Some Law Firms Sue Banks, Some Don’t

When disgruntled corporate investors are looking for counsel to represent them against the financial institutions that allegedly misled them, they don't go to the major law firms in London renowned for their banking expertise.

And they don't go to the United States competitors of these London firms, either, reports Bloomberg. That's because, fearful of angering important banking clients and potentially creating conflicts that could limit such work in the future, these law firms are said to refuse all litigation matters in which financial institutions are defendants.

But a cadre of litigation firms are ready, willing and able to take on the banks, the article notes. They include: 65-attorney Bartlit Beck Herman Palenchar & Scott in Chicago; 235-attorney Boies, Schiller & Flexner in Armonk, N.Y.; 400-attorney Quinn Emanuel Urquhart Oliver & Hedges in Los Angeles; and 88-attorney Susman Godfrey in Houston.

"The litigation boutiques can do such work because they usually don't have corporate departments eager to pick up transactional assignments from banks," the news agency notes.

Earlier ABAJournal.com coverage:

"Law Firms Rev Up for Expected Bank Litigation Barrage"

"More Law Firms Seek to Sue Banks"

"BigLaw Relaxing Bank Suit Standards?"