Client testimonials featured in this year’s guide highlight Cohen & Gresser’s strength in white-collar matters, describing the team as an “outstanding and deep bench of white-collar practitioners, who know the prosecutors, know the law, and know how to navigate challenging issues.”

Others noted “a team with real expertise in the Southern District of New York,” “daring and aggressive litigators,” and “tremendous lawyers who give their all for their clients.”

Highlighting the firm’s commercial litigation expertise, another testimonial called the firm “the best in the business for handling complex litigation involving the most sensitive and complicated matters. They are at the forefront of technology and they can handle a wide variety of matters.”

Mark S. Cohen is once again recognized as a Leading Partner in both Securities Litigation and Corporate Investigations & White-Collar Crime: Advice to Individuals.

The 2025 edition also names partners Lawrence T. Gresser, Jonathan Abernethy, S. Gale Dick, Christian Everdell, Melissa Maxman, Daniel Tabak, Ronald Wick, and David Lisner as Recommended Lawyers, recognizing their outstanding work and contributions to the firm.

Alisa Lu is ranked as a Leading Associate in the Antitrust Litigation category, with Derek Jackson, William Kalema, and Marvin Lowenthal recognized as Recommended Lawyers in the same area.

Now in its 18th edition, The Legal 500 United States identifies the “true superstars of the profession” through a rigorous research process that includes analysis of recent and historical matters, team depth and experience, and extensive client and peer feedback.

Founded in 2002, Cohen & Gresser’s New York office serves as the firm’s headquarters and is known for its strength in complex litigation, investigations, and transactional work. Our Washington, D.C. team advises clients on commercial litigation and regulatory enforcement matters, with a particular focus on antitrust issues in both domestic and global markets.  

Muriel Goldberg-Darmon, who was named managing partner of the Paris office earlier this year, is recognized for banking and finance law, financial institutions, mergers and acquisitions law, and regulatory practice. She advises listed companies, investment funds, insurers and financial institutions on regulatory compliance, investigations, and corporate transactions.

Angéline Duffour, partner, is recognized for labor and employment law. Her practice spans all aspects of French and cross-border employment law, with a cutting-edge expertise in reorganizations/redundancies and professional alerts/compliance across international groups and French companies.

Partner Franck Le Mentec is recognized for tax law, with a focus on cross-border taxation for both multinational enterprises and private clients.

Guillaume Guérin, counsel, is recognized for regulatory practice, advising both public and private companies, their managers, investment funds, and financial institutions on compliance, investigations, and corporate matters.

Johannes Jonas, who served as Paris managing partner through the end of 2024, was also named in the 2026 edition for mergers and acquisitions law before relocating to Dubai in 2025 to launch the firm’s newest office—a key milestone in the firm’s international growth.

The Best Lawyers in France relies entirely on peer review to determine and recognize professional excellence.

Established in 2014, our Paris team delivers comprehensive legal services across corporate, employment, tax, financial services, white-collar defense, and litigation, working seamlessly with colleagues in our other offices to serve French and international clients.

Our White-Collar Defense & Regulation practice has once again been ranked among the “Elite” firms in the Litigation: White-Collar Crime  & Government Investigations category. One client praised the white-collar team as “creative, dogged, and determined to obtain the best outcome for the client.”

Mark S. Cohen, firm co-founder and head of the white-collar practice, earned a top-tier Band 1 ranking in this category. He is described as “smart and unflappable,” with “superb negotiation skills.”

The firm also maintained its ranking in the Litigation: General Commercial: Highly Regarded category. Feedback highlighted the team’s strong capabilities: “The team at Cohen & Gresser is extremely bright, pays exceptional attention to detail, is easy to work with, and exceptionally responsive.”

In the Antitrust category, our Washington, D.C.-based team was again recognized, with praise for being “very good at what they do in litigation.”

Individual rankings in the 2025 edition of Chambers USA include:

Litigation: General Commercial (New York)

Lawrence T. Gresser

White-Collar Crime & Government Investigations (New York)

Mark S. Cohen

Jonathan Abernethy

Christian Everdell

Jason Brown

Antitrust (Washington, D.C.)

Melissa Maxman

Litigation: Securities

Mark S. Cohen

Chambers USA is a leading legal data and analytics provider, ranking top law firms and lawyers based on rigorous independent research, market analysis, and client and peer feedback.

Muriel brings deep experience to high-stakes regulatory and enforcement matters. She regularly represents clients in complex, cross-border investigations involving financial misconduct, compliance breaches, and sanctions. Her practice includes appearances before French authorities such as the financial markets regulator (AMF), the banking regulator (ACPR), the national financial prosecutor’s office (PNF), and the anti-fraud office (ONAF), as well as international bodies including the U.S. Securities and Exchange Commission (SEC), the U.S. Department of Justice (DOJ), and the U.K. Financial Conduct Authority (FCA).

Richard brings over 30 years of experience leading high-stakes regulatory and internal investigations, particularly those involving financial crime. He regularly represents high net worth individuals, corporate directors, and companies in white-collar enforcement matters.

