Another Subprime Practice Group

The meltdown of the subprime mortgage market has enticed another law firm to create a practice group devoted to the resulting legal issues.

Patterson Belknap Webb & Tyler decided to create a subprime practice group after working on related matters for an insurance company, the National Law Journal reports. The insurer referred two hedge funds for legal work.

"The thought was: All right, this is becoming a significant practice, and let's formalize what we've been doing," said Philip Forlenza, a senior litigation partner on the team in New York.

ABAJournal.com noted last week that subprime woes are creating a new practice area for lawyers.