As we at Hanover Legal enter this new year and look back on BigLaw in 2008, we are reminded of the bibical tale of Lot’s wife glancing towards Sodom and turning to salt. So in the hope of avoiding a similar fate, we’ll keep our retrospective analysis brief.
As Marc Dreier, the sole equity partner of Dreier LLP, faces federal charges of transferring $113 million in bogus securities to two hedge funds, an impersonation charge filed against him in Toronto as well as a lawsuit filed by the Securities and Exchange Commission to recover the $113 million, the firm he created, namely Dreier LLP, sits in receivership pursuant to the order of United States District Court Judge for the Southern District of New York Miriam Goldman Cedarbaum and faces an additional civil suit filed in the Southern District by Wachovia Bank alleging that the firm and Dreier himself defaulted on a $9 million revolving credit note made in connection with a $14.5 million credit agreement and a term note in the amount of $5.5 million.
Over the last month we have seen venerable Heller dissolve and predict Thacher Proffitt and Thelen are not far behind; relentless attorney hemorrhaging at these firms has already reached the top ranks with Thacher’s Vice Chairman joining Greenberg Traurig and Thelen’s Chairman reportedly in lateral discussions with Howrey.
If you are an associate asking yourself how to land another job in the midst of this meltdown, take solace in the fact that you are in great company. As in all times of economic calamity, there are great deals for those buyers willing to let go of some money earned in easier times. The trick is…