Bankruptcy lawyers are at the front lines of economic chaos.

The steel industry fell on hard times. The American automotive industry had an existential crisis. The Internet and real estate bubbles popped. The telecommunications industry and the financial-service industries saw such drastic declines that storied names like Lehman Brothers, Bear Stearns, WorldCom and Nortel no longer exist.

There’s always the need to adjust businesses and loan transactions based on the turns in the economy, and bankruptcy and commercial restructuring lawyers are there to do it.

“We’re there in the real time to restructure and adjust when all of a sudden a bubble starts to burst when everyone was riding high in the telecommunications or the Internet [industries],” said Robert P. Simons, a partner with Reed Smith’s commercial restructuring and bankruptcy practice group in Pittsburgh. “The parties involved were able to put the deals together. They’re not necessarily prepared to restructure and adjust that.”

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