* When Dewey need to hire our own lawyers? Now would be good. As D&L leaders mull bankruptcy options, more than 50 former partners are expected to hire Mark Zauderer to defend them against potential clawback claims. [New York Law Journal]
* Day three of jury deliberations in the John Edwards campaign finance trial came and went without a verdict. The former presidential candidate must be wishing that he hadn’t came and went, because then there wouldn’t be a trial at all. [ABC News]
* Yet another law firm is walking away scot-free from the Dreier drama without losing a single dime. Ruskin Moscou Faltischek was able to get Fortress Investment Group’s case tossed on appeal. [Thomson Reuters News & Insight]
* A Facebook investor has sued NASDAQ, claiming that the stock exchange bungled the social networking site’s IPO. With FB’s stock price dropping as we speak, he’s seeking class-action status. Like. [Bloomberg]
* Nafissatou Diallo amended her civil suit against Dominique Strauss-Kahn to include a claim alleging his “animus towards women.” Really, she just wants to introduce evidence of DSK’s sordid sexual past. [Reuters]
* Wow. David Brock, head of the liberal watchdog group Media Matters, “paid a former domestic partner $850,000 after being threatened with damaging information involving the organization’s donors and the IRS,” according to allegations in a lawsuit. [Instapundit]
The lawsuit captioned Dreier LLP v. Judith Regan was filed back in March 2008, months before Ponzi schemer Marc Dreier’s eponymous law firm went bust. But it’s back in the headlines as of today, thanks to some juicy documents unearthed by the New York Times.
The documents in question — affidavits that were supposed to be kept under seal, but inadvertently kept in the public case file (until their recent removal) — implicate a number of famous figures. The boldface names include controversial publisher Judith Regan, Fox News chairman Roger Ailes, former New York City mayor (and presidential candidate) Rudy Giuliani, former New York City police commissioner (and current prison inmate) Bernard Kerik, and, of course, the now-defunct Dreier law firm….
Thanks to everyone who submitted possible nominees for our Lawyer of the Year award. We reviewed your 160+ comments and developed a slate of ten worthy candidates.
Before we reveal them, we’ll talk about a few folks we passed over. A number of you suggested Mike Leach, the lawyer turned football coach who was recently fired by Texas Tech University. Although Leach’s achievements on the gridiron are considerable, he’s more of a football figure than a legal figure, so he didn’t make the team.
A few of the lawyers you suggested, while certainly well-known, really belong to years prior to 2009. These include former New York governor and Attorney General Eliot Spitzer, who resigned in disgrace after his dalliances with prostitutes came to light; former administrative law judge Roy Pearson, of the infamous $54 million (originally $67 million) pants lawsuit; and prominent IP litigator Jeremy Pitcock.
Also named: Kathy Henry, a former Legal Secretary of the Day, whose alleged oversight could have cost PepsiCo a pretty penny — over a billion dollars (until the default judgment was vacated). But since she’s a legal secretary rather than a lawyer (or even a law student), we passed her over.
So who made the cut? Check out the nominees and vote for your favorite, after the jump.
Vanity Fair has a detailed article on Marc Dreier. It’s TLDR fascinating. The magazine has a great quote from Dreier explaining how his life felt after he got divorced and split from his longtime business partner:
All this sent Dreier into an emotional tailspin. “I was very distraught,” he says. “I was very disappointed in my life. I felt my career and my marriage were over. I was 52 and [I felt] maybe life was passing me by…. I felt like I was a failure.” His feelings of despair were deepened by his keen, lifelong sense of entitlement, a hard-core belief that he was destined to achieve great things.
Dreier felt that way at 52. How many young lawyers feel that way at 25, after getting laid off early in their career or no offered entirely? Of course, some people rebound from that feeling with renewed motivation. Dreier used the emotion to underpin criminal activity. Our friends at Dealbreaker get into Dreier’s head this way:
It’d be enough to send anyone to a place where the next logical thing to do would be impersonate hedge fund managers and stage fake conference calls! And honestly, not to insult anyone here, but do you know how easy it is to scam these hedgie guys? Like crazy easy. It almost seems like the crime would be to not scam them, if you think about it.
