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Retiring Boomers Pose Big Challenges For Firms
On June 30, securities litigator James Benedict, 66, walked out of his office at Milbank, Tweed, Hadley & McCloy for the last time as a partner and caught a plane to Vail, Colorado, to begin the next chapter of his life.
Benedict, who had been responsible annually for $35 million to $40 million in billings defending investment advisers in their biggest lawsuits, had been planning for this day since 2004. Benedict's age puts him in the leading edge of the largest wave of retirements that law firms have ever experienced. The aging-out of the generation, which began when the first baby boomers turned 65 in 2011, has been picking up speed ever since, with heavy ramifications for firm business. “There's been this looming tsunami of generational change confront the profession for a long time,” says Altman Weil Inc. principal Alan Olson. The changeover “is happening now, and over the next five years.” Until recently, Olson was on a lonely campaign to warn firms about the crisis. Now, a growing number of consultants and firm leaders have turned their attention to the issues that the graying of The Am Law 200 poses to firms already reeling under years of anemic growth, eroding realization rates and an overheated lateral market.
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.