When the subprime mortgage and credit crises came to a head late last year, Patterson Belknap Webb & Tyler had a big head start in picking up clients.
In mid-2007, the firm assembled a team of six partners, 10 associates and more recently a senior counsel to help guide clients through the uncertain marketplace. The 190-lawyer firm used the initiative to approach clients in the financial guaranty insurance industry, which Managing partner Robert LoBue said has been hugely successful. The firm represents Ambac Assurance Corp. in a suit against EMC Mortgage Corp. and Syncora Guarantee Inc. in a suit against GreenPoint Mortgage Funding Inc.
From its sole office in New York, Patterson Belknap is also a major player in defending law firms against complex liability claims. In 2008, Patterson Belknap successfully defended Nixon Peabody against allegations that the firm had breached a noncompete agreement and a Bracewell & Giuliani partner against allegations that he had conspired in the theft of a $10 million investment he had been hired to recover. "We take it as a real feather in our cap that that practice is doing well, because law firms are the most sophisticated consumers of legal services," LoBue said.
Building on the firm's success this past year, Patterson Belknap is working hard to hire laterals from big law firms and associates coming out of clerkships.