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Corporate Law

Conflict Checks Soar as Worried Clients Call Counsel About Wall Street Woes

Posted Sep 16, 2008 2:30 PM CST
By Martha Neil

A shortage of work is not a problem this week for those in charge of performing client conflict checks at law firms representing major corporations worried about the turmoil on Wall Street.

"The number of conflicts searches have skyrocketed" among London law firms since Monday, "even at firms that do not currently have roles advising any of the major players," reports the Lawyer. The major players, of course, are Lehman Brothers, Merrill Lynch & Co. and American International Group Inc., all of which are reportedly dealing with financial downslides.

Says an unnamed London partner of a U.S. law firm: "We are getting lots of inquiries … over a whole range of issues for counterparties/creditors, etc. in respect of Lehman, each of which has its own particular characteristics, depending on particular fact patterns."

Presumably, the same must be true in the offices of corporate law firms in the U.S., which also reportedly have been deluged this week with calls from worried clients.

Related coverage:

ABA Journal (2006): "Check, Please"

Comments

1.

DCEsq
Sep 19, 2008 8:10 AM CST

“Reportedly dealing with financial downslides”?  What an understatement!  Could this be an appropriate time to consider a career change to bankruptcy law?  Personally, I have little sympathy for these lawyers, whose careers are organized around the principle of law as a business rather than a profession (or what is sometimes known as “a calling”).  If lawyers are in it for the money, they should consider this current downturn as a decline in the market.  In the end, there is little to distinguish the trading of law firms for higher salaries from the trading of securities on Wall Street.

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2.

checking in
Sep 19, 2008 12:18 PM CST

Uh…dude. You’ve said that same comment to like four articles. We got it…law’s a calling; money bad. Sounds like you missed your calling to the pultpit. I got to go…the phone in my beemer is ringing. I wonder who’s calling?

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3.

DCEsq
Sep 19, 2008 3:38 PM CST

I hope you copied and pasted your serial replies to me; I find that approach rather efficient!  Elementarily Yours, DCEsq.

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