Lexology Index (formerly Who’s Who Legal) identifies leading lawyers across more than 80 areas of law and in over 150 countries. Practitioners are selected through independent analysis of recommendations and feedback from distinguished private practitioners, corporate counsel, and other clients who have worked closely with the nominees.

Paris Managing Partner Muriel Goldberg-Darmon has been named to the Hall of Fame for Stock Market Litigation, a distinction awarded to those at the pinnacle of the profession—widely respected by peers and clients for their extensive experience and impact on market-leading cases. This recognition highlights her exceptional expertise handling litigation involving publicly listed companies, as well as AMF investigations and sanction proceedings. She is also recognized as a Recommended Lawyer for White-Collar Crime.

Partner Franck Le Mentec is once again recognized as a Leading Partner in Transfer Pricing and International Tax. This ranking highlights his role as a top practitioner in the field, leading high-profile transactions and earning the trust and endorsement of both clients and peers.

The 2025 guide also recognizes Partner Angéline Duffour as a Recommended Lawyer for Employment, highlighting her expertise in navigating complex and strategic matters. Partner Vincent Desry is named a Recommended Lawyer for White-Collar Crime, reflecting his strong reputation in this area. Additionally, Counsels Guillaume Guérin and Pierre Wolman are recognized as Recommended Lawyers for Stock Market Litigation, highlighting their expertise in handling litigation involving publicly listed companies, as well as AMF investigations and sanction proceedings.

Established in 2014, Cohen & Gresser’s Paris office provides comprehensive legal services on corporate, employment, tax, financial services, white-collar defense, and litigation-related matters. Our Paris lawyers work closely with the lawyers in our U.S. and UK offices on cross-border transactions, investigations, and litigation, providing superior service to our French and international clients.

The Legal 500 EMEA guide provides annual researched coverage of over 80 countries and over 2,700 law firms. The research involves a detailed assessment of various factors, including work conducted by law firms over the past 12 months and historically, experience and depth of teams, and client feedback.

Cohen & Gresser partners Christian R. Everdell and Sri Kuehnlenz examine how the nomination of Jay Clayton as U.S. Attorney for the Southern District of New York could shape the office’s enforcement priorities in a new article published by Law360. The piece explores anticipated areas of focus and the potential implications for white-collar enforcement and corporate investigations.

Read the full article on Law360 here (subscription required).

The article explores the potential consequences of legally equating transnational criminal cartels with terrorist organizations, particularly in the context of U.S. sanctions law.

Allon warns that expanding terrorist designations to include cartels could radically increase corporate liability. Drawing from the Lafarge case, he explains that companies operating in cartel-dominated regions could face terrorism-related charges simply for making payments under duress—exposing businesses to serious criminal risks even absent malicious intent.

Mark is recognized for White Collar and Litigation, and Larry is recognized for Litigaton.

This year marks the 20^th edition of Lawdragon’s flagship guide—an “ode to the greatest lawyers in the greatest legal system in the world.” Lawdragon performs an extensive review of submissions to identify lawyers who have demonstrated unparalleled skill, dedication, and leadership in shaping the legal landscape.

Mark and Larry were also recognized in the 2025 Lawdragon “500 Leading Litigators in America” guide, which was released in September.

"We are proud to congratulate Sri, Drew, Christine, and Saruji on their well-earned promotions," said Lawrence T. Gresser, the firm’s global managing partner. “They are superb lawyers and wonderful people. We are lucky to have them, and we are excited to see their continued success at Cohen & Gresser.”

Sri Kuehnlenz – Partner, New York

Sri Kuehnlenz is a member of the firm’s Litigation & Arbitration and White Collar Defense & Regulation groups. She represents companies and individuals in complex matters involving contract disputes, securities laws, the Foreign Corrupt Practices Act, consumer protection laws, and executive employment issues, with a focus on complex financial and accounting cases. Her notable work includes representing the defendant in a high-profile five-week criminal jury trial in the cryptocurrency sector, defending a major credit card corporation against a deceptive practices claim, defending an asset management firm against contract, tort, and statutory claims arising from a complex financial arrangement, and handling a pivotal breach of contract appeal for a hedge fund. Sri also advises clients on pre-litigation strategy and employment negotiations. Recognized as a Rising Star by Law360 in 2024 and by Super Lawyers since 2019, Sri is a trusted advocate in high-stakes litigation and regulatory matters.

Drew S. Dean – Counsel, New York

Drew S. Dean is a trusted advocate in high-stakes commercial litigation and white-collar defense matters, representing clients in sensitive and often multi-jurisdictional disputes. In addition to his litigation practice, Drew advises clients on domestic and international strategic investments, mergers and acquisitions, and a wide range of corporate transactions. His exceptional legal work and dedication to client service have earned him recognition as a Super Lawyers Rising Star every year since 2020.

