Hung Out to Dreier: An Interview with a Dreier Lawyer
There are more updates to the saga of Marc Dreier and Dreier LLP over at Am Law Daily. They report that Wilson Sonsini has been retained, by a “substantial group of partners and associates” at Dreier, “to examine the operations and finances of the Dreier firm, including escrow accounts.”
The Am Law post also has a picture of Marc Dreier and Michael Padfield, the lawyer he allegedly attempted to impersonate. The two look nothing alike. Dreier is old ‘n grizzly, while Padfield is fresh-faced and kinda cute (albeit in a Canadian, law-dork sorta way).
Last night we spoke with a Dreier lawyer who gave us an inside peek at the current situation. The outlook is grim.
“There’s no way to save the firm given the amount of missing money,” said our source. “Dissolution is definite. The firm can’t make the next payroll. Most partners are packing up — staying here is not an option.”
We had previously heard reports of Dreier dragging his feet on paying bills, which our source confirmed: “He stiffed a lot of our creditors and vendors. Some have not been paid for a year. He’s way behind on the rent.”
Could other lawyers at Dreier be on the hook for firm liabilities? Our source thinks not. “First, he’s the sole equity partner. Second, it’s an LLP anyway.”
A little bit more, after the jump.
There are still more questions than answers in this case. “It’s a mystery to all of us,” said our source. “Why was he in Canada? Why was he trying to take this money? And how could he possibly think he could get away with this?”
As for Marc Dreier, the person with the possible answers to these questions, he’s expected back in New York today or Sunday. (Of course, given the trouble he’s facing back here, he might be better off disappearing into the wilds of Alberta.)
“It’s terribly sad,” said our source. “We were refugees from the big-firm mentality, who came over here from top firms. And it took one day for this place to implode.”
“Everybody has boxes, and everybody is packing. I must have gotten twenty or thirty headhunter calls. There’s blood in the water, and the sharks are circling.”
Document: Dreier Charged for Impersonating In-House Lawyer [Am Law Daily]
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Hi Lat!
These Saturday morning peanuts are making me FIRSTyyyyyy!
Then drink something number 2, ya' slow-poke loser.
1 --
Damn you! I thought this was my big chance!
-- 2
"Staying here is not an option."
Sadly, that is being said at a lot of firms, but for less bizarre reasons.
Dear Associate:
You don't have to go home, but you can't stay here. It's not an option.
Love, Partners
This story is absolutely bizarre. Did this guy flip out? What was he thinking?
Next he'll try to impersonate GM's CEO Wagoner to get some bailout love.
seeeshhhhh!
I'm seeing a lot more Lat and a lot less Mystal. :)
I miss MystTTAL, too much LATTT
8 you shut your dirty mouth.
Actually, it appears that Lat is in charge of "special projects" or perhaps hi profile attorneys. He did all the Michael Mukasey posts and is now doing the Marc Dreier posts.
Am I right?
Lat fills in and covers stories that require actual journalism skills to research and write. Too bad those stories are in short supply.
Wow. I laughed when Biglaw exploded but this is sad. My empathy goes to the associates and victimized partners here.
Death to other BIglaws.
who is your source kidding LAT? this baby is going in to an involuntary bankruptcy, trustee will be appointed and whoever knew anything about the trust accounts is gonna get a demand letter. interesting in pari delicto aspects though. dreier have a management board?
Lat's a class act.
"Everybody has boxes, and everybody is packing. I must have gotten twenty or thirty headhunter calls. There's blood in the water, and the sharks are circling."
Seriouly dude, no one is getting 20 to 30 headhunter calls in this economy. I don't care how good you think you are.
Stop making fun of Mystall, he's doing a fine job.
what are dreier's best practice areas? More firms dissolving=surving firms stronger?
15 -- I wonder how the headhunter business is going, actually. Got to be hard times for them, too. Sure, supply of out-of-work folks is high, but they don't see a penny until somebody actually gets hired. Poor headhunters...
13- THat would be a large, resounding NO. There is no management structure in place.
"while Padfield is fresh-faced and kinda cute (albeit in a Canadian, law-dork sorta way)."
That's when I realized it must be Lat because Mystal thankfully spares us the homosexual commentary.
Lat's homosexual commentary is much-missed by me
I think 11 is correct. It seems Lat has taken [what is perhaps unfortunately, but perhaps the nature of a legal tabloid] a reserve role at ATL: breaking actual news. Elie has been doing an okay job relaying layoff and bonus information as it is handed to him (his performance has been sub-par, though, when it comes to synthesizing or commenting on such information), but it looks like Lat steps in any time there is a real story brewing, requiring real-live journalistic work (Kash does a pretty good job with this too). I do miss Lat serving up the gossip, but he's all growns up now.
