July 01, 2020

Jenner & Block Partners Anthony S. Barkow, Neil M. Barofsky, and firm Chair Thomas J. Perrelli are editors of Global Investigations Review’s second edition of The Guide to Monitorships.  They along with Partners Matthew D. Cipolla, Michael W. Ross and Erin R. Schrantz are co-authors of several sections of the book.  The five-part guide examines monitorships through in-depth analysis of corporate cultures, expert perspectives and common issues that arise in connection with monitorships.

In the “Introduction,” Mr. Barkow—co-chair of the Investigations, Compliance and Defense Practice—and Mr. Ross review the historical roots of the corporate monitor and how the role has evolved and shaped modern-day monitorships.

In their chapter titled “Changing Corporate Culture,” Mr. Barofsky—chair of the firm’s Monitorship Practice, who has served (and is currently serving) as an independent monitor for Credit Suisse Securities (USA) LLC, and former Assistant US Attorney and Special Inspector General for the Troubled Asset Relief Program—and co-authors Mr. Cipolla and Ms. Schrantz provide assessments, processes and tools to effectively revamp a corporation’s culture through the use of a monitor.  “The task before a monitor in effecting cultural change is to help the company develop the tools of a compliant culture, and then teach the company how to use them so that the company itself steps into the monitor’s shoes after the monitorship ends,” the authors write.

In his chapter titled “The Life Cycle of a Monitorship,” Mr. Perrelli—former Associate Attorney General and independent monitor for Citigroup Inc.—explains the stages of a monitorship, including understanding the scope of work, agreement and engagement letter, as well as key takeaways for building a monitorship team and publishing final reports.  The author states, “Although an argument can be made that this type of commentary is outside the scope of the monitorship, it is valuable to the government, the courts and the public to learn from the experiences of individual monitorships.  Reports are the best way for these lessons to be passed on.”

Mr. Barkow, Mr. Barofsky and Mr. Perrelli acknowledge Partner Jessica Ring Amunson and Associates Jessica A. Martinez, Ravi Ramanathan and Tessa J.G. Roberts for their important assistance and support of the publication.