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&lt;p&gt;&amp;bull; &amp;nbsp; Dubai World&amp;rsquo;s debt default roiled the world markets. As markets roil, lawyers will bill. According to this cautiously worded report in &lt;em&gt;The Lawyer&lt;/em&gt;, these are the firms in play:&lt;/p&gt;&lt;p&gt;&lt;em&gt;Allen &amp;amp; Overy &lt;strong&gt;is thought&lt;/strong&gt; to have a role advising some of the banks. &amp;hellip;&lt;/em&gt;&lt;/p&gt;&lt;p&gt;&lt;em&gt;On the debtor side Clifford Chance&amp;rsquo;s Dubai office &lt;strong&gt;is understood&lt;/strong&gt; to be advising Dubai World on the proposed restructuring of certain aspects of the business, with partners Simon Clinton and Robin Abraham &lt;strong&gt;thought &lt;/strong&gt;to have key roles.&lt;/em&gt;&lt;/p&gt;&lt;p&gt;&lt;em&gt;Latham &amp;amp; Watkins &lt;strong&gt;is believed&lt;/strong&gt; to have a role on matters linked to the debt standstill.&lt;/em&gt; [emphasis added]&lt;/p&gt;&lt;p&gt;&amp;bull; &amp;nbsp; Umair Haque explains &amp;ldquo;Why Dubai Defaulted &amp;mdash; And What America Should Learn From It&amp;rdquo;:&lt;/p&gt;&lt;p&gt;&lt;em&gt;Dubai was a mini-America: finance and real estate made up the lion&#39;s share of its economy. Today, both are discovering the consequence is unsustainable, brittle, meaningless growth; growth that is bubble-driven, prone to crash, in many ways illusory, and that fails to create an authentically shared prosperity.&lt;/em&gt;&lt;/p&gt;&lt;p&gt;&amp;bull; &amp;nbsp; What about all those law firms that so recently were &amp;ldquo;bubble-driven&amp;rdquo; to seek a piece of the palm tree-shaped boomtown? The &lt;em&gt;AmLawDaily&lt;/em&gt; checks in with Jawad Ali, a Dubai-based King &amp;amp; Spalding partner who heads the firm&#39;s Middle East &amp;amp; Islamic Finance group. In addition to a handy little primer on Shariah-compliant financing, Ali describes the Dubai&amp;rsquo;s BigLaw climate:&lt;/p&gt;&lt;p&gt;&lt;em&gt;[A] lot of firms have rushed recently to the Middle East, and not all of them have a well-developed Middle East strategy. Some firms saw the Middle East and said, &quot;We can see the Middle East is on the rise, so we&#39;ll go there and hire some people and develop a strategy.&quot; Those firms have experienced a hard time already and will continue to experience hard times. They will have to really change their model.&lt;/em&gt;&lt;/p&gt;&lt;p style=&quot;text-align: right;&quot;&gt;-posted by brian&lt;/p&gt;

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