US briefing: Still paved with gold
Nothing captured the spirit of the leveraged age for Wall Street law firms quite so much as the private equity 'club' deal. As the name suggests, the deals attracted quite the crowd: lawyers for the consortium of buyers, the underwriters who scrambled over themselves to fund the buyouts and the target company. To celebrate a closing, the lawyers even threw what passes in the corporate legal world as a party: speeches, champagne and the exchange of Lucite trophies.
The Great Recession threatened to upend the US legal industry. But firms tied to Wall Street are surviving – and even thriving, says Ben Hallman
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