Tuesday, October 7, 2008
FROM THE UPCOMING ISSUE
With the stock markets falling and credit markets tightening, law firms across the United States are dealing with panicky clients and scrambling to form new practice groups focused on the economic crisis. "Clients are really looking to understand the terms of the Emergency Economic Stabilization Act," the $700 billion bailout package signed into law last week, said Paul Merolla, head of LeClairRyan's financial services practice group.
FROM THE UPCOMING ISSUE
The legal battle over whether Citigroup or Wells Fargo should be able to buy Wachovia is on hold for now, but the clash highlights the tension between state corporate laws and federal laws that govern banks as the government tinkers with banking-sector rescues. The announcement late Monday halting three separate lawsuits until at least Wednesday means the three sides are likely to reach an agreement about how to divvy up Wachovia, said John Singer, a partner at New York-based Singer Deutsch.
Read our daily blog for the Los Angeles area that covers law firm news and local legal developments.
Issue of October 6, 2008

As law firms enter the fourth-quarter home stretch for 2008, the harsh reality is that any hours law firms billed this year are only as good as the client's ability to pay for them. With clients expected to hold on to as much cash as possible amid a credit squeeze, law firms may be walking a tightrope during this year's collection push to get the dollars rightly owed to them while at the same time remaining flexible with clients in trouble. "It's a balance that always exists, but in this market it becomes heightened," said Paul Irving, co-chairman of Manatt, Phelps & Phillips.

WASHINGTON
From speedy trial rights to plea agreements breached by prosecutors to counsel for indigent defendants, the U.S. Supreme Court, in its first orders list of the new term, upped the stakes by adding seven new cases to an already busy criminal docket. The seven cases granted review were among 10 culled from the court's summer list of more than 2,000 petitions. In addition to the criminal cases, the justices also granted review in a Superfund cleanup challenge — the fifth environmental case on the argument docket in a now potentially huge term for environmental law. More News

EXPERT WITNESS
Experts are permitted to testify to specific opinions in some instances, like in toxic court cases. But frequently they are excluded by the courts. Why permit specific opinions in some cases but forbid them in others? The tone of decisions on the issue suggests that the trial judge has drawn the line as a compromise. The judge has serious reservations about the reliability of the discipline but is reluctant to go to the extreme of altogether excluding the testimony. More Columns

HOMELAND SECURITY
Regardless of whether the Democrats or the Republicans win the White House this year, the Department of Homeland Security will face its most extensive upheaval since its formation in 2003. For the first time, DHS will deal with a change in administrations, and the first change of the presidency since the Sept. 11, 2001, terrorist attacks. While a Barack Obama or a John McCain administration will certainly put its political stamp on DHS, the next president must overcome the temptation to politicize DHS and hamper the ability of DHS to execute its critical mission. More Opinion


ETCETERA
This week's columnist must have too much time on his hands. Here are a few of his idle musings.
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