Criminal Law Finance & Banking Professional Practice

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BigLaw Recruiter: We Didn't Kill Dewey & LeBoeuf

Jan. 21, 2015 (Mimesis Law) -- Jon Lindsey, partner at recruiting firm Major, Lindsey & Africa, talks with Lee Pacchia about the market for talent among the world's largest law firms. Asked why recruiters get blamed for the...more

Zimmermann: Dewey Charges Send 'Warning' To Struggling Law Firms

Mar. 12, 2014 (Mimesis Law) -- Kent Zimmermann, consultant at the Zeughauser Group, talks with Lee Pacchia about the recent spate of charges filed against former leaders of defunct law firm Dewey & LeBoeuf and what they mean for the rest of BigLaw. Dewey & LeBoeuf filed for bankruptcy in May, 2012, marking the largest law firm failure to date. Three former top executives from the firm stand accused of misleading lenders and other lawyers on the true financial condition of the organization.more

How Chadbourne & Parke, LLC v. Troice Threatens The Defense Of The Guilty And The Innocent

The U.S. Supreme Court’s recent decision in Chadbourne & Parke, LLC v. Troice, 571 U.S. ___ (2014) arose out of the a multibillion dollar Ponzi scheme perpetrated by Allen Stanford. The scheme involved the sale to investors of certificates of deposit in Stanford International Bank. Mr. Stanford was convicted of mail fraud, wire fraud, conspiracy to commit money laundering, and obstruction of a Securities and Exchange Commission investigation. The SEC also won an award of $6 billion in a civil action. The case involved several groups of plaintiffs who filed suit in state and federal courts. This post focuses on the allegations in the suit filed in the Texas federal court against the Proskauer Rose LLP law firm – that the firm allegedly misrepresented to the SEC the SEC’s ability to exercise its oversight over Stanford and SIB. Notably, the plaintiffs did not allege that the law firm made misrepresentations to them or was involved in selling the CDs or perpetuating the Ponzi scheme. Instead, they asserted aiding and abetting liability under Texas’ securities law and common law.more

Bill on Bankruptcy: ResCap Report, a Bargain at $83 Million

April 10 (Bloomberg Law) -- Why the Residential Capital LLC examiner's report will cost almost $83 million is the first item on the new Bloomberg bankruptcy video with Bloomberg Law's Lee Pacchia and Bloomberg News bankruptcy columnist Bill Rochelle. After explaining why the ResCap report is a bargain at $10 a page, Rochelle turns attention to Casey Anthony and explains why her acquittal on charges of infanticide is on the road to making important bankruptcy law. The last two items concern significant bankruptcy-law issues. U.S. Supreme Court is being given an opportunity to decide a question left open by the Stern v. Marshall opinion, and Circuit Judge Richard Posner wrote another gem, this time explaining when there can be a one-year extension on the two-year limit for filing suits in bankruptcy court. more

Weekly Brief: New DOJ Tact Pushes Bank Subsidiaries To Admit Guilt

Feb. 21 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. The Department of Justice appears to be changing its approach on prosecuting those responsible for the financial crisis. Also, four major law firms just won licenses to practice law in Singapore. Finally, the dean of Rutgers Law School in Newark, NJ is proposing a residency program for new lawyers. Will it work?more

Weekly Brief: Will RBS Plead Guilty In LIBOR Scandal?

Jan. 31 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. US authorities are currently trying to get RBS to plead guilty to allegations it took part in the LIBOR rigging scandal. Also, another major law firm has decided to move back office personnel out of main office locations to cheaper digs. Finally, a new report suggests 2012 may have been better for big law firms than previously thought.more

Weekly Brief: Lawyers Advised To Accept New Reality

Jan. 17 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. A new report suggests lawyers need to forget about returning to the economic conditions preceding the Great Recession. Also, RBS bank joins UBS and Barclays in agreeing to settle allegations related to the LIBOR rate rigging scandal. Finally, a recent indictment of Mayer Brown's CIO and a third party IT vendor for bilking the firm out of almost $5 million begs the question: should law firms be outsourcing IT work in the first place?more

Weekly Brief: UBS Smacked in LIBORgate Settlement

Dec. 20 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. UBS announced a major settlement with US, UK and Swiss authorities for its role in rigging global interest rates. Also, Goldman Sachs and Rajat Gupta are sparring in court over who should pay the nearly $7 million the investment banking giant has spent on Gupta's insider trading scandal. Finally, are we going to see another BigLaw mega-merger? Reports indicate a deal to create a 950-lawyer firm could be in the works.more