Christine M. Jordan – Counsel, New York

Christine M. Jordan has extensive experience representing corporations, financial institutions, and individuals in high-stakes litigation before federal and state courts, as well as in arbitral tribunals. Christine’s practice spans a wide range of complex disputes, including those involving mergers and acquisitions, securities, contracts, real estate, and bankruptcy. Christine has been recognized by Super Lawyers as a Rising Star for general litigation every year since 2022.

Saruji Sambukumaran – Counsel, Paris

Saruji Sambukumaran focuses on all aspects of French employment law (legal counseling and assistance in transactional and litigation matters) including individual and collective relations. With a deep understanding of the complexities of French labor regulations and workplace dynamics, she advises both domestic and international clients on a wide range of employment matters, notably compliance, workforce management, reorganization and redundancy matters, trade union and representative body relations, and dispute resolution.

The GIR 100, a definitive guide to the world’s top firms for investigations, recognized Cohen & Gresser for its exceptional representation of high-profile individuals and companies. The firm was highlighted for its strong team of renowned lawyers operating in key jurisdictions worldwide. The GIR 100 is based on comprehensive submissions and rigorous independent research, identifying the top 100 firms globally that excel in government-led, internal, and cross-border investigations.

Cohen & Gresser’s White Collar Defense and Regulation practice, which spans its offices in New York, Washington, D.C., Paris, and London, is central to its continued success. The practice boasts a highly experienced Internal Investigations team that advises global clients, including corporations, boards of directors, special committees, and audit committees.

The team’s work encompasses the full spectrum of investigations, from responding to discrete, anonymous employee complaints to managing complex, wide-ranging investigations tied to ongoing litigation or regulatory and criminal scrutiny.

This recognition underscores Cohen & Gresser’s dedication to providing clients with sophisticated, strategic counsel in even the most challenging investigative matters.

Super Lawyers once again named C&G co­-founder Mark S. Cohen and partner Jonathan S. Abernethy to the Super Lawyers list of the Top 100 lawyers in the New York metropolitan area.

Super Lawyers and Rising Stars are annual lists of outstanding lawyers who have attained a high degree of peer recognition and professional achievement. Only 5 percent of the lawyers in each state are selected as Super Lawyers, and only 2.5 percent are selected as Rising Stars.

The C&G lawyers recognized on the New York Metro Super Lawyers list are:

• Jonathan S. Abernethy, Criminal Defense: White Collar
• Kwaku Andoh, Mergers & Acquisitions
• Luke Appling, Civil Litigation: Defense
• Elizabeth Bernhardt, Business Litigation
• Karen H. Bromberg, Intellectual Property
• Jason Brown, Criminal Defense: White Collar
• Joanna K. Chan, Securities Litigation
• Mark S. Cohen, Business Litigation
• Gale Dick, Business Litigation
• Christian R. Everdell, Criminal Defense: White Collar
• Robert J. Gavigan, Mergers & Acquisitions
• Lawrence T. Gresser, Business Litigation
• Oliver S. Haker, Business Litigation
• Johannes Jonas, Mergers & Acquisitions
• Nicholas J. Kaiser, Real Estate
• David F. Lisner, Business Litigation
• Ellen Paltiel, General Litigation
• Douglas J. Pepe, Business Litigation
• Matthew V. Povolny, Business Litigation
• Bonnie J. Roe, Securities & Corporate Finance
• Stephen M. Sinaiko, Business Litigation
• Mark Spatz, Civil Litigation: Defense
• Daniel H. Tabak, Business Litigation
• Scott D. Thomson, Business Litigation
• Alexandra Wald, Business Litigation

The C&G lawyers recognized on the New York Metro Rising Stars list are:

• Sharon L. Barbour, Criminal Defense: White Collar
• Randall W. Bryer, Business Litigation
• Shannon A. Daugherty, Business Litigation
• Drew S. Dean, General Litigation
• Christine M. Jordan, General Litigation
• William Kalema, Business Litigation
• Phoebe King, Business Litigation
• Sri Kuehnlenz, Civil Litigation: Defense
• Marvin J. Lowenthal, Criminal Defense: White Collar
• Barbara K. Luse, Criminal Defense: White Collar
• Alexandra Theobald, Business Litigation
• Myia Williams, Mergers & Acquisitions
• Benjamin Zhu, General Litigation

The firm’s national rankings include:

National Tier 2: Criminal Defense: White-Collar

National Tier 3: Commercial Litigation

Metropolitan (New York City) Tier 1: Criminal Defense: White-Collar

Metropolitan (New York City) Tier 1: Commercial Litigation

Metropolitan (New York City) Tier 1: Product Liability Litigation – Defendants

Since 2010, Best Law Firms has conducted in-depth research analyzing feedback from clients and professional references, information submitted by firms, lawyer evaluations collected in conjunction with Best Lawyers, and interviews with industry leaders to rank and recognize firms for excellence in various practice areas.

