A litigation army is massing at major law firms to fight the wave of investigations, class actions and bankruptcies that are expected in the wake of the subprime-mortgage mess. Skadden Arps alone says it has roughly 100 lawyers working on subprime-mortgage fallout for clients such as Wells Fargo, and K&L Gates has about 50 lawyers delving into a bankruptcy investigation of New Century Financial. The subprime mess could generate legal fees of hundreds of millions, partners say.
Subprime Suits Fuel a Boom for Some Large Firms
January 24, 2008