Law Firms
Lawyer Loses Arbitration and Job Over Law Firm Accounting Dispute
Posted Jun 20, 2008, 06:32 am CST
By Debra Cassens Weiss
A California lawyer who claimed his law firm was improperly accounting for partnership draws has lost an arbitration and his job.
An arbitration judgment entered in Los Angeles superior court on June 10 upheld the ouster of lawyer Richard Blasco and ordered him to pay $623,000 in fees and court costs, the Daily Journal reports (sub. req.). The arbitrator ruled there was not enough evidence to support Blasco’s claim of financial wrongdoing.
Blasco had sought $2 million from his Pasadena law firm, now known as Hunt, Ortmann, Palffy, Nieves, Lubka, Darling and Mah, after it dropped his name from the letterhead. The name change came after Blasco raised concerns that the firm was not properly reporting unpaid cash draw arrearages to its bank.
Blasco then sent e-mails to firm shareholders about his concerns, the story says. Another e-mail to a name partner warned, "What happened at Enron and WorldCom are similar to what has been occurring over the past year with this firm."
Updated at 12:06 p.m. to indicate Blasco was ordered to pay $623,000.
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