Subprime Woes Good News for Lawyers

As the nation's subprime mortgage market continues to implode, a booming practice area is being created for lawyers in various related areas of practice.

In fact, subprime mortgage issues—which apparently are likely to include a heavy focus on white-collar crime—will be virtually a full-employment act for attorneys, in much the same way as the stock-options backdating scandal that came to light last year, predicts the Wall Street Journal law blog.

Several law firms, including Patterson Belknap and Pillsbury Winthrop have already formed practice groups that include the magic word "subprime," it notes.