The bond counsel industry is changing. There was the collapse of the bond insurance industry in 2008, the introduction of new types of municipal securities under the federal economic stimulus program, and the radical decrease in new-issue volume as those programs ended and issuers cut back on borrowing.

Meanwhile, the Internal Revenue Service and the Securities and Exchange Commission have increased their oversight, enforcement, and regulation of bond firms. Both federal agencies are asking bond attorneys to take on roles they did not have previously. And federal tax regulations for bonds are becoming increasingly complex.

“While there were some tax credits before the stimulus act, the act added to their number,” Ballard Spahr Public Finance Chair William Rhodes told The Bond Buyer. “This has meant that bond counsel firms have additional areas they need to be knowledgeable about.”

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