Law firms will face significant challenges, both practical and existential, after Signature Bank in New York became the second U.S. bank failure in three days and the third-largest bank failure in U.S. history.

For one, the bank’s clientele included many midsize law firms, and it catered to plenty of personal injury firms and those with significant real estate practices, said industry observers and lawyers knowledgeable about the bank’s work. Those law firms could still see delays or other disruptions in accessing capital, though government takeovers of both Signature and Silicon Valley Bank, which failed last week, were swift and were aimed to protect account holders’ assets.

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