McDermott Will & Emery has created a subprime and credit markets practice group. The group is aimed at serving clients' needs resulting from the repricings in the subprime debt markets. The new unit will have 40 partners and 90 lawyers from McDermott's U.S., London and European offices. Head of structured finance Thomas McGavin will head up the group in New York while co-head of structured finance Nick Terras will lead the group in London. The group will advise the firm's banking and financial services clients, investment and pension funds, corporates and government agencies on issues relating to structured finance and derivatives, corporate restructuring and workouts, litigation and dispute resolution, taxation, civil and criminal regulatory investigations, government and legislative policy.

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