Law Firms Create Task Forces to Address Pending Regulatory Changes
Although Congress failed to pass a $700 billion bank rescue plan on Monday, investors appear to be betting that a bailout bill could still pass this week. Still, the uncertainty of the current economic crisis and mounting apprehension over anticipated regulatory changes is undoubtedly gripping Wall Street and investors around the world. Taking immediate steps to address these concerns, a number of law firms have already begun establishing teams to counsel their clients on the government’s response to the financial crisis and to break down what all of this means. The task forces being assembled are aiming to guide financial institutions and investors through the legislative, regulatory and enforcement challenges on the horizon.
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Right now, as details of the financial crisis and Congress’ bailout plan continue to unfold, law firms are taking action to address their clients’ concerns. Most recently, Gibson, Dunn & Crutcher announced it has formed a team to counsel clients on the government’s response to the financial crisis. The attorneys that have been assembled for Gibson Dunn’s Financial Markets Crisis Group have a broad range of experience in the areas of securities, finance, corporate, real estate, tax, bankruptcy, public policy and crisis management. According to the firm, this newly formed team of attorneys will help companies monitor, analyze, respond to, and participate in the development of the new financial environment and regulation.
“The regulatory framework is changing rapidly,” said Michael Bopp, a Partner in Gibson Dunn’s D.C. office and Coordinator of the firm’s Financial Markets Crisis Group. “New programs are being created, and new authorities now regulate the marketplace. Oversight hearings have begun and Congressional investigations are likely to follow. And there is more to come; there will be more change that will create new challenges and opportunities,” says Bopp.
Several other law firms have announced that they will be providing special services to their clients as discussions continue on the proposed bailout of the financial markets, according to LegalTimes. The report states that Arnold & Porter’s financial institutions practice has been busy advising clients on issues relating to current market conditions, supervisory issues, acquisition opportunities, and legislative and regulatory developments. LegalTimes also notes that Covington & Burling, which has been representing troubled mortgage giant Freddie Mac, has been sending out client alerts as well from its financial institutions and election and political law practices.
Meanwhile, Bracewell & Giuliani also announced that it has formed a multi-disciplinary Task Force to guide financial institutions, private investment funds, institutional investors and other market participants through the legislative, regulatory and enforcement challenges presented by impending Congressional action and measures to be taken by the Treasury Department, the Federal Reserve and the SEC. The firm says the newly established Task Force will draw heavily upon its resources in the areas of broker-dealer and market regulation, financial restructuring, and corporate and securities.
Commenting on the formation of the Bracewell Task Force, Senior Partner Rudy Giuliani said, “Our team of former government officials and experienced attorneys in the fields of legislation, enforcement and finance are equipped to guide institutions in this quickly evolving and complex environment.” In addition, the Bracewell Task Force will draw heavily upon our resources in the areas of broker-dealer and market regulation, financial restructuring, and corporate and securities.
Crowell & Moring also announced it has added six attorneys to its public policy group to boost the firm’s bipartisan government relations capabilities. “We’ve assembled an impressive, multi-disciplinary team capable of advising on the full range of policy challenges our clients face on both sides of the aisle. And we’ve created it by attracting top practitioners and uniting them with our consulting practice so that the team can better operate in the Crowell & Moring way, which is truly collaborative,” said Kent A. Gardiner, Firm Chairman.
Patton Boggs also announced that Vincent Frillici, a former staffer with Sen. Christopher Dodd (D-Conn.), has joined the firm’s public policy practice as a Senior Policy Adviser. Although Frillici is not an attorney, Patton Boggs says he will “play a pivotal role helping clients in the financial sector navigate Capitol Hill as well as help clients identify potential equity investors in a challenging financial marketplace.