Vincent focuses on white collar and general criminal law, with a strong emphasis on cross-border cases. He advises and defends corporate entities, public figures, and executives in high-profile political, business, and financial matters, including complex financial criminal cases. Vincent most recently worked on several landmark cases at French law firm Temime. He also assisted former President Nicolas Sarkozy in connection with the “Bygmalion” case.

“Joining Cohen & Gresser represents a natural progression in the development of my clientele and the expansion of my cross-border practice,” said Vincent Desry. “It provides my clients with access to a wider range of experience within a firm that aligns with my ambitions to handle complex, high-stakes international criminal cases. The firm’s strong reputation, both in France and internationally, is an invaluable asset that will support the continued growth of my practice.”

Vincent’s extensive experience significantly enhances the firm’s capacity to support French and international clients across a wide range of white collar areas, including criminal defense, regulatory investigations, and compliance matters. His addition bolsters the firm’s ability to navigate complex, high-stakes cases involving fraud, bribery, corruption, and other financial crimes. In cross-border matters, the Paris office seamlessly collaborates with the firm’s New York, Washington, D.C., and London offices, providing clients with a cohesive, global approach to resolving legal challenges spanning multiple jurisdictions.

Vincent’s addition further augments the collective strength of the Paris team, which includes Johannes Jonas and France Portmann Loy, who specialize in transactional matters; Muriel Goldberg-Darmon, a leader in financial markets and services for both advisory and litigation; Angéline Duffour, who specializes in employment law; and Franck Le Mentec, who focuses on tax law. Together, they provide clients with comprehensive legal support across key practice areas.

“Vincent Desry’s arrival marks a pivotal moment for our Paris office. It strengthens our standing as a distinguished international law firm, renowned for offering top-tier expertise in handling complex cross-border matters,” adds Johannes Jonas, Managing Partner of the Paris office.

About Vincent Desry

Vincent Desry holds a Master's degree in Economic Law from the Institut d'Études Politiques de Paris (Sciences-Po), specializing in Economic Litigation and Arbitration, and an LL.M. from New York University. He is a member of the Paris and New York Bars.

Vincent gained his initial experience at Allen & Overy and Dupond-Moretti & Vey before beginning his career at Cabinet Temime in 2017. On November 1, 2024, he joined Cohen & Gresser as a partner on the White Collar Defense & Regulation team.

About Cohen & Gresser

Cohen & Gresser is an international law firm with an outstanding record of success in high-stakes and high-profile litigation, investigations, and transactional work for our clients, including major financial institutions and companies around the world. Our attorneys have superb credentials and are committed to providing the efficiency and personal service of a boutique law firm along with the quality and attention to detail that are the hallmarks of the best firms in the world. The firm has been recognized in a wide range of publications, including Chambers and The Legal 500.

The Paris office advises a wide range of French and international clients on corporate M&A, capital markets law, regulatory compliance, employment law, tax law and civil, commercial and criminal litigation, including white collar defense. The firm also assists with internal investigations, enquiries, inspections and sanctions before the Autorité de Marchés Financiers and the Autorité de Contrôle Prudentiel, as well as international cooperation with other regulatory bodies (FCA, SEC, etc.) and cross-border investigations (OFAC, FCPA, etc.) conducted by the U.S. Department of Justice (DOJ).

Richard Kovalevsky KC has been named a Leading Partner in the Regulatory Investigations and Corporate Crime (Advice to Corporates) category. Thomas Shortland is recognized as a Next Generation Partner in the Commercial Litigation: Mid-Market category, where Patrick Ferguson is also included as a Recommended Lawyer.

Testimonials included in the guide commend the London team as “one of the most impressive around,” noting that the team is “unwaveringly committed and responsive throughout cases” and “achieves victories that clients can usually only dream about.”

Since opening in 2018, Cohen & Gresser’s London office has delivered top-tier legal services to clients globally across a wide range of disciplines. The team collaborates closely with colleagues in New York, Paris, and Washington, D.C., offering seamless support on complex cross-border matters.

The Legal 500 UK Solicitors guide highlights the best lawyers and law firms in the UK through in-depth research, interviews, and analysis of thousands of submissions.

Additionally, she is recognized in the France – Business Crime Defence & Investigations national guide, a comprehensive report highlighting the most highly regarded lawyers in France.

WWL is a prestigious legal directory that identifies the leading lawyers, legal experts, and firms across various practice areas worldwide. Based on comprehensive, independent research and peer reviews, WWL highlights professionals recognized for their expertise and consistent track record of success in their fields. The publication serves as a trusted resource for in-house counsel, clients, and law firms seeking top-tier legal talent across jurisdictions.

High Praise for Client Service and Sophisticated Work

Chambers highlights C&G’s strength in representing affluent clients in financial crime matters, with references noting that the firm has a “diverse team with different skill sets” with "very professional and prepared litigators capable of intelligently resolving any matter.”

