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What's Your Practice Worth?
When it comes to the financial analysis and valuation of law firms, there is only one certainty: Law firm founders and managing partners will always over-estimate the value of their firms. This is not surprising among business owners or anyone who has an equity stake in a company. No matter the industry, it comes down to human nature. These individuals devote a greater part of their waking hours to growing and building their business and, in many situations, its value to them cannot often be quantified or defined by dollar signs.
The over-estimation of value is especially true in professional services firms where the most prized assets ' the partners and other professional staff ' ride up and down in the office elevators each day. Ironically, this is also the reason why valuations are often lower than expected. Oftentimes it is much easier to value companies that manufacture or sell hard assets (i.e., products and equipment) than it is to value the goodwill of a law firm.
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.