Top London law firms are preparing themselves for an unprecedented surge in litigation between banking giants as a result of the credit crunch, in what looks set to be the biggest client dilemma to hit the UK’s commercial legal industry in years.
The issue has caused UK firm and litigation leader Herbert Smith to create cross-departmental consultation groups in preparation for a big dispute arising and the firm has already raised the potential issue with a number of its banking clients. Meanwhile, London firm SJ Berwin has already accepted a case to act against a bank.
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