When partners at Dreier LLP heard in early December that the firm's jailed sole equity partner, Marc S. Dreier, might have been dipping into escrow accounts, many quickly abandoned ship. But, according to ethics experts, the departed partners might be held liable for any of the firm's debts and face disciplinary action for any missing escrow funds. Further, they might be asked to return income they received from clients for work on unfinished matters they took with them when they left the now-defunct firm.
Former Dreier Partners Could Face Liability, Say Ethics Experts
New York Law Journal
February 2, 2009