Securities Litigators Working the Lateral Market

The Bernard Madoff scandal alone could keep securities litigators in high demand for months or years to come, but coupled with a sinking economy and a changing regulatory environment, the practice has truly heated up.

And that fact has certainly not gone unnoticed by securities litigators themselves as many have taken the opportunity to jump ship to much larger firms.

In this month alone, three prominent securities litigators have traded in boutique or regional firms in Philadelphia for a national or international platform.

Michael Coleman of recruiting firm Coleman Nourian said the pool of securities litigators on the defense side is a relatively small one in the Pennsylvania market with a majority of the "top-flight" litigators already at larger firms.

One thing that has been different about this recession as compared to the two previous ones, Coleman said, is that the conventional wisdom that litigation work will support a firm through tough times doesn't seem to be holding true. As clients look to curb costs any way they can, alternative dispute resolution has become the preferred method rather than costly litigation, he said.

Even with that being the case, however, Coleman said securities matters may be the one facet of litigation that will continue to thrive in this market. Securities litigators "even in this economy, remain in high demand" both inside and outside the Philadelphia area, Coleman said.

The latest move came Monday when Alexander "Lex" Bono left Schnader Harrison Segal & Lewis after a little more than a year to join the Philadelphia office of Duane Morris, where he will be a partner in the trial practice group.

Bono, who served as chairman of the securities litigation practice at Schnader Harrison, had recently reached out to Duane Morris Chairman John Soroko and talks quickly progressed.

Bono said he was attracted to the global capabilities of the firm and the opportunity for client development. He had joined Schnader Harrison a few months after stepping down as the first general counsel of Commerce Bank -- now TD Bank -- and has since created a practice representing banking and investment companies along with publicly traded companies and emerging businesses.