Three senior members at New York’s Milberg Weiss Bershad Hynes & Lerach L.L.P. have decided to withdraw as partners. By leaving their posts in 1999, each avoided the multimillion-dollar hit they would have taken to contribute to Milberg Weiss’ stunning $50 million settlement with Lexecon Inc., which was not covered by insurance.
Alan Schulman, managing partner of Milberg Weiss’ powerful San Diego office, caused a stir by joining the enemy. He will set up a San Diego office for New York’s Bernstein Litowitz Berger & Grossman L.L.P., a smaller shop that hopes to eat Milberg Weiss’ lunch.