Cleary Gottlieb Steen & Hamilton attorneys have been neck deep in the financial reform legislation pending in Congress, earning more than $2 million over the last year as the registered lobbyists for banks including Citigroup Inc. and Barclays Capital Inc.

Now, with the measure nearing passage, Cleary and other corporate law firms are gearing up for a new phase. Lawyers have been scrambling to sort through and analyze the 2,300-page bill, which will have broad implications for their banking and hedge fund clients. Meanwhile, they are preparing to push back against the regulations agencies will put in place to implement the legislation.

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