The Bailout Plan and Contract Attorney Work

For those, like us, who remember/worked at the Resolution Trust Corporation (RTC) after it was established in 1989, the agency hired 450 attorneys in a matter of a few months.  A GAO report found over the course of 13 months, “RTC had approximately 77,523 legal matters, ranging from routine real estate foreclosures to complex professional liability claims.”  RTC dealt with over 3,000 legal matters per month on a regular basis.  Report Number:  GAO/GGD-93-50FS.

RTC eventually hired 10,000 employees agency-wide.  A number of field offices around the country were established.  And this figure does not include the outside contractors and consultants hired.

The establishment of a new financial agency (“Paulson’s Plunge Protection Team”) will likely lead to a similar hiring binge.  Our colleagues in Treasury tell us there are no “specific” hiring plans in place and won’t be until Congress enacts legislation.  But we’ll keep you informed best we can.