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.
Arnold & Porter says that it has sent out four client advisories since last Friday. In addition, its financial institutions practice has been busy advising clients on issues relating to current market conditions, supervisory issues, acquisition opportunities, and legislative and regulatory developments. The firm is also preparing a new installment of its "Subprime and Credit Crisis Outlook" update to send to clients next week.
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. The alerts are posted on the firm’s Web site.
Sonnenschein Nath & Rosenthal has just launched a Web site for its clients to help them track key developments. The site includes documents related to the Treasury Department's bailout proposal, along with the congressional response. In an e-mail, firm spokesman Jeff Mutterperl says, “This site, while an innovative way to assist clients with information, also enables the firm to respond proactively to their interests across multiple practice group capabilities.”
UPDATE (3:52 p.m.): Wilmer Cutler Pickering Hale and Dorr has also been sending out alerts to keep its clients up to date.
Reginald Brown, a partner and vice chair of the firm's public policy and strategy group, said in a statement, "Our clients expect us to be aware of issues and opportunities at the intersection of law and politics, and we've tried to keep them abreast of developments. Sometimes that means putting out a substantive alert on technical issues, and sometimes like yesterday, when we issued an alert saying there was no legislative deal yet it means letting clients know that the news headlines aren't always right."
UPDATE (5:12 p.m.): Hogan & Hartson spokeswoman Noël Decker says the firm has been continuing to publish its Financial Services Regulatory Updates, including three this week, and has been advising financial institution clients nationwide in recapitalization, enforcement, and related matters. The firm also represents private equity and other large investor groups and is working with major non-financial institutions as they seek to enter the regulated financial institution industry. The firm's clients have been working with banks and other entities to buy deposits and assets from failed and failing banks.