the company through
and it may injure the concern per-
mapently. To get a loan means that
the lawyer must so out and hustle for it.
"Why," said the eminent solicitor,
wheeling suddenly around in his. chair,
1.-The corporation lawyer or to-day is
really promoter, accountant, fnsncier,
broker aud adviser all combined. In
such a critical condition of affairs as l
have lust described, he is compelled,
after examining the books and balances,
70 90 out to uust companies, banks, or
private capitalists, who may be clients
or friends OF his, and see il he can
obtain q loan for the corporation he
represents. He must promote its in
terests as best he can. He must spend
DAYS and nights with bankers, II the
issuance OF securities Is under consid-
GRAFTON, and look out that no ShyIock
game is attempted. II various bank
ing houses are striving to secure the
bonds proposed as the Increased amount
Of stock. he must play the orokery and