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Law Firm Survival: Tough Economic Times Call for Sound Management
Given the economy, discussions among law firm partners have gone from “How do we maximize revenues and profits?” to “How do we survive?” seemingly in just a few short months. Partners, or even groups of partners, may depart from firms with fast-declining revenues; some firms may consider selling or merging; and others may simply dissolve. Some will even file for bankruptcy. While more than one industry report points to tough times ahead, there are steps firms can take ' many in the areas of accounting and financial planning ' to best ensure that they emerge from the current economic slump just as strong as when they entered it.
As businesses and a great many individuals feel the pain of the recent turmoil in the financial markets, the fortunes of law firms have been mixed. Business is picking up at firms with active bankruptcy practices, and angry investors are hiring class-action firms to fight over whatever assets the crisis leaves. Many law firms are retooling because of steep drops in areas such as mergers and acquisitions, litigation, and commercial real estate. Corporate legal departments report reduced spending on outside law firms. Spending is up just 3% in 2008, as compared with 6-7% last year, according to a Hildebrandt International survey in the second half of 2008.
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.
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.
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.