Have the asset- and mortgage-backed securities markets finally hit bottom? Lawyers in the field certainly hope so. In 2009 there were just 181 asset-backed securities issued, down from 290 in 2008, and a stunning 88 percent plunge from 2,378 in 2006, according to Thomson Reuters. The world of mortgage-backed securities was even bleaker. In 2006 the industry saw 1,087 total issues, but in 2009, that number was a paltry 16. “[In January/February] last year, the markets were completely frozen,” says Bingham McCutchen’s Reed Auerbach. “You weren’t seeing any deals getting done.”
According to Thomson, Bingham was top among firms handling what little work there was to be had, largely because the firm swallowed McKee Nelson. Bingham was the industry leader in 2009 in asset- and mortgage-backed securities, commanding 31 percent of the asset-backed securities market share as manager counsel. The firm was tied with Sonnenschein Nath & Rosenthal for 23.5 percent of the mortgage-backed securities market share in 2009. (Sonnenschein acquired 100 lawyers, many specializing in corporate finance and real estate, from Thacher Proffitt & Wood in early 2009. Thacher was ranked third in ABS and MBS work in 2007.)
