Another quality piece from the Economist on a law firm that is cleaning up corporate America (pun intended).

People wonder what such a strategy produces in good times. Martin Bienenstock, one of the co-heads of Weil's restructuring department, retorts that “the notion that our business goes up and down with the economy is cocktail-party myth.” Instead, he says, there are three main forces that determine the level of large corporate bankruptcy work: liquidity in the high-yield market; a big unexpected change (airline deregulation in the 1970s, deflation in the 1990s); and the volume of underwriting and acquisitions on Wall Street (inevitably producing bad deals that become exposed years later).