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The Future Profitability of Law Firms
In the early summer of 2008, the American legal landscape was very different than it is today. The recently published AmLaw 100 list documented that 60 American law firms had reported profits per partner (“PPP”) of more than $1 million. This was the 10th consecutive year of record profits among the AmLaw 100. There were an astonishing 19 firms that reported PPP that exceeded $2 million and one whose PPP almost reached $5 million. The average PPP number reported for the top 100 law firms in the United States was $1.3 million.
About the same time that the 2007 AmLaw results were published, the first round of associate dismissals were announced. Not many, 100 or so in May and 150 in June. It could have been the normal “housekeeping” that most firms do in preparation for the soon-to-arrive fall class of attorneys. There were no announced dismissals in July, and August saw another 100 or so associates let go by their firms.
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.