Lawyers Get Rich Off Consumer Bureau
October 1, 2012
As the Consumer Financial Protection Bureau cracks down on banks, debt collectors, student lenders and other financial players, law firms are stepping up to protect them, and profiting nicely as a result. Ballard Spahr, a national law firm with more than 500 employees, began creating a team of lawyers dedicated to learning about the CFPB and its powers as soon as the bureau was signed into law. The now 20-person team is part of the firm's Consumer Financial Services division, and CFPB-related work has increased the division's revenue by about 50 percent this year since its creation. Loeb & Loeb, another law firm that launched a CFPB task force in July, has seen CFPB-related business pick up so much that its new unit is expected to account for 30 percent of the Consumer Protection Defense department's revenue within the next year. Law firms Venable LLP and Pepper Hamilton have also recently launched special task forces to take on the CFPB.
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