Entertainment lawyer Larry Stein is looking for ways to sever his connection with NY attorney Marc Dreier, who has been jailed on charges of bilking investors to the tune of $380 million. As reported by THR, Stein wants to cut the cord by the end of the month. Dreier opened a West Coast office of his NY firm in 2007 after taking over Stein's entertainment litigation and corporate boutique.
Stein said he and his partners are cooperating with the court-ordered receiver that is collecting the firm's income and approving its expenses while he scrambles to find another home. He would not confirm the names of suitors, but top contenders include Los Angeles' Liner Yankelevitz Sunshine & Regenstreif, which itself boasts a strong entertainment practice, as well as New York-based Mintz Levin Cohn Ferris Glovsky & Popeo, Washington-based Buchanan Ingersoll & Rooney and international firms Troutman Sanders and Kramer Levin Naftalis & Frankel.
Stein said he plans to fly to the East Coast this week to meet with more firms. It is unclear how many of Stein's lawyers would be invited to participate in any deal, though it is unlikely that his firm will remain completely intact. Already, the Century City-based litigation boutique Browne Woods George, which joined the Dreier firm last year, has said it is going its own way. But Stein said that group has indicated that it might join him in a new home.
Signs at Stein's offices in Santa Monica's Water Garden have been changed to remove references to Dreier, and calls to the firm are now greeted with "law offices" instead of the firm's name.
Previously on LA Biz Observed: Marc Dreier's L.A. side