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Costs of Being Public Rise 90% under Sarbanes-Oxley
Costs directly associated with being public have almost doubled as a result of Sarbanes-Oxley (the Act), with more increases on the way, according to a study by our national law firm, Foley & Lardner. The rise in costs, which affects all public companies regardless of market capitalization or revenue, largely is driven by increases in accounting fees, director and officer insurance premiums, and legal fees. To a lesser extent, the Act also affects director compensation costs, fees paid to director search firms, public relations and investor relations costs, additional compliance personnel, and financial reporting costs.
Our firm, in conjunction with KRC Research, conducted a study to measure the direct financial impact of compliance with Sarbanes-Oxley. We undertook the study because little information existed that quantified the costs associated with the perceived benefits in reforms that are intended to promote improved shareholder democracy and shareholder value.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.