In a move laden with symbolism, Alan Schulman — former managing partner of the San Diego office of Milberg Weiss Bershad Hynes & Lerach — today will open the San Diego office of Bernstein Litowitz Berger & Grossmann, a tiny but increasingly powerful New York plaintiffs firm.

Schulman’s move is just the latest signal that Milberg Weiss’ overwhelming dominance and near-monopolistic hold over securities litigation is slipping. Schulman is viewed as second only to William Lerach as the most influential West Coast securities plaintiffs lawyer.