Securities Class Action Firms Add Lawyers, Get Defense-Side Resumés
Some securities class action law firms are seeing an influx of cases spurred by the financial downturn and lots of resumés from lawyers working at large law firms.
The extra work is good news for a few lucky job-hunting associates, the Recorder reports. Bernstein Litowitz Berger & Grossmann has added eight associates and four counsel since mid-2008; Berman DeValerio plans to hire two associates; and Girard Gibbs just hired two associates.
Bernstein Litowitz partner Blair Nicholas told the Recorder that about half the resumés his firm is seeing are from lawyers at big law firms; a year ago only 15 percent to 20 percent of resumes were from defense side lawyers. The lawyers hail from firms such as Latham & Watkins; Irell & Manella; and Munger, Tolles & Olson.
“What I keep hearing from associates at large defense firms is that they would rather play offense than defense, and would rather be taking depositions and appearing in court than simply reviewing documents and writing research memos for partners,” Nicholas told the Recorder.
One lawyer who made the transition to a plaintiffs firm is Sam Lieberman, who jumped to Bernstein Litowitz from Wilmer Cutler Pickering Hale and Dorr. At WilmerHale, he focused on complex commercial and securities litigation.
Lieberman is glad he made the change. “I think of myself more like a lawyer now,” Lieberman told the Recorder. “I’m reading the news with interest about how it might affect our clients, as opposed to waiting for the client to come to us, or waiting for a partner to come knocking on my door.”
