The current wipe-out in mortgage securities is having a similar impact on a band of highly specialised New York law firms as the tech slump had on West Coast practices. Susan Beck looks for lessons from the last crunch
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.
