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|Articles - September 2010|
|Friday, August 20, 2010|
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STORY BY JENNIFER MARGULIS // PHOTOS BY ANTHONY PIDGEON
Mark Wada has been working long hours. Wada is a partner in Farleigh Wada Witt, a Portland-based law firm with three named partners, 24 attorneys, and 57 total employees. Over the past six months he and his partners have been so busy they’ve hired three new lawyers: one specializing in financial law and two litigators.
Wada represents the banking industry, advising bankers on corporate lending and other commercial projects. He’s also the point person when things go wrong and banks find themselves with debtors unable to pay back loans.
When the sun starts to set and Wada is still at the office — which has been happening a lot lately — he turns on piano music by Jim Brickman to keep himself going.
“I like all kinds of music except rap and grunge,” says the 57-year-old Wada.
This season Wada’s been listening to a lot of music. While other Oregon firms have frozen hiring new lawyers and are seeing their client base dwindle, firms such as Farleigh Wada Witt that specialize in bankruptcy and finance report robust practices and more work than they can stay on top of. “Some of the bigger firms have basically frozen hiring,” says Ward Greene, 63, who has been practicing law in Oregon for 37 years and is a past president of the Multnomah Bar Association.
“It’s a very difficult job market for new lawyers in Oregon certainly, and across the United States. But lawyers who handle business transactions, bankruptcy, and litigation — like we do at our firm — are staying very, very busy.”
Individual bankruptcy lawyers are also in high demand. According to Kateri Walsh, spokesperson for the Oregon State Bar, between July 2009 and March 2010, more than 1,200 people called the Oregon State Bar referral service looking for attorneys who specialize in bankruptcy law, a 50% increase in call volume over the same period two years ago. With double-digit unemployment rates holding steady for the past six months, Oregon has seen almost no job growth, and economists and business people use words like “flat” and “stuck” to describe the current state of Oregon’s economy.
Wada traces the current financial difficulties that Oregon and the rest of the nation are experiencing back to the liquidity crunch as well as to the ongoing drop in real estate values and personal property collateral. The failure of the Seattle-based bank Washington Mutual in September 2008 was a huge blow to the banking industry in the Pacific Northwest as well, making some of Wada’s bank clients even more nervous.
“After that, people couldn’t get credit, they couldn’t refinance their way out of problems, and the banks have been getting more problem loans and becoming more conservative in how they deal with problem loans,” Wada says. “Revenues at companies are down. All of these things coming together at the same time has made it very difficult here in Oregon.”
Thursday, November 05, 2015
BY LINDA BAKER
Gov. Kate Brown delivered the keynote speech at the Associated Oregon Industries annual policy forum yesterday. Speaking to a Republican-aligned audience of about 100 business and public policy leaders, the governor was out of her comfort zone.
Wednesday, October 28, 2015
BY AMY MILSHTEIN
Oregon's first generation of food entrepreneurs created a brand based on quality and craftsmanship. Can the second generation sustain it?
Monday, November 02, 2015
BY LINDA BAKER
The hollowing out of the American city is now a bona fide cultural meme. Newspapers, magazines and digital media sites are publishing story after story about the morphing of urban grit and diversity into bastions of wealth and commodity culture.
Monday, September 28, 2015
BY GARY FISH
Over the years, many mentors have taught me lessons that have helped shape the way I view the world of work and our business.
Thursday, November 12, 2015
BY LINDA BAKER
I walked off the Vigor Industrial shipyard that day with a clear cover line in mind: the Love Boat.
Friday, November 20, 2015
BY JASON NORRIS AND MARY FAULKNER
It’s been a volatile year in equities and heading into the holiday season, it doesn’t look like these market extremes will dissipate.
Wednesday, October 28, 2015
BY DAN COOK
The artisan generation redefines manufacturing.
|The Love Boat|
|The Food Pod Grows Up|
|The High Road|
|Tinker, Tailor, Portland Maker|
|The Shift to Community Health Care|
|The Harder They Fall|
|Another chapter to the Bezos/Musk space race story|
|Thanksgiving travel: Fuel costs low, terrorism anxiety high|
|Costco chicken salad linked to E. coli case in Washington|
|Nestle comes clean about benefitting from slave labor|
|Enormous drugmaker emerges from Pfizer, Allergan deal|
|Startups joining lobbying game|
|Merchants complain as Square goes public|
Economic diversity has proven a smart strategy for the Port of Hood River. How can other Oregon communities replicate the model?
Phone, Internet needs of small community school districts earn attention of top-five telecom provider.
Farmland LP grows its vision for organic farming in Oregon.
The Salem Convention Center has capped its tenth anniversary year by earning the prestigious “Best of the Best 2015” award from NW Meetings & Events magazine. Selected as the Best Convention/Conference Venue in Oregon by meeting and event planners from Alaska, British Columbia, Idaho, Oregon and Washington, the Salem Convention Center ranked above the Oregon Convention Center and the Portland Art Museum.
The Oregon Cooperative Hall of Fame honors individuals for their outstanding contributions to the successful building and operation of Oregon agricultural cooperatives.
Health insurer reports $10.2 million in net income after taxes through the first nine months of 2015.