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Valuation of a Law Practice
This article builds on the well-articulated valuation principles outlined in the articles appearing in the June 2009 and October 2009 issues of Accounting and Financial Planning for Law Firms. In June, Michael Roch explored a customized approach to law firm valuation based on a thorough evaluation of external influences, internal value drivers and their combined impact on the financial value of the specific law firm valuation target. (See, “What Is the Value of Your Law Firm?,” Michael Roch, Accounting and Financial Planning for Law Firms, Volume 22, Number 6, June 2009.) In October, Edward D. Heben expanded on the reasons to undertake a valuation analysis of a law practice, with emphasis on the limitations in doing so. (See, “What's Your Practice Worth?,” Edward D. Heben, Accounting and Financial Planning for Law Firms, Volume 22, Number 10, Oct. 2009.)
Both Mr. Roch and Mr. Heben have hit the mark with their comments and observations. My firm has emphasized valuation services for over two decades, with a particular recognition for our work with professional service firm valuation, and more particularly in valuing law firms and ownership interests in law firms for a broad array of purposes ranging from dissolution of marriage, estate tax, shareholder disputes, and more recently in engagements to assist law firm ownership to protect and enhance value.
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.