In response to the sliding market and the failure of Congress to pass the $700 billion bailout plan
, law firms with financial practices have had to revamp their business and begin to target those with a credit crisis. Groups have been formed throughout the past month in hopes of educating clients on the bailout plan and helping those who want to buy or sell assets to the government.
Some groups are advising clients to anticipate some sort of government intervention, regardless of the House's rejection of the bailout, over the next few days.
"The basic architecture of our banking regulatory scheme will change," said chairman of Bracewell & Giuliani, Pat Oxford. "There are hedge funds and private equity funds that, if you squint your eyes, look like investment banks. We suspect there will be a tsunami of regulation." Oxford is in charge of the firm's new financial task force.