Question-and-Answer Session
Operator
Thank you. (Operator instructions). We will hear first from Andrew Fones of UBS.
Andrew Fones - UBS
Yes, thanks. Just in light of recent announcements from your peer group, I was wondering if you have take a look at your accounting for acquisition and outs and how comfortable you feel about that? Thanks.
Jack Dunn
Yes, we have reexamined our accounting treatments, reviewed it with our outside advisors. And again we believe we account for earn-outs in according with GAAP.
Andrew Fones - UBS
Okay, thanks. And then in terms of your bankruptcy, basically, it’s – I was wondering if you could just update us on the rate of a new business wins there? Thanks.
Jack Dunn
Yes, just for some simple statistics, in Corporate Finance in general, the second quarter – the new – number of new matters opened was 224 versus 202 last year and it was 224 versus 214 in the first quarter of 2009.
Now interesting in that statistic as we talked about last time was the mix of matters. As compared to last year, we have 23 bankruptcy matters compared to 15 and we had 23 compared to 28 in the first quarter, so relative flat.
You would always expect more in the first quarter, because seasonally that’s when people get their order to financials and that’s where retailers get the results, so that’s a very strong number. And out of non-bankruptcy restructuring, we have 62 in the second quarter this year versus 31 last year and we have 62 versus 78 in the first quarter, again very strong.
What’s also interesting is that our TAS practice, our transaction and support practice also has started to pick up a little bit, where its number of cases looked very strong and it was 69 in the second quarter versus 50 in the first quarter, so we are seeing some pickup there as I again perhaps some – we are seeing a little bit of M&A activity.
Andrew Fones - UBS
Okay, thanks. And then just one final one, in terms of utilization, you mentioned in Economic Consulting, it was down a little bit sequentially on the headcount additions. But could you comment in terms of Forensic and Litigation and also the Corporate Finance Group, how much of that decline was seasonality and kind of how we trended through the quarter and perhaps the way you ended the quarter, what we might anticipate for Q3? Thanks.
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