Corporate Law
Conflict Checks Soar as Worried Clients Call Counsel About Wall Street Woes
Posted Sep 16, 2008, 03:30 pm CDT
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"
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