Investor-side securities litigation firm Bernstein Litowitz Berger & Grossmann is setting up shop in Wilmington, bringing on a longtime leader in the Delaware legal community who is switching over from the corporate defense side.

Gregory Varallo is now a partner at Bernstein Litowitz after spending his entire career so far, 36 years, at Richards, Layton & Finger. He was also recently president of the firm, which is Delaware’s largest firm, until his three-year term ended June 30.

“I got to thinking about it, and really decided that I wanted to have that second act. I wanted to do something else with my career,” Varallo said in an interview Wednesday.

Bernstein Litowitz, meanwhile, was looking to expand its presence in Delaware, where it has been “a known commodity” for some time, partner Mark Lebovitch said Wednesday. The firm’s clients include investors of all sizes, from individuals to major institutional funds. Its other offices are located in New York, Los Angeles, San Diego, New Orleans and Chicago.

“Delaware corporate law is not only critical for Delaware and its corporations. It sets the benchmark for so many states across the country and even globally,” Lebovitch added.

At the partner level, the Wilmington office is starting with Varallo, while Lebovitch will spend half his time there. Associate Andrew Blumberg will also be moving from the New York office down to Wilmington.

“If what we really want to do is play a positive role in the unique and amazing Delaware legal community, we felt the way to do that is by opening up a significant office in Delaware,” Lebovitch said.

While Varallo’s practice was primarily on the defense side at Richards Layton, he had a number of opportunities to work plaintiffs-side cases.

“I’ve had clients on both sides of the v. for much of my career,” he said. “I hope that my perspective makes this firm stronger. That I can help in selecting the really strong cases this firm decides to bring.”

Varallo said he has worked across the table from Bernstein Litowitz to settle several cases over the past five or six years, and they even partnered to represent the plaintiffs in a case against Globalstar Inc. and Thermo Cos.

But because he is transitioning from a corporate firm to a plaintiffs firm, he noted, it was a bit different from the typical lateral move.

“Many times when lawyers transition from one firm to another, they’re in competition with their former firm. My calls with clients weren’t ‘please come with me,’” he said. Instead, Varallo said he hopes those corporate clients stay with Richards Layton.

In addition to advising his partners on case selection, Varallo said he hopes to try cases as well.

Richards Layton announced its new leadership team July 1, which consists of president Doneene Damon, executive vice president Lisa Schmidt and senior vice president Paul Altman.

In a statement about Varallo’s departure, a spokesman for Richards Layton said “the firm extends its thanks to Greg for his service with and on behalf of the firm.”

|

Read More

Securities Litigation: Bernstein Litowitz Berger & Grossmann