12 = mystery source claiming 30 headhunter calls? 12 = a secretary fielding 30 headhunter calls for all attys in the building?
Good work, David. Keep at it!
So many questions. Was he actually desperate enough to try and steal money? How did the other members of the firm not know that the bills were not being paid?
Either way, this dude is fucked!
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Lat, did you see this abomination from the post below?
"If your looking to supplement your income during these tough times."
Good God man! Save us!
LAT: PLEASE FIRE MYSTTTAL!
I wish people would lay off Elie. He had a (very) rough start but has done better. Sure, he still makes typos and egregious grammatical errors, but he fixes them and has fewer of them now. He's also learned what kind of content we care about, and has limited his personal commentary (See the latest OJ Simpson post).
I'm not an Elie troll, and I bashed him relentlessly through the election. But giving credit where it's due, he's done much better as of late, and I hope he and continues to improve.
giving elie "credit where it's due" would require increased bashing
I can't wait to count the layoffs! AH AH AH!!!!!!
- Count Layoffula
I know many of the summers and 3L's who were supposed to join Dreier. This was a total bloodbath. You can't imagine the misery that these law students are now going through.
http://www.theglobeandmail.com/servlet/story/RTGAM.20081206.wdreier06/BNStory/National/home
According to this, he tried getting money from Fortress saying his assets were backed by Teachers' PP, but Fortress wanted proof. (With good reason.) He then concocted the plan, went to Toronto to meet with Teachers' on something unrelated, then impersonated Padfield to try and scam for $50 million.
Desperate, but I wouldn't put it past this guy to have tried something like this before.
Lat to 190!!!
28's vagina hurts. please excuse his comments.
31, I think plenty of unemployed 3Ls and recent grads can imagine the misery.
35 -- ya like getting the rug pulled out from under you after being assured repeatedly that the firm was poised to dominate? fun times
36 - no one expected the great depression 2.0 (or the spanish inquisition)
lots more pain to come - biglaw will shrink
good news is those who survive will profit greatly once things improve (as they inevitably will)
I'm a 3L entering Biglaw next fall. Call me naive, but I almost feel like the chaos of the past several months--and most likely the next several--is not all doom and gloom. I actually feel that a shake up, even some break-up, is not so bad. Indeed, as a young associate coming into this environment, I think I may have the unique opportunity to shape the next movement in the legal world. Isn't this wholly American? That is, taking a bad situation, innovating/revolutionizing, and reaping the rewards of your creative endeavor? I may be naive, but I'm not entirely sure that this environment is all gloom -- maybe there's some room to innovate here.
HAVE ANY 3L OFFERS BEEN REVOKED YET?????
I AM FREAKING THE FUCK OUT OVER HERE.
note to 38 - you have a job, easy for you to feel that way. dick
40 -- 38 won't have a job for long, don't worry.
Count Layoffula, I think I'm going to like you.
39 - The firm is dissolving, obviously the 3L offers are likely going to be revoked.
i love count layoffula. and lat. sigh, what a wonderful post.
Perhaps he had a little problem pulling off the Canadian accent. WTF? Did he think Canadians were morons?
38- "...I think I may have the unique opportunity to shape the next movement in the legal world. "
Spoken like a true moron that has never had a job in the legal field. Good luck with that one. Geezus, I hope you're not really that naive.
37 - Our chief weapon is surprise, surprise and fear, fear and surprise, our TWO weapons are fear and surprise, and ruthless efficiency, our THREE weapons are fear and surprise, ruthless efficiency, and an almost fanatical devotion to the Pope, our FOUR... no, amongst our weapons, amongst our weaponry are such elements as fear, oh we'll come in again.
like something out of Michael Clayton.
Check the blog direatdreier.blogspot.com. Clearly written by someone in the know, and pretty amusing.
22 - I doubt any individual got 20-30 calls, but partners in charge of individual fiefdoms...it's possible.
hmmm...count layoffula appears as nervous retires. i think nervous found himself a new schtick.
I miss Nervous...he would have made some comment about how he never would've worked at Dreier his 1L summer for just this reason (which would've sent off all the haters saying how entitled Nervous is).
38 could have skipped saying he was a law student. His ignorant comments make clear he is neither (a) a working lawyer nor (b) a law student with a legitimate background in this sort of stuff.
Hopefully he loses his offer and can share his insights over a can of dog food.
I am already tired of the layoffula crap. Dude, these are people's jobs we are talking about -- no need to reduce it to a children's program mockery.
Wait, did I just read a complaint about an ATL persona who mocks people from a person named after an erogenous zone?
