Reuters (04/11/08); Keating, Gina
While U.S. law offices are preparing for a likely flood of lawsuits on behalf of consumers who lost their homes in the mortgage sector meltdown, new legal rules are now in place that will make it tougher to win settlements. According to a survey by Robert Half International Inc.'s Robert Half Legal staffing service, almost 50 percent of U.S. law firms plan to hire in the next year, with bankruptcy, litigation, and ethics and corporate governance lawyers heading most firms' wish lists. Among the legal roadblocks that some suits may have to overcome are recent Supreme Court decisions that hinder investors from suing firms not directly involved in fraud. Former SEC commissioner Joseph Grundfest states, "To the extent that lawyers are looking to recover on weaker claims, they may well have a more difficult time, but perhaps that's the more appropriate result."
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