A certain big-time lawyer turned big-time fraudster — Marc Dreier, aka “Mini-Madoff” — will probably spend the rest of his life behind bars. He must miss his days of house arrest, when he got to hole up in 34C — not just a great bra size, but also a great apartment — at One Beacon Court.
That apartment is no longer his. The New York Law Journal reports:
The luxury midtown Manhattan apartment of disgraced attorney Marc S. Dreier was sold at auction for $8.2 million, about $2 million less than the $10.43 million he paid in 2007.
The sale of the condominium at 151 E. 58th St. came just one week after Southern District Judge Jed S. Rakoff sentenced Mr. Dreier to 20 years in prison for orchestrating a multi-year Ponzi scheme that fleeced more than $400 million from clients of Dreier LLP and investors to whom he sold bogus promissory notes.
Forty-six bidders registered for the auction held at Southern District Bankruptcy Court. In just five minutes, the price of Mr. Dreier’s 3,000-square-foot apartment in the Bloomberg Building at One Beacon Court rocketed to $8.15 million from an initial bid of $3 million.
Eight million isn’t chump change. But look at everything the buyer is getting!
The long (inter)national Marc Dreier nightmare is almost at an end. He’s been sentenced to 20 years for defrauding his clients and investors. The Wall Street Journal Law Blog reports:
Prosecutors had asked for a 145-year sentence, which harked back to the 150-year sentence U.S. District Judge Denny Chin readily handed down to Bernie Madoff, whose massive Ponzi scheme drained the bank accounts of countless investors. In both cases defense attorneys sought a fraction of that. Dreier’s attorney sought no more than 12-and-a-half years.
But Dreier drew U.S. District Judge Jed Rakoff, who has been highly critical of the length of sentences under the federal sentencing guidelines, particularly in white collar crime cases.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: email@example.com.
Please note that Evan Jowers and Robert Kinney are still in Hong Kong and will stay FOR THE REMAINDER OF THIS WEEK. We still have a handful of available slots for meetings with our Asia Chronicles fans. If we have not been in touch lately, reach out and let us know when we could meet! There is no need for an agenda at all. Most of our in-person meetings on these trips are with folks who understand that improving a legal practice through lateral hiring is an information-driven process that takes time to handle correctly.
Regarding trends in lateral US associate hiring in Hong Kong, we of course keep much of what we know off of this blog. Based on placement revenue, though, Kinney is having one of our most successful years ever in Asia. We are helping a number of our law firm clients with M&A, fund formation, cap markets, project finance, FCPA and disputes openings. These are very specific needs in many cases, so a conversation with us before jumping in may be helpful. As always, we like to be sure to get the maximum number of interviews per submission, using a well-informed, highly targeted, and selective approach, taking into account short, medium and long-term career aims.
Making a well informed decision during a job search is easier said than done – the information we provide comes from 10 years of being the market leader in US attorney placements at the top tier firms in Asia. There is no substitute for having known a hiring partner since he/she was an associate or for having helped a partner grow his or her practice from zip to zooming, and this is happily where we stand today – with years of background information on just about every relevant person in all the markets we serve, and most especially in Hong Kong/China/Greater Asia. So get in touch and get a download from us this week if we can fit it in, or soon in any case!
The legal industry is being disrupted at every level by technological advances. While legal tech entrepreneurs and innovators are racing to create a more efficient and productive future, there is widespread indifference on the part of attorneys toward these emerging technologies.
When the LexisNexis Cloud Technology Survey results were reported earlier this year, it showed that attorneys were starting to peer less skeptically into the future, and slowly but surely leaning more toward all the benefits the law cloud has to offer.
Because let’s face it, plenty of attorneys are perhaps a bit too comfortable with their “system” of practice management, which may or may not include neon highlighters, sticky notes, dog-eared file folders, and a word processing program that was last updated when the term “raise the roof” was still de rigueur.