Much like they did in the days and weeks leading to Sarbanes-Oxley in 2002, San Francisco Bay Area corporate lawyers, their clients and in-house law departments are bracing for a big spike in work stemming from financial reform.
What’s different this time is that no one really knows what to expect from the Dodd-Frank Act, a massive, 2,300-page bill that mostly suggests and recommends rule changes and new regulatory schemes. Described as the most significant change to Wall Street in 80 years, most of the nuts and bolts of the “Restoring American Financial Stability Act of 2010″ still need to be worked out by the Securities and Exchange Commission and yet-to-be-formed agencies like the Bureau of Consumer Financial Protection.
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