Law Practice Management

Silver Lining to US Financial Storm: New Law Practice Arena

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Continuing economic turmoil in the U.S. and internationally is prompting a number of major law firms to form special multidisciplinary practice groups to help clients deal with financial crises. In the process, some are creating new Internet resources that also may be of interest to other practitioners.

In addition to Bracewell & Giuliani, other entrants into the newly identified legal arena include Akin Gump Strauss Hauer & Feld; K&L Gates; and Mayer Brown. The latter three law firms have respectively announced the formation of a financial markets crisis resource center, a global financial markets group and a financial institutions response unit, reports the Lawyer.

“The services are broadly similar with Akin Gump’s offering news, information and analysis on the financial crisis while K&L Gates’ attempts to identify future developments and Mayer Brown’s features webinars on issues such as dealing with distressed assets and regulatory matters,” the legal publication writes.

As K&L Gates explains, in a press release, the new practice group is “aimed at advising clients on analyzing and dealing with the complex and interconnected issues resulting from the global economic crisis, as well as anticipating and identifying future developments.” It is presently representing clients in litigation, regulatory and government enforcement matters, and expects to be “sending regular markets-focused communications to clients analyzing recent significant developments,” since all businesses are affected by the global financial storm.

Mayer Brown has “created a comprehensive resource site that includes links to the latest documents issued by regulatory and other governmental agencies worldwide,” the firm notes on its website. “Please bookmark it and check back often to stay informed on this rapidly evolving situation.”

Similarly, a button on Akin Gump’s website links directly to its new Financial Markets Crisis Resource Center, which includes a scrolling list of links to current news coverage as well as posts by firm attorneys about related legal topics.

Additional coverage:

American Lawyer: “Law Firms, Vultures, Saviors”

Updated at 2 p.m. on Oct. 1, 2008 to include link to subsequent American Lawyer article.

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