38: great you are thinking about your "opportunity to shape the next movement in the legal world." Are you serious? I am thinking about what I will do if my offer is pulled or my start date is delayed.
"I'll have what she's having."
ONE! ONE CRITICISM OF MY COUNTING!!!!
ONE! TWO! THREE! FOUR! FOUR SUPPORTERS!!!!!! AH AH AH AH AH!!!!!!!!!
Excellent! AH AH AH!!!
- Count Layoffula
38 should be drawn and quartered. Stupid f-ing jizz mouth. Go back to Torts class, you assmonkey.
eeeeh... i like when Canada gets press.... but not this way...
GO BLUE!
54, stop, realize you are calling for a required amount of gravitas on THIS blog, continue.
count layoffula will you come to my birthday party?
Oh man 57, you totally stole my idea, and I love it!
Count me in as a supporter -- you took my creation, and made it a reality, better than in my wildest ATL dreams.
*sheds tear of pride*
You know, I really love what I do, but listening to the rantings of the assholes on here makes me reconsider my career path. The douches who post on here acting like the sterotypical assholes attorney/law student -- because they've watched lots of movies in which the most successful attorneys were indeed assholes -- is just sad. If this is a good sampling of the people who occupy biglaw its no wonder that things are tough right now. I love the idea of beginning my career in biglaw next fall, but you jerk-offs really make me sick. Oh yeah, the dipshits that don't have jobs, cry me a fucking river. Work a little harder. Bunch of entitled pricks. Grow up. Have a great fucking holiday douchbags.
46 -- Well, if you don't count my 1L summer at a federal court or my 2L summer at biglaw, then you're absolutely right that I have no experience. Are you suggesting I should've been a paralegal? A court reporter? Secretary? If I had would I then have the right to post a view about the future that is positive? If you believe the apocalypse is on the horizon, that's great. I'd rather believe that people in biglaw (supposed to be the cream of the crop) are smart enough to get through these tough times and come out better in the end. There's worst things to be called than naive.
63 -- not having a good Saturday night, are we?
Suggestion: go out, beat up a hooker or something, okay? Seems like something you'd enjoy.
Personally, I hope the Count bites you, and gives you rabies.
ELIE: you should do some research on the frequency of mental disorders among BIGLAW attys. It's real. We've all seen the alcoholism and drug abuse, but mental disorders such as bipolar and general depression in attorneys is a real issue. The stigma attached to the very physical nature of mental illness prevents a lot of attys from seeking help.
This Dreier guy could simply be a greedy fuc*er, but more often than not, people who resort to actualizing scandals like this are suffering from something.
62 -- "I feel like I'm taking crazy pills! I invented the piano key necktie, I invented it! What have you done, Layoffula? You've done nothing! NOTHIIIING! And I will be a monkey's uncle if I let you ruin this for me, because if you can't get the job done, then I will!"
Hey 60:
What do you get when you cross a Michigan football fan and a pig?
Nothing. There's some things that a pig will not do.
˙uʍop ǝpısdn sı ǝɹǝɥ ƃuıɥʇʎɹǝʌǝ ˙ɥʇɹɐǝ ǝɥʇ ɟo ǝpıs ɹǝɥʇo ǝɥʇ uo ǝʌıן ǝʍ 'pɹɐǝɥ ʇ,uǝʌɐɥ noʎ ǝsɐɔ uı ˙ɐıןɐɹʇsnɐ ɯoɹɟ ɯ,ı ˙ıɥ
64: can't help but notice you didn't mention any experience prior to law school.
64 - How does it feel to know that Nervous is going to get paid his 1L summer (in a recession) whereas you had to work for free?
On 38's comment that a shake up will not be so bad: I think there will be a shakeup and major changes in Biglaw. And I think the eventual result will be no more Biglaw firms hiring associates at 165k to start. Maybe we will see these firms start to hire lawyers at 70k starting out. It could be a positive thing if eventually billable hours come down as well, but I don't know about that. Many people wouldn't mind starting out at a much lower salary, but for those who are excited about Biglaw for the big paycheck (or the reputation) it will not be a good shakeup at all.
There was a partners' meeting scheduled for today. Oh to be a fly on that seedy, seedy wall.
72 - We're seeing the shakeout right now. What will happen is that firms who tried to expand and pay like V5 firms are getting clobbered.
In this market, to survive with a big associate class on the 160k scale, you either need best-in-the-business practice areas or very diversified practice areas. Everyone else has to cut costs - hence the layoffs.
Hey Count,
The name of the character who's picture you use is Count von Count. You should change your handle to Count von Layoff or change the picture to the Count from the cereal box - if you want your parody to be somewhat accurate. If you're going to make fun of people losing their jobs, you might as well do it right.
