After a tumultuous week, which saw the company’s stock plummet to $2/share and ensuing threats of lawsuits, embattled Bear Stearns is seeing a different kind of law-related issue.
TheLawyer.com is reporting a “feeding frenzy” by recruiters for the approximately 100 attorneys in Bear Stearns’ compliance department, most of whom may face layoffs once the buyout by JPMorgan Chase is completed. Most of the attorneys are in Bear Stearns’ fixed income department, with additional legal support in areas including litigation, vendor contracts, and employment.
At present, Bear Stearns’ entire legal and compliance division counts about 475 people.