Spread your bets
Remember 2000? Remember when the technology bubble burst? Law firms that had placed heavy bets on that sector reeled. Revenues and profits dropped, associates were shed, and partners were quietly shown the door. California-based firms suffered the most, and their competitors in New York smugly shook their heads at that West Coast foolishness.In hindsight, the folly of it all seems obvious. But here we are again.Eight years later, another bubble has burst. The market for mortgage-backed securities and other collateralised public offerings has nearly evaporated. And as in 2000, a handful of firms are staggered and dazed. Only this time around, it is mainly New York firms that succumbed to the irrational exuberance.
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