"There's worst things to be called than naive. "
Hopefully you're at a T10 school, cuz you need to be able to hide out for a few years in BigLaw before someone realizes what an a**hat you are. Top flight law school grads are smart enough to weather the storm? Geezus... the new grads are disposable chaff for partners. They're used, mocked, pushed out and very few can hack it after 5 years of abuse. You're calling a Sum Assoc job "work experience"? I don't even know where to begin. I'll see you 2 years from now on ATL wondering how you got pushed out of BigLaw "even though my performance reviews were great." Coke on a cock and die. Save us the agony of your existence.
*that was a bit harsh I'm sorry*
-signed Everyone
@38--
I'm 46 and 76... It's been a pleasure to make your acquaintance.
WTF?
As a clueless 2L all this shit makes me wonder what the fuck I am doing here
68:
that's the best you could do? and the post was probably about basketball knocking off duke today.
shapes a movement
69 - That's quite impressive
I don't get it; if he is the sole equity partner, why not go ahead with the holiday party and stick him with the bill?
So Dreier is the sole equity partner of his firm. The firm has been late paying vendors. Dreier is famous for living a grand lifestyle. Even the most financially successful lawyers don't make enough to live his lifestyle. So imagine: Dreier is in debt, has access to his firm's accounts, "borrows" from those accounts, gets in trouble, needs to replace some of the money, comes up with a ridiculous fraud scheme, heads to Toronto to carry it out, and gets caught. See also United States v. O'Hagan.
What do you say to a Michigan Wolverine in a three piece suit?
Will the defendant please rise.
Count Layoffula needs his own blog.
Gotta say that I'm liking Count Layoffula.
And 75....I doesn't seem to me that Count Layoffula is making fun of people who lost their jobs. Chill out. Count Layoffula is trying to make light of an awful situation for the layofee and those others who await their turn.
21 - Give me a break. Most of Lat's reporting is unsourced or a single confidential source. As 15 or 22 point out, there is plenty ambiguity.
87 here.
I even like Count Layoffula's profile:
"ONE! ONE PROFILE!! AH AH AH AH AH!!!!!!"
Well done sir. Well done.
Breakin rocks in the hot sun
I fought the law and the law won
I needed money cause I had none
I fought the law and the law won
I left my baby and it feels so bad
Guess my race is run
Shes the best girl that I ever had
I fought the law and the law won
I fought the law and the
Robbing people with a six-gun
I fought the law and the law won
I lost my girl and I lost my fun
I fought the law and the law won
I left my baby and it feels so bad
Guess my race is run
Shes the best girl that I ever had
I fought the law and the law won
I fought the law and the
I just want to make you clap again.
- Akon
I just want to give you the clap again.
-- Akon
I just want to get the clap again.
--- Akon
I just want to give you the clap again.
-- Akon
I initially thought that this guy took a bath in the market recently, panicked, had a break-down and then came up with this Scooby Doo type criminal scheme. But, it turns out he may have been doing this for years–ie., this was his way of life to support his manner of life.
UN-MOTHER-F***ING BELIEVABLE.
83 - the bill was already paid
22-50 has it right. Besides, its not that we were getting 20-30 headhunters calling about 20-30 firms that might be interested, we were getting 20-30 calls about 10-15 firms that might be interested.
There are so many threats of violence/personal attacks on ATL. Why is that? If people had to register profiles I bet the site would be much more civil. And yes, maybe that would result in less "info" coming down the pike, but at least we would have a decent discussion.
If the man used his firm as his own personal piggy bank, it's easy to see how 84's scenario makes a lot of sense.
What were the salaries at this place like?
Also, count me in as another Layoffula fan.
This is only a harbinger of more to follow. Don't be surprised when you find out that more big law scoundrels start doing desperate things out there to support their crumbling empires. Why? Because they need to feed their bloated egos and to pay Boston Properties, Vornado and the Rudins the $80 per square foot rent for their capacious tombstone, redweld filled offices, where clients rarely visit any more, but when they do, wonder why whole floors are dedicated to waiting rooms and coat check girls.
This should be a lesson to clients. Big does not necessarily mean better. If your lawyer thinks he is some superstar and has his own table at Bice--think again--there are plenty of humble, smart attorneys out there with kick-ass skills that don't need "things" to be happy--they are the skilled practitioners from the old school who place their clients' interests before their own--and think first about the matter, before the fee.
And you moronic law school students who think you are entitled to earn $200,000 without a shred of practical experience or real knowledge of how to practice law--get a life. Clients are not going to put up with this crap any more. The party is over. Get out your mops and your brooms and your dustpans and your Windex, because you'll be cleaning up everyone else's mess for the near future.
I've been getting about 5-10 calls from headhunters a week.
