Of the four name partners at America's most famous plaintiffs firm, Lawrence Milberg seems to be in the most enviable position these days. And he's dead.
For the other three whose names are on the shingle at Milberg Weiss Bershad & Schulman, things are looking increasingly sticky: Lawyers for the firm are trying to negotiate a nonprosecution agreement with the Justice Department that would stave off an indictment -- which isn't likely to do much good for the name partners. Several lawyers familiar with the case said talks have been ongoing for weeks, although William Taylor III -- a partner at Zuckerman Spaeder, which represents the firm -- declined to comment Monday.
The talks, lawyers close to the case said, have heated up over the last few months, as the Los Angeles U.S. Attorney's Office closed in on Howard Vogel. A former lead plaintiff in Milberg class actions, Vogel fingered partners David Bershad, Steven Schulman and, to a lesser extent, Melvyn Weiss last month when Vogel pleaded guilty to taking kickbacks from the firm.
It has been widely reported for several months that Schulman and Bershad face imminent indictments in the six-year kickback probe. And while prosecutors told attorneys for Weiss earlier this year that he won't be indicted soon, he remains a target.
But the timing of Bershad's and Schulman's indictments and the shape of the Weiss investigation depend on how the government decides to handle the firm.