|"Steering the business world through stimulus legalities"
February 27, 2009
Kevin Boyle is quoted in this article on law firms interpreting and guiding the business community through the $787 billion federal stimulus plan that President Obama signed into law on Feb. 17, 2009.
Lawyers have been busy interpreting the often complex language of the legislation and how it works. Stradley Ronon Stevens & Young business practice group chairman Kevin Boyle said the first thing his firm does for clients is to make the complex and lengthy legislation more user-friendly. The lawyers break down the amounts of money that will be going to individual industry sectors and then lay out a road map - identifying the timing, the process of obtaining approval, how the funds will actually flow and what strings are attached.
Firms like Stradley Ronon and Ballard Spahr Andrews & Ingersoll have sent out electronic client alerts as more details pour in regarding the stimulus. Ballard Spahr business and finance department chairman Brian Doerner said his firm has sent out 16 alerts on stimulus alone. He said the firm has been flooded with questions from a variety of clients, including energy companies, Wall Street Investors, hospitals, utilities, real estate developers, contractors, engineering firms and universities.
Most big firms like Stradley and Ballard Spahr established multidisciplinary practice groups last year to market their capabilities to deal with the various aspects of the economic crisis and have simply handled stimulus and the related Troubled Assets Relief Program legislation through these groups.