Nathan Koppel at WSJ Law Blog has a roundup. Key paragraph:

Some lawyers predicted that the indictment would be a swift death knell to Milberg. Arthur Andersen, after all, closed shop shortly after its 2002 indictment for allegedly destroying documents related to its Enron audits. Perhaps the reputational damage from an indictment poses a graver threat to a firm hired to audit financial statements than a firm hired to file lawsuits. Another thought: A defense-side law firm would arguably be hurt worse by an indictment. It�s hard to imagine corporate titans turning to a firm under a cloud.

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