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Tuesday, October 7, 2008

FROM THE UPCOMING ISSUE

In face of economic crisis, law firm clients range from panicky to opportunistic

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

Battle over Wachovia highlights tension between state and federal laws

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.



THE 2008 PLAINTIFFS' HOT LIST

Plaintiffs' firms at the top of their game.

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LEGAL PAD|LA

Read our daily blog for the Los Angeles area that covers law firm news and local legal developments.

Issue of October 6, 2008

NLJ Front Page

Firms face tough collections

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.

News

WASHINGTON

High court's busy new term just got busier

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

Columns

EXPERT WITNESS

The General and Specific

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

Opinion

HOMELAND SECURITY

The first transition

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

Random thoughts

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



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