Two law firms to help U.S. Treasury dole out aid

WASHINGTON (Reuters) - Two law firms could be paid as much as $11 million to help the U.S. Treasury Department manage applications for its $700 billion financial services rescue plan.

Hughes Hubbard & Reed LLP and Squire Sanders & Dempsey LLP have each been awarded a contract for roughly $5.5 million to help shepherd about 2,000 financial firms through the program that would see the government buy company shares, the Treasury Department said on Monday.

The Treasury Department has said that roughly 1,800 publicly held institutions could qualify for the program as it is now constituted.

Privately-held banks could also qualify for aid and policy-makers are considering opening the program to insurance companies.

(Reporting by Patrick Rucker; editing by Gary Crosse)