About Chambers High Net Worth

Published by Chambers & Partners, the 2024 Chambers High Net Worth guide ranks the leading lawyers and law firms for international private wealth. The guide is used by family offices and professional advisers to wealthy individuals, providing objective guidance on an international scale. According to Chambers, “Those ranked in the guide understand the complex needs of HNW individuals and provide specialist advice.”  

In a profile by Law360, Sri said she finds white collar work compelling because "the rules are not as clear-cut" as other areas of law. "I love the opportunity to grapple with new questions, whether it's novel legal issues or developing an understanding of an industry — that's what keeps the work exciting and interesting day-to-day," she said.

The full profile is available on Law360.

This year’s list of top attorneys under 40 features 158 honorees whose remarkable legal achievements far exceed their years. They were selected from nearly 1,200 submissions, with 3 to 6 lawyers recognized in each of 34 practice areas.

Federal prosecutors rested their case on June 28 in U.S. Senator Bob Menendez’s high-profile corruption trial. Menendez, accused of accepting bribes in the form of cash, gold bars, and a Mercedes-Benz, faces 16 criminal charges including bribery, acting as a foreign agent, and obstruction.

Allon, a former federal prosecutor, noted that prosecutors will encourage the jury to draw logical inferences from the evidence. Even without direct proof of Bob Menendez discussing bribes, the government will argue that he must have known what was happening—especially when performing favors for individuals close to his wife while she received luxury gifts.

“The prosecution will stand up and tell the jury that when Mrs. Menendez asks the senator to do favors for people in her life, he had to know that at the same time she was receiving the Mercedes, the gold bars and the mortgage payments,” he commented.

Johannes Jonas is recognized for corporate law. His practice focuses on cross-border transactions and investments, mergers and acquisitions, employment law, and general commercial law.

Angéline Duffour is recognized for labor and employment law. Her practice focuses on all aspects of employment law in a diverse range of industries (including hospitality and leisure, life sciences and health care, chemical industries, luxury, fashion and transportation).

Muriel Goldberg-Darmon is recognized for banking and finance law, financial institutions, mergers and acquisitions law, and regulatory practice. Her practice focuses on advising listed companies and their managers, investment funds, insurance companies, and financial institutions on a wide range of regulatory and compliance issues, investigations, and corporate transactions.

Franck Le Mentec is recognized for tax law. His practice focuses on cross-border taxation, both for multinational enterprises and private clients.

Guillaume Guérin is recognized for regulatory practice. His practice focuses on advising publicly listed and non-listed companies and their managers, investment funds, and financial institutions on a wide range of regulatory and compliance issues, investigations, and corporate transactions.

The Best Lawyers in France relies entirely on peer review to determine and recognize professional excellence.

Established in 2014, Cohen & Gresser’s Paris office provides comprehensive legal services for our clients, including advising on corporate, employment, tax, financial services, white collar defense, and litigation-related matters. Our Paris attorneys work closely with the lawyers in our other offices on cross-border transactions, investigations, and litigation, in order to provide superior service to French and international clients.

Mark Cohen is once again recognized as a Leading Partner in both Securities Litigation and Corporate Investigations & White-Collar Crime: Advice to Individuals.

The 2024 guide also recognizes Lawrence T. Gresser, Jonathan Abernethy, Jason Brown, S. Gale Dick, Christian Everdell, Jeffrey Lang, Alisa Lu, Melissa Maxman, Douglas Pepe, John Roberti, Daniel Tabak, and Ronald Wick as recommended lawyers.

This 17th edition of The Legal 500 United States guide, which identifies the “true superstars of the profession,” involved a detailed assessment of various factors, including work conducted by law firms over the past 12 months and historically; experience and depth of teams; and client feedback.

Founded in 2002, Cohen & Gresser’s New York office serves as the firm’s headquarters. Our New York attorneys are particularly strong in complex litigation, investigations, and transactions. The firm’s Washington, D.C. office handles a range of commercial litigation and regulatory enforcement actions, with a focus on domestic and foreign antitrust issues.

The firm’s White Collar Defense & Regulation practice is once again ranked in the guide, maintaining its position as one of the “Elite” firms in the Litigation: White-Collar Crime & Government Investigations category. Chambers recognized the firm’s “strong regulatory investigations and enforcement practice,” specifically highlighting its “expert financial services practice which offers particular strengths in FINRA and SEC proceedings.” Client feedback praises the team for its “strong expertise with the DOJ and with prosecutors.”

The Commercial Litigation practice is also ranked in the Litigation: General Commercial: Highly Regarded category, receiving high praise from clients for having a “strong understanding of the client’s needs” and for being “smart, creative and willing to try difficult strategies and aggressive approaches.”

The firm’s Antitrust & Competition practice is ranked in the Antitrust category, with Chambers noting that “Cohen & Gresser houses a strong practice across a range of antitrust disputes [including] sophisticated litigation.” Client feedback praises the team for being “creative and responsive” and having “strong knowledge of antitrust class actions.”

