It’s lawyers vs. hackers, so you’d think the jokes would write themselves, but this is no laughing matter. A number of prestigious law firms have been the victims of hacking and data theft, and several more have been threatened, although exactly what information has been stolen is not yet known.

Earlier this month, the FBI issued a warning to law firms, stating that a cyber crime insider trader ring would be targeting them. Well, it seems that prophecy has come to pass. The hackers compromise the firm’s computer networks and monitor them for non-public information, which they then use for insider trading in the stock market.

Among the firms hit by the hackers, according to The Wall Street Journal, are Cravath Swaine & Moore LLP, and Weil Gotshal & Manges LLP. The two firms represent a large number of Fortune 500 companies and Wall Street Banks, which means that there’s plenty of important, private information in their systems that can be used for insider trading, if stolen.

Whether or not they’ve managed to steal any information yet, or if they’ve just taken the steps needed for it, is currently under investigation.

This is a targeted attack, and it’s not over yet. The hackers have threatened to attack more law firms, presumably others with ties to large companies and banks. The good news is: should the hackers be caught, there’s a virtual army of lawyers ready to take them on in court.

Photo by Alberto Carrasco-Casado