Speaking last week to a roomful of top local executives, Richard Welch was blunt in his assessment of the effects the financial crisis is having on companies.

“What we face right now is extreme anxiety,” said Welch, managing partner in charge of mergers and acquisitions for the Los Angeles office of law firm Bingham McCutchen LLP. “Our associates are on edge.”

The nation’s economic turmoil served as the backdrop to the second annual Los Angeles Business Journal CEO Conference & Expo held last week at the Beverly Hilton Hotel, where Welch and a number of business leaders spoke. The conference featured panels with titles such as Financial Crisis and Risk Management.

While many speakers echoed the sentiments of Welch, not everyone has been hit so hard by the economic downturn. Indeed, Commerce-based discount store chain 99 Cents Only has seen business pick up as more consumers look to cut back on grocery expenses, said Chief Executive Eric Schiffer.

“Everyone is thinking about their future, their nest egg,” Schiffer said.

Though the company has seen business improve, increasing costs recently forced the company to raise its prices to 99.99 cents per item. Schiffer said he initially laughed off the idea of boosting prices, but the response has been generally positive.

“It worked out perfectly,” he said.