Partners throughout Cohen & Gresser’s US practices also earned individual rankings in the following categories:

Antitrust: Litigation Specialists (DC)                                  

Melissa H Maxman

John Roberti

Litigation: General Commercial (NY)

Lawrence T Gresser

Litigation: Securities (NY)

Mark S Cohen

Litigation: White-Collar Crime & Government Investigations (NY)

Jonathan S Abernethy

Jason Brown

Mark S Cohen

Christian R Everdell

Chambers is the world’s leading legal data and analytics provider, highlighting the top lawyers and law firms across the USA based on in-depth research that includes reference feedback, client satisfaction, reputation in the market, peer knowledge, and other discreet independent market sources.

Andrew is also recognized in both the Criminal Fraud and Investigations categories of the UK Bar Silks report, which lists “the very best barristers … across over 28 areas of business and commercial law, including some of the leading litigators globally.”

WWL identifies leading lawyers across 80 areas of law and in more than 150 countries. Leading practitioners are determined by independent analysis of recommendations and feedback from eminent private practitioners in a particular sector or industry, as well as from corporate counsel or other clients who have worked closely with the nominees.

Partner Allon Lifshitz was recently quoted in an article in Bloomberg, "Joe Lewis Joins Ranks of Billionaire Felons After Sentencing" (April 5, 2024).

Joe Lewis, the 87-year-old billionaire behind Tavistock Group, was sentenced to three years’ probation and a $5 million fine for insider trading, avoiding prison due to age and health considerations. Despite the criminal conviction, Lewis’s $7.3 billion fortune remains largely intact, and his global investment empire continues to operate. His plea deal limits his U.S. market activity and board involvement but allows him to maintain ownership of Tavistock and other private interests. Lewis joins a small group of ultra-wealthy individuals who’ve been convicted yet preserved their wealth.

Allon characterizes the outcome as a mutually beneficial resolution: The U.S. government secured a quick conviction from a foreign billionaire who could have resisted extradition, while Lewis avoided prison. He underscores that the plea and sentencing reflect the government's practical approach in securing accountability without prolonged litigation, especially given Lewis’s overseas status and significant resources.

Senator Bob Menendez requested to be tried separately from his wife Nadine in their federal corruption case, arguing that joint trial would prejudice his defense due to her potential health-related absence.

Allon, a former federal prosecutor, notes the rarity and strategic implications of such a request. He emphasizes that while courts generally prefer joint trials for co-defendants, especially in conspiracy cases, severance may be granted if compelling reasons—such as conflicting defenses or health issues—risk unfair prejudice.  

Despite pleading guilty to insider trading, British billionaire Joe Lewis has retained the vast majority of his $7.6 billion empire. While the plea deal forces him to resign from U.S. public company boards, divest from Boxer Capital, and limit interactions with certain employees, Lewis maintains significant holdings in private ventures and international assets—from Bahamas real estate to Florida golf courses and Tottenham Hotspur F.C.. His plea also included a $50 million fine and constraints on board governance that could reshape his U.S. investment activity.

Allon, a former federal prosecutor, highlights the strategic deterrent effect of non-financial penalties. He notes that while a billionaire might not be deterred by a monetary fine alone, restrictions barring Lewis from board participation and related governance activities could meaningfully impact future conduct—both for Lewis and similarly situated high-net-worth individuals. These structural limits, he suggests, are a more effective deterrent than financial penalties alone.  

Prior to joining Cohen & Gresser, Allon was a federal prosecutor for 14 years in the U.S. Attorney’s Office for the Eastern District of New York. As Deputy Chief, he oversaw more than 100 AUSAs across the Criminal Division’s nine sections. Previously, he served as Chief of the Organized Crime & Gangs Section. As an Assistant U.S. Attorney, Allon prosecuted cases involving a variety of crimes, including foreign bribery, health care fraud, racketeering, securities fraud, money laundering, wire fraud, national security offenses, and public corruption offenses.

“I couldn’t be more excited to join Cohen & Gresser. I have admired the firm for a long time and have been consistently impressed with its growth and success,” said Allon. “The white-collar practice is outstanding, and I look forward to leveraging my experience investigating cross-border white-collar crime, negotiating corporate resolutions, and taking complex cases to trial. I also look forward to applying my experience to the firm’s excellent work in antitrust and civil litigation.”

“Allon is a skilled litigator with proven results. His extensive experience as a federal prosecutor adds new depth and capabilities to the firm’s white-collar, antitrust, and litigation and arbitration practices,” said Lawrence T. Gresser, co-founder and global managing partner of Cohen & Gresser. “On behalf of everyone at the firm, I’m delighted to welcome Allon to the team.”

Before joining the U.S. Attorney’s Office, Allon served as a law clerk to the Honorable Nicholas G. Garaufis, U.S. District Judge for the Eastern District of New York, and as a litigation associate at Paul, Weiss, Rifkind, Wharton & Garrison. Allon earned his law degree from Harvard Law School.

