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Hot new practice area: Financial crisis law!

While many Americans have spent the last week looking at their portfolios and weeping, the financial crisis has been an opportunity for some law firms – firms that created new practice areas to help those who are looking at their portfolios and weeping.

As the week began, before lawmakers had finished working out the first of what would be several plans aimed at saving the nation’s financial institutions from failing, law firms like Gibson, Dunn & Crutcher began announcing the formation of specialty groups. Gibson is dedicating 35 partners to help clients understand how the plan will affect them, the firm announced Monday.

Also on Monday, Fried, Frank, Harris, Shriver & Jacobson announced the formation of its financial services task force, as well as a “a series of roundtable briefings” at their New York offices, beginning Wednesday.

And according to an ABA Journal piece, Gibson and Fried are far from alone. Bracewell & Giuliani, Akin Gump Strauss Hauer & Feld, K&L Gates, and Mayer Brown have also started new multidisciplinary groups dedicated to the financial fallout.

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