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O'Melveny's $12 Million Cash Cow: New Century Subprime Lending Case
At O'Melveny & Myers, the white-collar lawyers representing bankrupt subprime lender New Century Financial Corp. had a busy -- and lucrative -- September. Faced with subpoenas from both the Justice Department and the SEC, the firm's government investigations team billed more than 4,000 hours that month. With the subprime detonation still mushrooming over the country, and with white-collar practitioners expecting more government investigations, these kinds of fees could be rolling into many firms soon.