Wall Street Woes Spell Trouble For Law Firms

By Jacqueline Bell

Law360, New York (September 16, 2008, 12:00 AM ET) -- Already a year into the credit crunch, law firms are now faced with perhaps the most dramatic reorganization of Wall Street since the Great Depression, prompting questions of just how prepared firms are to weather the latest economic storm.

Wall Street was rocked Monday by news that Lehman Brothers Holdings Inc. had filed for bankruptcy, Merrill Lynch & Co. Inc. had been scooped up by Bank of America and insurer American International Group, Inc. was facing serious liquidity problems. More fallout is likely, analysts predict....
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