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How Many Excess Partners Does Your Firm Have?
It is widely recognized that Big Law has surplus partner capacity. In a recent Altman Weil survey, over two-thirds of firm leaders reported their equity partners were not sufficiently busy; nearly 80% said the same of nonequity partners. What is less well recognized is just how massive this surplus has become, how unevenly it is spread across firms in different profitability cohorts, and what it portends for when the next downturn hits.
The last time partners were fully utilized was in 2007, the year before the great recession hit. In aggregate, the number of partners has grown by 21%. Growth of equity partners has been relatively modest (only 8%) while that of nonequity partners has been dramatic (45%). It is noteworthy that the highest profit-per-equity-partner (PPP). PPP in the 50 highest profit firms (PPP 1-50) have barely grown their equity ranks and that the PPP in the 101-150 highest profit firms actually shrank theirs. The second 50 highest profit firms (PPP 51-100) stand out as having grown both their equity and nonequity ranks considerably ahead of the other profitability cohorts.
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.