Allon is a member of the Federal Bar Council’s Federal Criminal Practice Committee and the American Bar Association’s Antitrust Law and Criminal Justice Sections. He currently serves as Chair of the Constitution & Rules Committee of the United States Tennis Association. He was previously a Lecturer in Law at Columbia Law School.

Read New York Law Journal's coverage here.

The GIR 100, a guide to the world’s best firms for investigations, recognized C&G for its work on behalf of high-profile individuals and companies and its strong network of prominent lawyers in key jurisdictions around the globe. The annual guide is based on submissions from law firms and extensive independent research, and honors the top 100 firms worldwide that handle sophisticated government-led, internal, and cross-border investigations.

C&G’s White Collar Defense and Regulation practice spans its New York, Washington, D.C., Paris, and London offices. The practice’s highly experienced Internal Investigations team works closely with global clients, including corporations, boards of directors, special committees, and audit committees, in connection with investigations of all sizes. The team’s work has ranged from discrete investigations in response to an anonymous employee complaint to wide-ranging investigations conducted against the backdrop of ongoing litigation and/or regulatory and criminal investigations.

The firm’s rankings are:

National Tier 2: Criminal Defense: White-Collar

National Tier 3: Litigation - Securities

Metropolitan (New York City) Tier 1: Criminal Defense: White-Collar; Product Liability Litigation - Defendants

Metropolitan (New York City) Tier 2: Litigation - Securities

Since 2010, Best Law Firms has conducted in-depth research analyzing feedback from clients and professional references, information submitted by firms, lawyer evaluations collected in conjunction with Best Lawyers, and interviews with industry leaders to rank and recognize firms for excellence in various practice areas.

Richard Kovalevsky KC received recognition as a Leading Individual in the Regulatory Investigations and Corporate Crime (Advice to Corporates) category, and Thomas Shortland is recognized as a Next Generation Partner in the Commercial Litigation: Mid-Market category. Additionally, John Gibson, Sir David Green CB KC, Ashley Collins, Patrick Ferguson, and Charlotte Ritchie are recognized as recommended lawyers.

Testimonials included in the tables praise the London team as “brilliantly innovative,” “top of the league,” and “standout stars in every way.” Client feedback also highlighted the team’s relentless persistence: “They will work unflaggingly and constantly until they have left no stone unturned and no potentially winning avenue unexplored.”

Opened in 2018, Cohen & Gresser’s London office provides legal services to clients around the world in a variety of disciplines. The office works closely across practices with colleagues in New York, Paris, and Washington, D.C., providing seamless support on sophisticated cross-border matters.

The Legal 500 UK Solicitors reflects the best lawyers and law firms in the UK following extensive research, interviews, and analysis of tens of thousands of submissions.

Recognized Lawyers

• Mark S. Cohen – Commercial Litigation, including Real Estate, Antitrust, and White Collar

• Melissa H. Maxman – Litigation, including White Collar and Antitrust

• John Roberti – Antitrust & Competition Law, including Litigation

• Ronald F. Wick – Antitrust & Competition Litigation

Lawdragon is a legal media company providing news content and editorial features, including guides to the nation’s leading lawyers. This is Lawdragon’s second edition of the guide, assessing America’s top talent among those principally representing corporations and other organizations litigating claims involving antitrust, financial and securities litigation, intellectual property, commercial, M&A, cybersecurity and data privacy, and white collar and investigations.

WWL identifies leading lawyers across 35 practice areas and in more than 160 countries. Leading practitioners are determined by independent analysis of recommendations and feedback from eminent private practitioners in a particular sector or industry, as well as from corporate counsel or other clients who have worked closely with the nominees.  

Super Lawyers named C&G co­founder Mark S. Cohen one of the Top 10 lawyers in the New York metropolitan area. Partners Jonathan S. Abernethy and Karen H. Bromberg have also been named to the Super Lawyers list of the Top 100 lawyers in the New York metropolitan area. Additionally, Karen has been recognized as one of the Top 50 women lawyers within the same region.

Super Lawyers and Rising Stars are annual lists of outstanding lawyers who have attained a high degree of peer recognition and professional achievement. Only 5 percent of the lawyers in each state are selected as Super Lawyers, and only 2.5 percent are selected as Rising Stars.

The C&G lawyers recognized on the New York Metro Super Lawyers list are:

• Jonathan S. Abernethy, Criminal Defense: White Collar
• Kwaku Andoh, Mergers & Acquisitions
• Luke Appling, Civil Litigation: Defense
• Elizabeth Bernhardt, Business Litigation
• Colin C. Bridge, Criminal Defense: White Collar
• Karen H. Bromberg, Intellectual Property
• Jason Brown, Criminal Defense: White Collar
• Joanna K. Chan, Securities Litigation
• Mark S. Cohen, Business Litigation
• S. Gale Dick, Business Litigation
• Christian R. Everdell, Criminal Defense: White Collar
• Robert J. Gavigan, Mergers & Acquisitions
• Lawrence T. Gresser, Business Litigation
• Oliver S. Haker, Business Litigation
• Johannes Jonas, Mergers & Acquisitions
• Nicholas J. Kaiser, Real Estate
• Jeffrey I. Lang, Civil Litigation: Defense
• David F. Lisner, Business Litigation
• Ellen Paltiel, General Litigation
• Douglas J. Pepe, Business Litigation
• Matthew V. Povolny, Business Litigation
• Nathaniel P. T. Read, Business Litigation
• Bonnie J. Roe, Securities & Corporate Finance
• Stephen M. Sinaiko, Business Litigation
• Mark Spatz, Civil Litigation: Defense
• C. Evan Stewart, Securities Litigation
• Daniel H. Tabak, Business Litigation
• Scott D. Thomson, Business Litigation
• Alexandra Wald, Business Litigation

