Madoff Saves Law Firms

He might well have run the biggest Ponzi scheme ever ( current estimate $US50 Billion) and made a lot of investors tear their hair out..

Law firms must love him though as the web begins to untangle.


See this report from Bloomberg highlighting the fact that New York law firm Proskauer Rose had 1,300 Madoff investors dial in to their briefing on the scandal. And that.. with only one day’s warning of the briefing happening.


Also many firm internationally will be able to dip their finger into the pie representing one side or the other.


Bloomberg introduce their piece by saying:


The week after Bernard Madoff was charged with running a $50 billion Ponzi scheme, Proskauer Rose, a New York firm of 750 lawyers, offered a telephone briefing on the scandal for its wealthy clients. With only a day’s notice, 1,300 Madoff investors dialed in.

“This is a financial 9/11 for our clients,” said Proskauer litigation partner Gregg Mashberg, one of the lawyers on the call. “People are dying for information.”

The half-hour call on Dec. 17 received the largest response the firm has ever seen on such short notice for client seminars, said Jay Waxenberg, who chairs the New York firm’s personal- planning department. The firm is advising dozens of clients in the U.S., Europe, South America and Asia potentially affected by the collapse of Bernard L. Madoff Investment Securities LLC.

The case is providing business for New York law firms during a year that lawyers say may be the slowest in decades. Besides Proskauer, firms benefiting from the Madoff scandal include Sullivan & Cromwell; Simpson, Thacher & Bartlett; Shearman & Sterling; and Schulte, Roth & Zabel.


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