Weekly Brief: Nonequity Partner Comp, Barclays, Instagramming Ballots

Nov. 8 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the week's most important legal news. In a first-of-its-kind survey, American Lawyer magazine reports that compensation for non-equity partners at the nation's 200 richest firms can vary dramatically. New York's Milbank Tweed topped their charts with average non-equity partner pay of $1.5 million. Bringing up the rear was Columbus-based Vorys Sater, paying an average of $100,000. Salaries are all over the map because the non-equity category contains so many kinds of partners: junior partners striving for equity status, senior partners winding down their careers, and laterals with special compensation deals, among others. Next up, we have Barclays under fire from all sides. The New York Times Dealbook reports that the British bank is facing regulatory inquiries from the Department of Justice, the SEC, and the Federal Energy Regulatory Commission for a whole host of possible offenses. This follows the bank's $453 million settlement in June with American and British authorities over allegedly manipulating the inter-bank lending rate known as LIBOR. The new probes may mean hundreds of millions of additional dollars in fines for the bank. Finally, if you went to the polls yesterday and posted a photo of your vote on Instagram FOR JEEPERS SAKE TAKE IT DOWN! THAT MIGHT BE ILLEGAL! Tech blog Gizmodo reports that in many states, showing your ballot to others is a misdemeanor. The full list is on Gizmodo.com. If you violated the law please turn yourself in to the nearest police officer, and be sure to Instagram a picture of yourself being placed in handcuffs. So far as we can tell, that's totally legal.more

The Mexican Anti-money Laundering Law

On October 17, 2012, Mexico's Ministry of Finance published the Federal Law for the Prevention and Identification of Transactions from Illegal Funds (Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita), commonly known as the “Money Laundering Law”.more

The Weekly Brief: Abu Hamza On Trial, Wells Fargo Sued, Bingham Cuts Costs

Oct. 11 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the week's most important legal news. Islamic cleric, Abu Hamza al-Masri, has been extradited from the United Kingdom to stand trial on terrorism charges in the United States. Also, US Attorney Preet Bharara sued Wells Fargo over allegations that the bank made reckless loans that caused hundreds of millions of dollars in losses to a federal insurance program. The show closes with a look at a developing trend among large law firms hoping to cut back-office costs.more

Help! The bank has frozen my account! (UK)

Collateral damage from money-laundering legislation: your bank can block your account and leave you with no remedy, even if you lose money as a result, if they suspect illegal activity. What should you do?more

Keeping Your Jurors Organized

Our society values spontaneous creativity: We marvel at jazz improvisations, delight in a stand-up comic?s ability to create something out of nothing and admire an artist who quickly turns a blank canvas into a gorgeous painting. Yet we all know that being spontaneous carries some risk in the courtroom. If you have tried even one case, you probably have a story to tell about that ?sudden flash of genius? that came to you as you were standing in court, that spontaneous idea that seemed so brilliant ? until you opened your mouth and unleashed the equivalent of a loud burp in a silent library. more

Lawyers as the New Guardians of Governance, op-ed piece, July/Aug. 2004, Amicus Curiae, Journal of the Society for Advanced Legal Studies (London).

A curious thing has happened of late: lawyers have been appointed by the international community as the new guardians of governance for their clients. More specifically, lawyers are increasingly regarded as part of the global efforts to combat money laundering and terrorist financing. How did this come about? The Financial Action Task Force (FATF), the international body that sets standards for anti-money laundering and combating the financing of terrorism (AMl/CFT), has, in its June 2003 revision of the FATF Forty Recommendations on Money Laundering (FATF Recommendations), included laweyers in its coverage when they are engaged in certain activities for their clients. The European Union has done the same in its December 2001 anti-money laundering Directive, which has recently been implemented into domestic law in a number of EU countries. The activities covered by the FATF Recommendations and EU Directive include instances in which lawyers act for their clients in the sale and purchase of real estate and/or businesses or when lawyers handle client money. These measures require lawyers, notaries, and other independent legal professionals to conduct customer due diligence, maintain records and, more controversially, report any suspicious transaction involving proceeds of crime or funds related to terrorist financing to a self-regulatory body such as a bar association or to a financial intelligence unit (FIU). FIUs are government agencies, such as the National Criminal Intelligence Service (NCIS) in the UK and SEPBLAC in Spain, that receive suspicious transaction reports, analyze those reports, and disseminate their findings to law enforcement authorities for investigation and prosecution. The requirement for lawyers to report suspicious 0transactions involving their clients raises various issues, not least issues pertaining to legal professional privilege.more

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