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Mandatory Retirement in Law Firms and Other Partnerships
Two months after celebrating his 90th birthday, Supreme Court Justice John Paul Stevens retired in June 2010. Had he worked for one of the many large law firms whose attorneys argue before the Supreme Court, Justice Stevens might have been pushed into retirement decades earlier. A recent settlement between New York-based law firm Kelley Drye & Warren LLP and the U.S. Equal Employment Opportunity Commission (EEOC) compels a second look at mandatory retirement in law firms and other partnerships. Under a consent decree, the firm agreed to end its policy of stripping partners who continued to practice after age 69 of their interest in the firm, reducing their ability to manage the firm's operations, and replacing their payment with a discretionary annual bonus that, in the case of one partner, was characterized as “discriminatorily low.” Faced with aging baby boomers and possible exposure to age discrimination claims, law firms and other partnerships will likely relax fixed requirements based on age, such as mandatory retirement and forced changes in equity participation, compensation, and status, which turn away profitable professionals and risk legal liability.
Partnership: An Exception to the Rule
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.