Alan Schulman, the head of Milberg Weiss Bershad Hynes & Lerach's three West Coast offices for the past five years, has defected to Bernstein Litowitz and set up shop in San Diego.
A member of Milberg Weiss's executive committee for the last ten years, Schulman says Bernstein's success in gaining institutional investors as clients was the main attraction of his new firm.
He adds that Milberg Weiss “has not been particularly successful” in winning clients from this area.
Lawyers from rival firms describe Schulman – who specialises in plaintiffs' securities fraud work – as a “heavy hitter nationally” and one of the country's top securities lawyers.
Bernstein's name partner, Max Berger says his firm has targeted the West Coast because of the region has become the busiest in the country for securities class actions.
Schulman will run the new office with a newly hired associate and a partner commuting half time from New York.