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opinion often, as part of the deception, he had impersonated someone. In July, he pleaded guilty to multiple counts of fraud, and Rakoff sent him to jail for 20 years. It's easy to see this story as the usual titillating morality tale of excess, greed, and venality. It is tempting to dismiss Dreier as an almost comic figure, a Bernie Madoff lite, someone whose story is not worth thinking about once we have slaked our thirst for the sensational. But I think it's worth pausing for a moment or two over Dreier's sentencing letter. Letters like these are generally self-serving in the extreme, the last desperate pitch of a criminal, but Dreier's is poignant and seems honest. It suggests a classic tragedy — a man brought to ruin as a consequence of a tragic flaw, moral weakness, or inability to cope with unfavourable circumstances. In the letter, Dreier described his first 20 years in legal practice, as an associate and then partner with prominent New York law firms. His account will seem familiar to many lawyers. "I performed well," Dreier wrote, "but I was achieving less satisfaction and recognition than I expected. Colleagues of mine and certainly clients of mine were doing much better financially and seemingly enjoyed more status. By my mid-40s I felt crushed by a sense of underachievement." In 1996, in his mid-40s, Dreier did what many dissatisfied big firm lawyers do: he started his own firm. But, he wrote, he planned poorly, particularly for expenses. By 2001, he was deeply in debt. In 2002, an expensive divorce made things worse. "All of this left me feeling overwhelmed — by my debt, by a disappointing career, by a failed marriage." Dreier started stealing, initially to service law firm debt and fund the firm's expansion. "I was desperate for some measure of the success that I felt had eluded me. I felt that my law firm was my last chance to make a mark for myself, and I was fearful of seeing it fail." Later, inevitably, Dreier used some of the money he'd stolen to buy the houses, yacht, art, expensive cars, and other luxuries. By his own account, Dreier was ntitled-4 1 driven by the desire — familiar to many of us — to succeed in a highly visible way. The trappings of wealth were essential, for they told the story he wanted the world to know; after all, what good is success, unless everyone can see it? He fell easily into the trap of starting his own eponymous firm, a place where, by design, his personal stature and achievement would be fully recognized. And, like many lawyers, he was a poor businessperson, unable to balance the books honestly, perennially teetering on the economic brink. Dreier's crookedness and braggadocio are highly unusual — although not unique. Nonetheless, many straight-shooting lawyers might The full text of Dreier's letter is available at www. scribd.com/doc/17206956/ Personal-Letter-From-Marc-S- Dreier-to-Jed-S-Rakoff recognize something of Dreier in themselves. Often the most successful lawyer resents the success of his fellows. Many solicitors envy the riches of their clients. Who in a big firm has not felt unappreciated? What unappreciated big firm lawyer has not dreamed of starting his own firm? And it is often observed that the smartest lawyer can be the dumbest businessperson, unable — among other things — to get a grip on the expense side of the ledger. The Dreier sentencing letter ends on a poignant note. "My whole ambition in life was to be a lawyer who would distinguish himself. . . . I lost myself to my ambition and sacrificed everything else. . . . I have lost everything a man can lose." A tragedy, I think, and a cautionary tale as well. Philip Slayton has been dean of a law school and senior partner of a major Canadian law firm. Visit him online at philipslayton.com your OFFICE PRODUCTIVITY source In support of / Pour soutenir la CANADIAN BREAST CANCER FOUNDATION™ FONDATION CANADIENNE DU CANCER DU SEIN October is Breast Cancer Awareness Month. Dye & Durham BASICS supports and promotes awareness by offering a line of pink products. A percentage of the sales go directly towards the Canadian Breast Cancer Foundation. 55947-06 00887-00 61114-00 61114 004-00 61114-00 49957-00 00129-06 12100-06 C View our October flyer at dyedurhambasics.ca for our full collection of pink products. Since 1998 www. C ANADIAN Law ye rmag.com OC T O BER 2009 15 9/9/09 2:08:17 PM W e ' r e a y C a n a p d i m a n o a n