The U.S. Senate passed a modified $700 billion bailout package for the financial industry on Wednesday night, setting the stage for another vote in the House of Representatives as early as Friday. But the outlook for approval by the House remains uncertain.
U.S. Treasury Secretary Henry Paulson was set to mull over options with President Bush, the Chairman of the Federal Reserve and key members of Congress after the $700 billion bailout plan failed to pass the House of Representatives on Monday afternoon.
We asked more than 300 law firms to tell us what their most seasoned professionals thought of the financial meltdown. The verdict: an unprecedented crisis, unlike anything anyone has seen in many decades of practicing law.
The financial crisis raged on unabated in the early hours of Friday, with the government shutting down the country’s largest savings and loan bank amid an apparent breakdown in Congressional talks about a bailout of the banking industry.
As America's economic malaise catches up with many of the nation's leading law firms, associate bonuses — typically paid in December or January — will suffer, legal industry insiders say.
Between Heller Ehrman LLP’s demise following a series of failed merger talks and the uncertainty of the U.S. economy, some law firms may be wondering whether taking the plunge with another firm is such a good idea right now. But initial misgivings are not likely to slow the pace of law firm tie-ups, legal experts say.
Most of the work stemming from the current Wall Street crisis and the proposed $700 billion bailout plan will likely go to a small number of firms that enjoy long-standing client relationships with the major players involved.
Congressional Democrats and their allies are pushing for the U.S. government to limit executive compensation and help out homeowners facing foreclosure as part of its $700 billion plan to bail out Wall Street.
Rumblings of major changes at international law firm Heller Ehrman LLP grew to a roar Thursday as a source at the firm and outside experts said no scenario, including outright dissolution, was off the table. And while seasoned partners will have no problem finding work should the firm meet its maker, the situation for associates looks decidedly bleaker, job consultants say.
In times of financial turmoil, long-standing grudges, lagging practice groups and other weaknesses can become more pronounced. If it gets bad enough, firms can start to unravel. So what can be done to maintain the business when the going gets tough? Lawyers and industry insiders on Friday pointed to five interwoven concepts.
Experts are divided on how the $85 billion government bailout of American International Group Inc. will affect competition in the insurance industry and the role of the United States in promoting free markets abroad.
As the U.S. Supreme Court prepares to kick off a new term, antitrust lawyers are waiting with bated breath to see how the court will tackle a price-squeezing case that triggered a dispute between the U.S. Department of Justice and the Federal Trade Commission.
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.
Bankrupt Wall Street titan Lehman Brothers Holdings Inc. is now racing against the clock to preserve the value of its 158-year-old business.
With Lehman Brothers Holdings filing for bankruptcy, Bank of America set to take over Merrill Lynch, and AIG about to announce a major restructuring, lawyers are facing unprecedented legal challenges for their Wall Street clients.
The U.S. Senate unanimously passed a bill Thursday that would overturn a series of Supreme Court decisions and expand what conditions are considered disabilities under the Americans with Disabilities Act.
The outlook for Lehman Brothers Holdings Inc. has gotten suddenly grimmer, with the investment bank admitting that it expects to suffer a loss of $3.9 billion in the third quarter as whispers of a potential bankruptcy grow louder.
A bill that would establish a new federal rule of evidence aimed at reducing the cost and time of reviewing e-mails and other documents requested in discovery to avoid accidental disclosure of privileged materials is a presidential pen stroke away from becoming law after being passed by the U.S. House of Representatives on Monday.
The U.S. government's seizure of mortgage giants Fannie Mae and Freddie Mac over the weekend is likely to spark a series of new lawsuits surrounding the troubled lenders and their now-former management, experts say.
The Bush administration's decision to place both Fannie Mae and Freddie Mac under "conservatorship" effectively amounts to the largest bankruptcies in U.S. history, even if the mortgage giants are not technically bankrupt.