It's not outright gloom and doom at top Wall Street law firms, relative to the carnage suffered by the top investment banking firms anyway. But law and banking go hand in hand, and most firms have been girding for a protracted crisis. Jobs are being pared, and firms are lurching to tap the new opportunities, restructuring and the like. But that may not be enough at some firms. Few expect a huge bump in revenues.

The Financial Times notes that Wall Street power firm Simpson Thacher & Bartlett has seen some of its biggest clients implode-- Lehman Brothers, for one. It also represented Wachovia and Washington Mutual.

For more:
- here's the FT article

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