Lee Hendricks Discusses Bankruptcy Law and Practice
On Thursday, March 25, Lee Hendricks discussed bankruptcy law and practice in a talk organized by the Business Law Students. A partner in the Topeka firm of Stumbo Hanson, LLP, Mr. Hendricks received his undergraduate degree from Washington University in St. Louis and his JD/MBA from the University of Kansas. In law school, Mr. Hendricks was a staff member and editor of the Kansas Journal of Law and Public Policy, and his article discussing anti-trust laws and major league baseball was published in the Minneapolis-St. Paul Star Tribune in 2002.
Mr. Hendricks practices in the areas of consumer and small business bankruptcy, landlord/tenant and general business practice. He is the current President of the Topeka Area Bankruptcy Council. Mr. Hendricks also practices in the municipal arena, and serves as the City Attorney for the cities of Perry, Lecompton and Willard. He has served as prosecutor for the City of Perry since 2004.
Mr. Hendricks' talk focused on three areas: what kind of law school education provides a good preparation for bankruptcy and business law practice, ‘rules to live by’ for junior attorneys, and current issues in bankruptcy practice. With respect to what kind of law school education provides a good preparation for practice, Mr. Hendricks noted that while an MBA and other business coursework are not mandatory for practice in a business and transactional environment, they do provide a common ground and talking point for interviews. The background business knowledge also helps in understanding particular areas in municipal and bankruptcy law. And, Mr. Hendricks noted, all lawyers benefit from basic business knowledge when it comes to issues such as firm organization and billing.
Mr. Hendricks also identified a number of 'rules' he believed could greatly benefit a young attorney. For example, he suggested that new attorneys find a mentor to help guide them through their early years of practice. He also urged students to make sure they know who they will be working with, since they will spend most of their waking hours with their colleagues. Another 'rule' was to learn how to say no to a client, in order to save both the attorney and the client headaches later. Mr. Hendricks also advised students to find a practice area undergoing change, in order to capitalize on the level playing field created by the new laws or regulations. Bankruptcy law, he noted, underwent a significant change in 2005 which provided opportunities for many new attorneys.
Mr. Hendricks also discussed bankruptcy law practice. He briefly explained the differences among the different types of bankruptcy. He mentioned Chapters 7 (liquidation), Chapter 11 (corporate restructuring), and Chapter 12 (family farms), and focused on his current work with Chapter 13 (in which unsecured debt is discharged). He talked about the common reasons for Chapter 13 filings, and how they are carried out and administered in the years following filing.
Overall, Mr. Hendricks' talk provided students with some basic knowledge about bankruptcy and municipal law practice, and a lot of practical career advice.
Posted April 15, 2010.
