One for the banking litigators

With Marcus Agius gone, heads are beginning to roll as the LIBOR scandal engulfing the City gathers pace.

And when a pack of litigation lawyers smell a crisis – or should that be cold hard cash – the excitement is palpable.

The size of the derivatives market being carved up between firms is a staggering £500tr of annual transactions – more than enough work to go around.

Last week US firm Hausfeld’s Washington office got in the first bite with a US class action, and its UK LLP is swimming in a vast pool which so far includes Bracewell Law, Lexlaw, Cooke, Young & Keidan, Collyer Bristow and Carter Ruck.

But as far as the woman on the Clapham omnibus is concerned, the real sharks in this story are the banks, which have duped 28,000 businesses in a struggling economy.

Barclayshas already turned to Sullivan & Cromwell on the cross-border settlement. Cue some juicy mandates for other major law firms – just as long as they don’t expect any love from the general public.