It definitely looks like M&A activity will decline in 2009. What's more, it appears that private financings and public offerings will continue to remain lackluster.
This is bad news for investment banks. However, some of these operators are finding ways to maneuver around by focusing on restructuring work.
Perhaps one of the biggest beneficiaries is Lazard Ltd (NYSE: LAZ).
In fact, this week the firm snagged Timothy R. Pohl, the co-head of restructuring practice at Skadden, Arps, Slate, Meagher & Flom.
Pohl will certainly be busy as Lazard is currently working on the bankruptcies of Lehman Brothers and VeraSun.
This week, Lazard also got several new plumb assignments. The firm is advising Nortel Networks (NYSE: NT) on restructuring options, and other new clients include Tribune and even the United Auto Workers.
Of course, with the protracted credit crunch and the declining global economy, we'll likely see more leveraged companies hitting the wall, providing much more business for Lazard.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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