Of course, I'm a bankruptcy lawyer.
99 - What were the salaries like? As a soon to be former Dreier attorney, I can attest that the salaries were all over the place and were wildly inconsistent from group to group. Some attorneys were paid way below market (under $200K for senior associates) and others were overpaid (over $200K for very junior associates). Some attorneys billed normal hours (160+ per month), while others seemed to stay on billing no more than 40 hours A MONTH. Bonuses for associates were non-existent ($5000 per year regardless of merit), benefits sucked ($900 per month for health insurance to cover me and my spouse), and Dreier did not contribute to anyone's 401K.
At the same time, he'd throw lavish summer parties at his Hamptons home and cocktail parties at his Manhattan penthouse with a terrace that was larger than my Manhattan living room. He had a private jet, luxury yacht at Chelsea Piers, and his assistant was apparently picked up every morning by private car in Long Island. Most women at the firm were grossed out by him, as he would grope and fondle at Holiday parties while inebriated. He was a sexual harrassment lawsuit waiting to happen.
No one there could understand how he could live the lavish lifestyle he had. Now we know.
Thanks for the response 102. I was once in a position to work very closely with Dreier attorneys for a very long period of time, and that place always seemed like a black box to me. New affiliates came out all the time without any guarantees that the older ones were profitable. Million dollar charity tournaments and extravagant summer outings. I always figured something shady had to be going on there, and now we know.
Of course if you worked in the Stamford office, you had to bill at least 200 hours per month and worked almost every weekend.
For all of those harping on some sense of entitlement of making a 160k for new law grads, you are forgetting there is another party to that deal, the law firm. No one will pay more than they have to for the hire help. Even when considering a certain cache or prestige to having top salaries or taking an attitude that the client ultimately pays, you don't pay more than you have to for the talent you need.
Firms realized that they were in competition for the same talent and firms, in general, were in competition with other sectors of the economy for the same talent. The 160k was to keep people from jumping to the investment banks or hedge funds. Those pressures may be off for now in a general collapse and makes those salaries look silly.
Thanks for the insight, 102. This shows why law firms don't work well with a corporate structure. The attorneys are the revenue drivers of the firm. Someone like Dreier can't sit back and collect excess profits forever without other attorneys feeling like they're getting the shaft.
104, I interviewed with Dreier and asked about the Stamford office. I later heard rumors about crazy hours. Why was the office like that? And salaries were lower than comparable positions on Park.
105 - It'll take much, much more than this to lead to a reduction in base salaries. Biglaw firms are still pulling in PPPs in the $2 million range. A reduction in salary will only drive out the better performers, especially once the economy picks up again.
107 --We could never figure it out either. That was why our turnover was so high. The staff would run out at 5pm and we stayed until midnight.
Has Alison Cowen of NYT emailed everyone for comments? I suspect she will have more sources than she knows what to do with by Monday nite.
105 - Except for the little problem that everyone was competing for the same "talent" is a total lie. What are you competing for, who got good SAT's and LSAT's? What on earth does any of that have to do with the ability to be a lawyer?
Very few new associates are worth that starting salary. Very few firms can actually afford to pay Cravath. When everyone was making money hand-over-fist, no one cared about these little issues.
BigLaw absolutely needs to overhaul hiring and entry-level compensation. Most firms simply can't take their current structures.
"What are you competing for, who got good SAT's and LSAT's? What on earth does any of that have to do with the ability to be a lawyer?"
You are competing for smart people who wanted to go to law school and now want to work for law firms. For whatever reason (social pressure, scholarships, prestige, their own planning) come from a certain group of schools.
I have worked with lawyers at regional firms who recruited from the lower tier schools. There were smart people at these firms, but they were few. Most partners can't take the chance that the associate they hired 2 years before is a dud, so they stack the deck by recruiting from top schools.
The biggest danger big law now faces is thinking the market is so bad they can abuse the associates they let stay, because when the economy gets better these associates will leave and sometimes with the clients and the current crop of law students will figure out something else to do.
The real issue, one that you're all avoiding, is that this sad event is just further proof of a sad but undeniable fact: Harvard is a TTT.
Touro 4eva, bitches!
I agree with 111.
Count, can you count something for me, please?
"You are competing for smart people who wanted to go to law school and now want to work for law firms."
What does this even mean?
Most of these people knew nothing about law school other than you got a lot of money for doing well. Almost none of them know anything about law firms other than you get a lot of money. No, the summer associate position doesn't count.
Paying someone $160K (or its slightly reduced market equivalent) with no measure of his ability beyond what school he got into and the grades he got in his first year (and, for top schools, this can be reduced to the name of the school only) is asinine. No other profession does that or anything close to that. The closest would be Wall Street banks - except they don't exist anymore.
