Wall St woes: the Queen’s city

Wall St woes: the Queen's cityThere may be a financial crisis on Wall St, but there are new opportunities aplenty in North Carolina.

In Charlotte, America’s second biggest financial centre and the home of both Bank of America and Wachovia, a whole bunch of firms are unnervingly upbeat while Wall Street collapses.

The likes of Alston & Bird, King & Spalding, K&L Gates and Winston & Strawn are licking their lips at the thought of the opportunities presented by the newly combined Bank of America and Merrill.

“The migration of control of Merrill Lynch from New York to Charlotte may generate significant opportunities for the firms that have made the move there over the past few months,” understates K&L Gates chairman Peter Kalis.

Kalis’ firm has more lawyers on the ground in North Carolina than any other, largely thanks to its summer merger with 175-lawyer, Charlotte-based firm Kennedy Covington Lobdell & Hickman (The Lawyer, 1 May 2008), a that deal now looks particularly prescient.

Being on the ground in Charlotte looks like a winning ticket for the firms lucky enough to find themselves within Bank of America’s circle of friends

“We have two major banks in Charlotte and adding Merrill will create a stream of opportunities in this part of America,” agrees another Charlotte-based partner.

But which firms will take those opportunities is still to play for.

PS: Crisis on Wall St? Blame SarBox, says John Maalouf.

Latest Wall St news

18-Sep-2008 Milbank grabs Lehman creditor role
18-Sep-2008 PwC: Lehman lawyers will be paid
17-Sep-2008 Weil secures lead role for AIG on government fund
17-Sep-2008 3-4 South Square bags role on Lehman
17-Sep-2008 Clifford Chance completes Barclays’ £1bn Lehman purchase
17-Sep-2008 Allen & Overy, Links in HBOS-Lloyds merger talks
17-Sep-2008 Lehman to ask lawyers to stay ‘for months,’ insiders say
17-Sep-2008 Lehman’s UK lawyers ‘may not be paid’
16-Sep-2008 Sullivan & Cromwell gets AIG rescue mandate
16-Sep-2008 Firms scour for conflicts ahead of Wall St fall-out work
16-Sep-2008 200+ legal jobs under threat at Lehman Bros
16-Sep-2008 Sullivan & Cromwell gets AIG rescue mandate
15-Sep-2008 Shearman, Wachtell in Merrill Lynch takeover
15-Sep-2008 Cravath acts on $70bn cash lifeline
15-Sep-2008 Links advises PwC in Lehman administration
15-Sep-2008 Wachtell guides US Treasury on Fannie/Freddie

Previous Wall St woes

18-Sep-2008: The heat and the cool
It isn’t just financial institutions that are feeling the heat on Wall Street this week. The collapse of Lehman, the acquisition of Merrill Lynch and the effective nationalisation of AIG has left dozens of lawyers facing life without their once lucrative client relationships…

17-Sep-2008: A&O emerges
Day three of the Wall Street crisis, and the major legal players are emerging. As my colleague Julia Berris in New York noted yesterday, Wachtell and Weil Gotshal have snagged some of the biggest roles on the US end…

16-Sep-2008: Weil at heart
In a week of uncertainty, the only sure thing was that Weil Gotshal & Manges bankruptcy star Harvey Miller would get a call from longstanding client Lehman Brothers…

15-Sep-2008: The Lehman fallout
Oh, the ups and downs of finance lawyers. Three months ago Linklaters’ banking group was filled with gloom after JPMorgan dumped it from every mandate you’ve ever heard of…