* 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.
We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
In a land that is right here and in a time that is right now, a technology has arisen so powerful that it can replace basic human document review. Is it time to bow down before our new robot overlords?
First, here’s a little story about me: my life in the legal world began as a paralegal. My first case was a GIANT patent infringement case that was already six years old and had involved as many as five companies, multiple US courts, the ITC and an international standards committee. I knew nothing about any of this.
On my first day, my supervisor (a paralegal with at least eight other cases driving her crazy) sat me down in front of a Concordance database with a 100,000+ patents and patent file histories. “Code these,” she said. I learned that “coding”, for the purposes of this exercise, meant manually typing the inventor’s name, the title of the patent, the assignee, the file date, and other objective data for each document. I worked on that project – and only that project – for at least the first six months of my job. After a week or so, time began to blur.
What I know, in retrospect and with absolutely certainty, is that as time began to blur, so did my judgment. So did my attention to detail. If you could tell me that I did not make at least one mistake a day – one inconsistent spelling, one reversed day and month, one incorrectly spaced title – I frankly would need to see your evidence. I would not believe it. The human mind is trainable but it is not a machine.
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