Addendum to 115 -
You wouldn't believe the trash that slips through the so-called hiring process. Ask around - everyone knows people in their class who:
---have major substance abuse issues,
---have serious character and ethics issues,
--- have serious mental problems,
--- have vicious attitude issues,
--- have major maturity problems
--- have no interest in practicing law or working in general
--- really are quite dumb and couldn't think on their feet to save their life
And despite all that, these people will get hired.
115, Throughout the 1980's if you had an aeronautical engineering you would make a starting salary well above most other engineering fields. It's hard field and many wash out and complete another engineering degree. 21 year-olds were hired for nothing more than their GPA. They were also paid more, because they had so much time in front of mainframes they could work for IBM, HP, or Sun.
Around 1990, the defense industry contracted massively. Aeronautical engineers were laid off by the hundreds, salaries slashed. IBM, HP, and Sun's non-consumer side were also hit badly. People left in droves, and moved on to to do other things.
When the market finally rebounded 10 years later, there were far too few students studying AE. To this day Boeing has a serious problem attracting AE grads and AE engineers for its middle management.
Interesting article about the situation.
The guy sounds like a real d-bag.
http://www.nationalpost.com/most_popular/story.html?id=1038898
#118 - having worked at the firm for the last 6 years - I always knew he was just didn't know how much. I knew I should have left years ago but a lot of the other people who worked there were good people and its a shame we have to suffer because of this d-bag!
119, will the firm make payroll? Are there any profitable groups?
120 --- I'm not #119, but I am also a Dreier attorney, and yes, I understand that some groups are very profitable. My guess is that if Dreier hadn't been stealing from the firm to support his extravagant lifestyle, the firm would have been fine financially. I do not believe we are getting paid on the 15th, but we haven't been told otherwise yet. We haven't been told much of anything yet, and no one even knows if we are supposed to show up tomorrow. Very sad. There are (were?) a number of wonderful people and good attorneys there.
118, 120, How are the IP groups doing at Dreier? Are they one group or several different groups?
This ought to be a wake-up call to firms so dependent on one person/personality. The Boies firm is the most obvious that comes to mind. While there is no reason to believe Boies himself is do anything like defrauding anyone, what would happen to that firm if something happened to Boies? And, Boies is known as a high-living gambler. He has had a number of run-ins with ethics complaints because he pushes things close to the edge (see the bizarre story of the document production firm that was managed by an ex-con friend of his and that his kids had an ownership interest in - Boies denied hiring the firm knowing his kids' connection to it, but it caused him some hurt in Adelphia). There is also the weird story about the landscaping litigation in Palm Beach that involved his firm CFO and a benchslapping for his aggressive tactics. Boies is probably just a hyper-achiever, but those personality types can eventually run into trouble.
At least one IP group had exceeded its benchmarks by a lot of money. Huge bonuses were promised. The department was beyond busy, with many big name clients. The group knew other firm groups were not doing as well, but the structure of the firm should not have effected the IP group. The firm always told its attorneys not to worry about the "one guy in control" thing as Dreier was independently wealthy and had family money, too. Star clients in CA, and tons of clients tend to make someone think all is well. Not that one corrupt a$$hole is going to wipe out your livelihood and your family stability in one fell swoop. The associated worked hard, earned their money, and now will not be able to pay mortgages, law school loan payments or even be able to give Christmas stuff to their kids. Not to mention the staff.
122: i've worked with one of the patent groups at dreier, and to my knowledge there are two, both are great groups and seem to be doing pretty well both financially and in the quality of work. it seemed like everyone there had a good handle on how the underlying technology worked and didn't just half-ass the leg work in litigation and prosecution which is getting harder these days with the influx of non-tech attorneys trying to cash in. based on how the firm is organized, it'd be a shame to see all the work that they did go to waste because of this. but from everything i've read it seems inevitable.
124, 125, 121 Thanks.
Why would HR send a mass email asking people to look into alternative health insurance programs?
tick tock
tick tock
Why is the Citrix system inaccessible?
tick tock
tick tock
Why have we all received notifications requiring us to retain all documents, under the instructions of "Governmental Authorities"?
tick tock
tick tock
http://direatdreier.blogspot.com/2008/12/that-ticking-sound-isnt-loud-wristwatch.html
1st year associates started at $140,000
This will seem like the golden age of years past. We will drink and reminisce when we were lions instead of mice.
Count Layoffula is the best thing to ATL since Frat Stud.
128--LA Affiliate 1st year associates started at $165K. The pay scale was lockstep and was market for LA.
