Quinn Emanuel's winning strategy
Quinn Emanuel Urquhart & Sullivan, who made the strategic decision a few years ago to step back from advising major banks and accounting firms, and to develop capacity to assist the companies suing those institutions.
At the time there were few large law firms willing to act against the global financial firms, but it turned out to be a smarter move than the firm leaders could have imagined; the housing bust in the US has precipitated many claims from federal regulators, who claim that foreign and domestic banks sold fraudulent mortgage investments.
“In 2008, we started to see all these financial products blowing up,” said Michael Carlinsky, a Quinn Emanuel partner leading a $10 billion suit the on behalf of insurer American International Group against Bank of America over mortgage securities. “We had the expertise when all of a sudden these [deals] were going into litigation in such a huge, huge way,” he said.