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&lt;p&gt;The latest aftershock of the credit crisis&amp;#8212;Citigroup&amp;#8217;s $2+ billion acquisition of Wachovia&amp;#8217;s banking operations&amp;#8212;spells even more work for elite New York firms. According to &lt;i style=&quot;mso-bidi-font-style: normal&quot;&gt;Legal Week&lt;/i&gt;, Davis Polk and Skadden are advising Citi, while Sullivan &amp;amp; Cromwell is counseling Wachovia on the deal. Meanwhile, Cleary is counsel to the underwriters in an announced $10 billion common stock offering in connection with the acquisition. &lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;But while BigLaw&amp;#8217;s elite continue to get paid even amidst a meltdown, Wachovia&amp;#8217;s demise brings anxiety and uncertainty to the Tarheel State. Despite CEO Vikram Pandit&amp;#8217;s assurances that Citi will maintain a &amp;#8220;strong presence&amp;#8221; in Charlotte, many expect the local and state economies to take a serious hit. N.C. State economist Mike Walden tells the &lt;i style=&quot;mso-bidi-font-style: normal&quot;&gt;Charlotte Business Journal&lt;/i&gt;, &amp;#8220;It goes to what had put Charlotte on the map.&amp;#8221; The financial services industry&amp;#8212;the single largest component of the North Carolina economy&amp;#8212;elevated the city&amp;nbsp; to &amp;#8220;major-league status&amp;#8221; and &amp;#8220;this is a demolition of that brand.&amp;#8221;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;Inevitably, the local legal community will feel the pain. Of the state&amp;#8217;s&amp;nbsp; five largest law firms, four represented Wachovia (Womble; Moore &amp;amp; Van Allen; Parker Poe; and K&amp;amp;L Gates (f/k/a Kennedy Covington)). Rather than having represented the late Wachovia, the odd-man-out other top-5 firm, Smith Moore, used to sue them.&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot;&gt;&lt;o:p&gt;&lt;/o:p&gt;&lt;/p&gt;&lt;p class=&quot;MsoNormal&quot; style=&quot;MARGIN: 0in 0in 0pt&quot; align=&quot;right&quot;&gt;-posted by brian&lt;/p&gt;

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