Dreier LLP will file BK and M Dreier will file personal BK - Paul Traub will represent him in SDNY; after 2 years of legal squabble and a plea deal - MD will get 180 days in Canada to be served concurrent with time here in the US. The new USA in NY (Smithfield) will make a mess up in the case and everything will be tossed on appeal. Walk, walk Walk!
132 nailed it!
96, isn't that al the more reason?
83
Finally read some of the more extended articles about this clown and his misadventures in our great northern neighbor. One question I have is how long it was between the time he walked out of the meeting with the Fortress exec and his arrest. Also, where was he arrested?
You'd think that a guy committing a crime who had a private jet sitting on the runway, waiting for him, would be able to get outta dodge in no time fast.
135, CA cops logged it as Nov 30 at 11.25 pm on Yonge Street, Toronto. Date and time seem incorrect. Most events point to Dec 2 at around 4.00 pm. OTPP has offices on Yonge Street. MSM said the Fortress guy got suspicious immediately after the deal concluded and the OTPP secretary called the police. It was the police and not the RCMP ("Mounties") who made the arrest. So, it must have been a street arrest by local cops as opposed to an investigation and arrest.
They would not let him make a collect call to the US. If he had someone making arrangements he could have been out in less than 24 hrs. So, I presume he was travelling alone.
All in all, the fact that he had a meeting, got a business card and passed it off to his next appointment, allegedly; points to either a great scheme or just a spur of the moment thing. I go for spur of the moment or even a misunderstanding. He could not be certain that the OTPP counsel would be at the earlier meeting, give a business card. OTPP let him use a conference room undisturbed and even send a visitor into see him. The fact that the Fortriss rep picked up on something suspicious suggests that Dreier (if the allegations have a basis) was unprepared, in stark contrast to masterful plot to get there.
Nothing makes sense in this. He may have just gone off the deep end.
I can't say anything about the allegedly missing operating funds from the firm. There is only an implied connection with the CA adventure.
I agree with 136. The intangible events, such as running into the fortress council, seem too random to be the result of a thought out plan. The apparent spontaneous decision to impersonate another attorney points to Dreier either being really desperate for cash and seizing the opportunity, or Dreier being totally crazy. I think the story we have so far is missing some facts. Hopefully more information comes out about all of this.
One thing is for sure, a lot of people are getting screwed by this act of stupidity. In these tough times, it hurts when you lose your job due to the economy, but it really sucks when you lose your job because of your crazy stupid boss.
126, let's order a pizza and then have some nookie in the hot-tub while we wait for it to arrive.
125 has it basically right. In NY there are (were?) 2 IP patent groups and 1 group which did trademarks and copyrights. All 3 groups were doing well. And the patent groups were real patent people with good technical backrounds and a lot of experience. Those groups, which were together before they joined Dreier, should probably be OK
But damn, what was Dreier thinking? How did he think he could get away with it? Even if he got the cash out of Canada, didn't he know that someone would figure this out quickly and come after him anyway?
Damn! Blew up the whole firm! And right at the holiday time. Your heart has to go out to all the people Dreier hurt.
125 has it basically right. In NY there are (were?) 2 IP patent groups and 1 group which did trademarks and copyrights. All 3 groups were doing well. And the patent groups were real patent people with good technical backrounds and a lot of experience. Those groups, which were together before they joined Dreier, should probably be OK
But damn, what was Dreier thinking? How did he think he could get away with it? Even if he got the cash out of Canada, didn't he know that someone would figure this out quickly and come after him anyway?
Damn! Blew up the whole firm! And right at the holiday time. Your heart has to go out to all the people Dreier hurt.
136, thanks. This is all just too bizarre. I agree though that this seems more like a spur of the moment decision then a well thought out plan. ugh.
Dreier's stupid decision is now costing everyone back at his firm.
-135
TOP BONUSES FOR BOIES ASSOCIATES! ATL, YOU GOT SCOOPED BY AMERICAN LAWYER.
I <3 Count Layoffula
Big Bonuses at Boies Schiller
http://amlawdaily.typepad.com/amlawdaily/2008/12/embargoed-until.html
He probably thought he could get away with it. In almost all cases of guarantee/collateral fraud the debtor rationalizes that no one will be harmed because he will be able to repay the loan. And if he had repaid the loan, then the guarantee would probably never have been an issue and wouldn't be discovered.
Law students should stop posting their opinions on this board. They should not opine about what practicing law is like, what they will do when the practice, how firms should change or why their schools are sooo much better than yours. Your opinions are not worth anything. Just ask questions.
"A person may be considered a partner even if not formally included in the partnership. This is known as "partnership by estoppel." I just though the 250 or so non-equity partners at Dreier might be interested in that definition (e.g. when you find yourself named in as a defendant in a complaint for money damages from the lanlord and other vendors).
