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Are Western Firms Growing Too Fast in China?
Seeking to reestablish the rule of law in the aftermath of the Cultural Revolution, China's government in 1980 set an ambitious goal: increase the number of licensed Chinese lawyers by 50-fold. Twenty-six years later, the aspiration has almost been realized. China's domestic legal industry has about 122,000 lawyers, compared to 3000 in 1980. Now the government may be turning its attention from adding to the ranks of those lawyers to protecting their business ' at the expense of foreign firms looking to strengthen their presence in China.
A scathing memo passed unanimously by the Shanghai Bar Association on April 17 accused foreign firms of 'threatening China's legal system and economic safety' [see, The American Lawyer, Bar Talk, 'Walk the Line,' August 2006]. Among other things, the memo accused foreign lawyers of illegally practicing Chinese law, evading taxes, engaging in false advertising, and establishing or controlling Chinese firms. Foreign lawyers have long been barred from practicing Chinese law, but the specifics are vague. Under a regulation that took effect in 2002, foreign firms can 'provide information about the legal environment in China, but not interpretation of the applicability of Chinese laws.' Appearing in court and writing opinions are clearly off-limits, but advising clients about specific Chinese laws and domestic legal strategies is murkier. Although the bar association does not legislate, the menacing memo hinted at a future crackdown. (Fearing potential sanctions, foreign lawyers declined to comment on the record about the matter for this article.)
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.
Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability
This article explores legal developments over the past year that may impact compliance officer personal liability.