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Will Your Firm Pass a Stress Test?
The recent economic crisis put a strain on many law firms. Although there has been a tepid recovery, trends in the industry continue to expose weaknesses, as highlighted by the recent demise of a large, reputable law firm, Dewey & LeBoeuf LLP. In fact, over the last 25 years, more than 40 major law firms have gone bankrupt. How is it possible that outsiders and a majority of partners saw no warning signs before the sudden collapse of the Dewey firm and many others like it? What causes a law firm to suddenly implode?
There are common threads among law firm failures over the past few decades: failures of appropriate governance, inaccurate financial reporting and excessive leverage. These issues underscore the need for a change in law firm governance. It remains to be seen whether the current risks in the economy will accelerate the trend toward a more corporate style of partnership governance that is employed in some large firms.
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.