69: How appropriate that you're 69. You should stay in the land of Joeys...
His greedy ass has just been indicted:
http://amlawdaily.typepad.com/amlawdaily/2008/12/breaking-dreier.html
It's a sad day when you can't even trust your lawyer.
He'd had have been better off in a Canadian jail. Shouldn't have posted bond.
So what was it? Gambling? Drugs? Or did he just waste it?
There has to be more to this story. A firm of that size doesn't just go under because the main partner gets arrested in Canada. He had to be doing some other shaddy stuff that the partners in the firm knew about. Now they know all hell is about the break lose so they are leaving. This is just the tip of the ice berg. I wonder what else Drier did.
Does anyone know if this will have the same impact on the "affiliate" offices, like the one in LA?
Does anyone know if this will have the same impact on the "affiliate" offices, like the one in LA?
Does anyone know if this will have the same impact on the "affiliate" offices, like the one in LA?
Dear 151,
To say that other partners were acting unethically is a slanderous remark and you should be reminded that while you are anonymous on this board you did list an email to post. Marc Dreier is a narcissistic abomination and acted unilaterally. His access to the funds in question were restricted to himself. If you are going to imply that other people are guilty is cowardly without posting the proof that you have and your name. If you have anything then please contact the U.S. Attorney, however I doubt that will be the case. Marc Dreier will now use funds that he should not even have to begin with to defend himself and then he may do real time. Dreier's sense of entitlement had him taking a limo rather than walk two blocks in Manhattan. He posed for pictures standing next to celebrities while they wondered who the dwarf standing next to them was. He deducted money from the checks of support staff (secretaries,IT workers and office service people) to pay their health benefits and instead squandered the money on his own lavish lifestyle. The only comfort that these people can take is that no matter what justice Dreier is subjected to in this life, he still has Hell to look forward to in the end. I have no problem with the attacks on the syphilitic knome who calls himself Marc Dreier, but limit your attacks to him or you are a false witness and are no better than him.
Dear 151,
To say that other partners were acting unethically is a slanderous remark and you should be reminded that while you are anonymous on this board you did list an email to post. Marc Dreier is a narcissistic abomination and acted unilaterally. His access to the funds in question were restricted to himself. If you are going to imply that other people are guilty is cowardly without posting the proof that you have and your name. If you have anything then please contact the U.S. Attorney, however I doubt that will be the case. Marc Dreier will now use funds that he should not even have to begin with to defend himself and then he may do real time. Dreier's sense of entitlement had him taking a limo rather than walk two blocks in Manhattan. He posed for pictures standing next to celebrities and famous athletes while all the time they wondered who the dwarf standing next to them was. He deducted money from the checks of support staff (secretaries,IT workers and office service people) to pay their health benefits and instead may have squandered the money on his own lavish lifestyle. The only comfort that these people can take is that no matter what justice Dreier is subjected to in this life, he still has Hell to look forward to in the end. I have no problem with the attacks on the syphilitic knome who calls himself Marc Dreier, but limit your attacks to him or you are a false witness and are no better than him.
What he said!!!!!
just for the record post 156 is a correction to post 155 which is why the words "may have" are used in reference to the health insurance premiums. More to come on that.
What is the actual situation over at 499 Park? If you have to be in court on a matter, do you have the staff to get the research done, to draft the briefs?
I read that the Feds are looking through every briefcase leaving? Have individuals been questioned? What's the screen for attorney-client privilege and the Fed investigation?
Are clients calling and pulling matters?
Since this happened in Canada, will affect the Canadiens chances for the Cup? I'd hate this to affec le'habitants, could some important ttt let me know? O'Canada....O'Canada....
The Count Layoffula rocks!
Dreier has with little doubt stashed money away over the years. If they ever let him out of prison alive he should be tracked for the rest of his life. He must have placed some off the money that he has stolen over the years into trust for his kid. Why should his kid live like a millionaire with stolen money? Is it true he also has a home in Barbados? If he files bankruptcy can they still go after his personal retirement funds once they prove they are stolen? He deserves to live in the gutter if found guilty. ....little doubt there. Was the controller at this firm deaf, dumb and blind? I certainly hope they do not broker a deal with this maggot. That would be a slap in the face to the people that worked for him who just found out that their health insurance for december has not been paid .
Doug Hamilton likes chics with dicks and butts with nuts!
Marc Dreier is a hemorrhoid in the buttocks of humanity. Hope he rots in jail.
i workd there and i really do feel sorry for all the people who worked there and are still there
i will say though that many ppl know that we used to turn a blind eye to alot of his shenanigans because although many laughed at him always being late on paying bills and paying ppl back, he ultimately did pay the vendors