Yet more unintended consequences of Dodd-Frank. Larry Ribstein writes about a Times piece discussing how some firms have charged insane rates to have access to the developments of this boondoggle.
Some law firms have even become small-scale publishing houses. Davis Polk & Wardwell, for example, is offering a $7,500-a-month subscription to a Web site that tracks the progress of every Dodd-Frank requirement. So far, more than 30 large financial companies have signed up.
As Congress started drafting the legislation in the spring of 2010, Davis Polk & Wardwell began compiling a spreadsheet to keep its lawyers updated on hundreds of regulations. Then, Gabriel D. Rosenberg, a young associate, proposed turning the firm’s database of legal summaries and rule-making deadlines into an interactive site — and spent a weekend building a prototype.
By late July, clients started logging on to the “regulatory tracker” — and have steered more business to the firm as a result, said Randall D. Guynn, the head of Davis Polk’s financial institutions group. “There were a lot of new relationships because people want this,” he said.
Ribstein finds this as an example of a product in Law’s Information Revolution.
Oh, how I love admin law:
“It is a full-employment act,” said Gregory J. Lyons, a partner at Debevoise, where a team of a half-dozen lawyers has drafted 30-plus comment letters in the last six months.
“The law is passed, but we are still reasonably early in the process,” Mr. Lyons said. “There is still a lot to be written.”