Experienced securities litigation practitioners have been in high demand due to many factors, including the Madoff scandal, poor economy, and changing regulatory environment. According to the Legal Intelligencer (password required), this fact has lead to prominent securities litigators trading their smaller, regional firms to firms with a national or international arena.
The article cites the recent moves of Alexander Bono (previously of Schnader Harrison Segal & Lewis, now Duane Morris), Tim Hoeffner (formerly of Saul Ewing, now DLA Piper), and M. Norman Goldberger (formerly of Hangley Aronchick Segal & Pudlin, now Ballard Spahr Andrews & Ingersoll) (seen here). Bono cites the larger capacity of Duane Morris over his previous firm as a deciding factor in his departure. Bono points to non-litigation support that arise out of securities litigation cases that a major firm can supply, including Sarbanes-Oxley concerns, corporate governance matters, filing regulations and other non-litigation securities assistance.
He also feels that it will become increasingly difficult for smaller firms to manage the work coming from companies as litigation looms. Ralph Wellington, chairman of Schnader Harrison disagrees, stating that clients care mostly about the reputation and strength of the representing firm, not the firm size.
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Last week the Commission filed seven new enforcement actions. Six were
civil injunctive actions while one was an administrative proceeding. The
civil injun...
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