Wall St woes: Mail prowess

Wall St woes: Mail prowessOver lunch yesterday at Bingham McCutchen’s midtown Manhattan office, the firm’s co-head of its financial restructuring group seemed proud – to say the least – of his firm’s efforts during the current meltdown.

As a creditor practice, Bingham’s financial institution clients are calling on the firm’s lawyers to help resolve complex creditor issues relating to exposure to a range of matters, not least Lehman Brothers.

Unlike other firms that have resorted to the marketing ploy of forming credit crunch task forces, Bingham has come up with a more practical response.

As Michael Reilly reveals, the firm has called upon the wonders of modern technology – namely email – to connect its international team including the likes of former Schulte Roth & Zabel bankruptcy star Jeff Sabin in New York, James Roome in London and Hideyukai Sakai and Mark Fucci in Tokyo.

The 20-plus lawyers working on Lehman-related matters use a central hub to update any information on the bankruptcy and exposures to clients. This is then sent as a daily bulletin to all the lawyers involved.

“We have seen so many firms launch task forces, which is very interesting,” says Bingham’s co-head of financial restructuring, Michael Reilly. “The way I see it, we have had a task force for the last 20 years. This is just the way we work.”

We might add, “nah-nah, na nah-nah.”

PS: What the market needs now is politicians, says Clifford Chance‘s Simon Gleeson.

Latest credit crisis news

09-Oct-2008 Sullivan, Davis Polk win roles on $37.8bn AIG deal
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08-Oct-2008 City firms win roles on Government’s bank bailout
08-Oct-2008 Citi and Wells Fargo battle for Wachovia
08-Oct-2008 UK firms line up for Icelandic bank roles
07-Oct-2008 City firms move to safeguard client accounts
29-Sep-2008 Freshfields partner to head Bank of England legal team
29-Sep-2008 Firms set up financial crisis response groups
29-Sep-2008 Stibbe lands Fortis govenment role
29-Sep-2008 Davis Polk, Skadden, Sullivan in Citi’s Wachovia buy
29-Sep-2008 City trio bag roles on Bradford & Bingley rescue
26-Sep-2008 Sullivan’s Cohen grabs role on WaMu’s demise
26-Sep-2008 Freshfields joins Nomura deal
25-Sep-2008 Linklaters expands PwC team stateside
25-Sep-2008 Linklaters, Cleary Gottlieb get fourth Wall St mandates
24-Sep-2008 Sullivan and Munger Tolles step up for Buffett Goldman deal
24-Sep-2008 Simmons scores first Lehman hedge fund claim
23-Sep-2008 Cleary, Ropes & Gray on latest Lehman sale
23-Sep-2008 Ashurst advises CarVal on Lehman’s £100m salary lifeline
23-Sep-2008 Skadden Arps gets Nomura mandate in Lehman Asia buyout

Previous Wall St woes

09-Oct-2008 Watching Wachovia
It was literally a last-minute intervention. At 11.59am yesterday (8 October), the Federal Reserve extended its standstill on Citigroup’s lawsuit over Wells Fargo’s bid for US bank Wachovia.

01-Oct-2008 Shock and awe
There was still hope on Wall St yesterday that the US government’s $700bn financial sector bailout would eventually make it through the House of Representatives. The expectation is that a revised plan will be adopted, one way or another.

30-Sep-2008: Byrne in the USA
And then there were more. The Linklaters team advising PricewaterhouseCoopers on Lehman Brothers’ bankruptcy just keeps on growing. As revealed last week, the firm has already put a mega 20-partner, 60-associate team on the matter in London. Now the magic circle firm is pulling out the stops on this side of the Atlantic…

25-Sep-2008: Foul-weather friends
Sullivan Cromwell chairman Rodgin Cohen has deservedly garnered headline after headline in recent weeks. With almost four decades of experience, Cohen has won roles on deals that have kept him – and his firm – firmly at the centre of dealing with the US financial turbulence….

19-Sep-2008: The Queen’s City
There 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….

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…