From The Daily Journal
by Alexandra Schwappach
As Congress continues to wrestle with thorny discussions on budget cuts and tax increases, law firms in California and the U.S. are bracing for impending changes to their practice areas - with a specific eye on bond work. Legal experts said that if the administration fails to reach a compromise before the impeding so-called fiscal cliff - a series of tax hikes and budget cuts that will take affect if Congress doesn't reach agreement by the end of the year - law firms should expect to see a drop in bond work.
"The uncertainty does weigh on me, particularly because of the effect it has on our clients,"said Timothy J. Reimers, leader in Polsinelli Shughart LLP's public finance practice. "Even seemingly minor changes in the federal law could cause significant changed in the market and therefore the practice."
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Note: A deal was struck January 1, 2013 preventing the fiscal cliff.
About Timothy Reimers
Timothy J. Reimers is a team leader in Polsinelli Shughart's public finance practice and has served as bond counsel, disclosure counsel, underwriter's counsel and issuer's counsel in a variety of public finance transactions for ports, airports, water and power districts, cities, counties, the state of California and various state agencies.
Mr. Reimers has extensive experience in real estate transactional matters, including financings on behalf of lenders and borrowers, property management, leasing, purchases and sales, mortgage and deed of trust matters, complex sale and leaseback transactions, loan restructuring and other workouts, construction contracts, formation of joint ventures, general and limited partnerships and limited liability companies, development and title matters. A significant portion of Mr. Reimers' practice involves government real estate, including surplus property disposition, joint use documents, road dedication, construction documents, title issues and management of environmentally sensitive property.
Mr. Reimers has successfully resolved numerous disputes on behalf of the Federal Deposit Insurance Corporation (FDIC) in its role as receiver for certain failed banks. Mr. Reimers also advises the FDIC and other firm clients on matters involving troubled transactions and workouts.