The nation's largest plaintiffs' firms are taking their time investigating these potential claims, many of which involve complex legal issues. According to Brad Friedman in an interview with TheLaw.com, ''There's going to be litigation against, among others, the hedge funds and outside brokerages through which people invested. But,'' he added, ''the legal theories are very, very tricky and very dicey. You can get yourself thrown out of court real, real quickly.''
While many law firms have begun investigating claims, another firm, Holland & Knight, went so far as to form an advisory group to assist clients in recovering losses and reducing their exposure to third party claims. The interdisciplinary group will be headed by John M. Hogan, co-chairman of the firm's white-collar criminal defense team and will consist of five lawyers across various practice groups who are coordinating Madoff matters for other at the firm. Since announcing the group on Wednesday, he said the group has been ''inundated by partners who have clients affected.''
