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The election of a new Democratic president, and the looming global economic slowdown, are sure to create legal and political issues that could have an impact on lawyers practice areas over the next four years.

Obama is likely to put an end to eight years of policies broadly sympathetic to financial institutions, pharmaceutical companies and the oil industry. And the financial crisis is likely to lead to sweeping changes in bankruptcy and securities law, energy policy and financial regulation.

Some of the amendments to the Bankruptcy Abuse Prevention and Consumer Protection Act 2005 may be repealed, especially the ones that made Chapter 11 less of a safety net for companies.

Tax credits for renewable energy investments, set to expire in 2008, may be in danger. Obama supports extension of these credits, but this may be impossible with the financial situation.

Obama will have to decide whether to help the under-funded Food & Drug Administration, and determine how much power regulators will wield.

He will also have to deal with issues that have arisen over Indian gaming, such as the taxation of tobacco and alcohol. Other issues include the level of power tribal governments may exert over non-Indians on a reservation, and tribal control over water supplies.

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