yeah, securities = biglaw, and not only biglaw but very profitable NY and DC biglaw. About as selective as it gets, aside from maybe M&A.
"Well" is a relative term, but, yes, business is down. Public shells are selling for hundreds of thousands less than they were six months ago. Hopefully, the economy rebounds after the election. The plummeting dollar is killing the foreign M&A market. However, there still is hope on the horizon for a great year in 2009, provided that SOX 404B is not delayed for another year by Congress or the SEC.
Also, Cadwalader, Wickersham & Taft has a top-notch B-D/I-A regulation practice. The partner who heads their efforts is Steven Lofchie, who is probably the foremost expert in the country on the topic. He previously worked at David Polk. So CWT is definitely on the top of the heap. Skadden is also highly regarded.