Covington & Burling announced on Tuesday the hire of a top financial services regulatory lawyer from WilmerHale to launch a new consumer financial services practice, a burgeoning source of business for large law firms.

“Practically every large firm in the country now wants to get into this area,” said Alan Kaplinsky, a Ballard Spahr partner based in Philadelphia, in a 2015 interview with Big Law Business. “All of a sudden what was considered an arcane, rather sleepy boring area of law has become a go-to area. And everyone wants a piece of it.”