Practices that will be negatively affected:
- VC/Startup practices (tech stocks are dropping pretty fast - confusion over visas and the ability of talent to come from around the world to build and work in these companies may be heavily hindered and may cause a big decline in productivity and companies being started in general)
- Any practice dealing with environmental/financial regs
Other than that, really no clue how it will affect law firms.
as someone who does practice in financial regulation, i've been watching things closely and i'm not terribly concerned yet, although that's largely because my practice isn't 100% Dodd Frank (or even 50% for that matter). I came across this article http://www.bloomberg.com/politics/articles/2016-11-10/trump-may-ax-volcker-rule-ease-banks-burden-first-whalen-says the other day which talks about Jeb Hensarling's Choice Act, and Trump's interest in it. According to the article:
"Hensarling’s bill would eliminate the Financial Stability Oversight Council’s ability to determine which companies are systemically important, reduce the regulatory burden for community banks, and exempt highly capitalized banks from some of the strictest regulations that stemmed from Dodd-Frank. It also would replace the CFPB’s lone director with a commission."
So it's not a total repeal of Dodd Frank, not even close, and actually may introduce other regulatory measures depending on how this gradation of capital approach will work. And with the OCC's Finech initiative, the focus on cybersecurity in the financial sector, and the potential for growth of small/mid size FI's, I'm not worried just yet.