According to a few i-bankers, one of the unintended consequences of the IPO boom across sectors is the sudden dearth of law firms for fresh deals which have to be executed on a fast track basis. There are more than a dozen i-banks to absorb the deluge of work, but only around 7 law firms which can handle substantial capital markets mandates, so you do the math! Now capital market lawyers have traditionally had lower margins compared to their m&A counterparts and some of these law firms have upped their ECM fees depending on the sector, size and role, as compared to last year. But in many cases, even with higher fees, we hear they are forced to turn selective and say no to new deals due to sheer lack of bandwidth and a never seen before crunch. Wonder what wise crack Harvey Specter would have had for this scenario!