Never mind the quality, feel the fees

Oh to be a litigator today. There are so many delicious cases to sate yourself on. Should you take on one of the 'significant legal challenges which will hold up the resolution of the monoline issues for years'? Sue the State of New York perhaps, or something in Wisconsin? Or maybe you want to represent CPDO investors in a suit against the banks who ran them, the ratings agencies who rated them, or both? With the current deleveraging, these cases may well be filed soon. Or perhaps you fancy having a go at Citigroup over their suspension of hedge fund redemptions? Then of course there are the hedge funds who own significant positions in Northern Rock. And that's just one day's news.

Update. A nice take on subprime-related litigation is here.