"Obviously that has not occurred at all," says Robert Rosenberg, a partner at Latham & Watkins LLP, in regards to the previously predicted "massive number of municipal bankruptcies." Rosenberg, who ranks as the top bankruptcy lawyer by volume on The Deal Pipeline's bankruptcy league tables, explains why it is often impractical to file for Chapter 9. Adds Rosenberg, struggling municipalities will be a "very long-term problem." - Katie Roof