The C&G lawyers recognized on the New York Metro Rising Stars list are:

• Sharon L. Barbour, Criminal Defense: White Collar
• Randall W. Bryer, Business Litigation
• Shannon A. Daugherty, Business Litigation
• Drew S. Dean, General Litigation
• Jesse Greenwald, Criminal Defense: White Collar
• Christine M. Jordan, General Litigation
• William Kalema, Business Litigation
• Sri Kuehnlenz, Civil Litigation: Defense
• Marvin J. Lowenthal, Criminal Defense: White Collar
• Barbara K. Luse, Criminal Defense: White Collar
• Benjamin Zhu, General Litigation

Six C&G attorneys are recognized by their peers as “Best Lawyers” in their practice areas:

• Mark S. Cohen – Criminal Defense: White-Collar
• Lawrence T. Gresser – Commercial Litigation
• Jonathan S. Abernethy – Criminal Defense: White-Collar
• Colin Bridge – Criminal Defense: White-Collar
• Jason A. Brown – Criminal Defense: White-Collar
• Mark Spatz – Product Liability Litigation - Defendants

Eight attorneys are recognized as “Best Lawyers: Ones to Watch” in their practice areas:

• Luke Appling – Commercial Litigation and Litigation - Securities
• Sharon L. Barbour – Commercial Litigation and Criminal Defense: White-Collar
• William E. Kalema – Criminal Defense: White-Collar
• Phoebe King – Criminal Defense: White-Collar
• Barbara K. Luse – Commercial Litigation and Corporate Law
• Alexandra K. Theobald – Commercial Litigation and Corporate Law
• Eszter Vincze – Commercial Litigation and Criminal Defense: White-Collar
• Benjamin Zhu – Criminal Defense: White-Collar

Jeff Bronheim is featured as a “Top Recommended” lawyer for corporate law and litigation and dispute resolution. Spear’s notes that Jeff is “highly recommended” in wealth management and is an “eminent and personable partner.” Jeff is a partner in Cohen & Gresser’s London office and has over 30 years of experience assisting funds, companies, HNW individuals, and family offices with complex legal and business issues.

John Gibson, head of Cohen & Gresser’s UK White Collar and Investigations Practice, is featured as a “Top Recommended” criminal lawyer in the 2023 index. He is commended by Spear’s for his “particular expertise with UK/US cooperation in economic crime investigation” and experience working with the U.S. Department of Justice and Federal Bureau of Investigation. With almost three decades of litigation and advisory experience, including five years as a senior prosecutor in the bribery and corruption unit of the UK’s Serious Fraud Office (SFO), John’s practice at Cohen & Gresser focuses on complex economic crime, investigations, and regulatory matters in the UK, Europe and emerging markets.

Richard Kovalevsky KC has maintained his long-standing status as a “Top Recommended” criminal lawyer in the Spear’s index. Richard is the head of the Criminal Defense Practice for Cohen & Gresser’s London office, specializing in advising and representing HNW individuals in connection with international and domestic legal matters. Spear’s states, “What’s noteworthy is the wide range of cases that come across Kovalevsky’s desk – from cases involving business, finance, stock market dealings, listings and announcements, to corruption, tax, fraud and money laundering.” The index similarly praises Richard for his wide-ranging client base, which includes global business leaders and high-profile politicians to HNW individuals and members of prominent families.

From Cohen & Gresser’s London office, Jeff, John, and Richard and their UK colleagues work closely with attorneys in Cohen & Gresser’s U.S. and Paris offices on complex multi-jurisdictional matters and offer a multi-disciplinary practice tailored to the needs of ultra-high and high-net-worth individuals and family offices. Leveraging decades of experience, including at premier investment houses, the Bar, and the top tier of elite global law firms, Cohen & Gresser delivers consistent, high-quality service across the types of matters our clients are likely to face, including fund investing and structure, strategic transactions, art law and restitution, privacy and data security, employment matters, tax issues, regulatory considerations, commercial disputes, reputation management, and, when necessary, defense against litigation, investigation, and prosecution.

Two partners were individually ranked for their leading work for HNW clients:

• Richard Kovalevsky KC (Band 1, Financial Crime: High Net Worth Individuals, UK)
• John Gibson (Band 3, Financial Crime: High Net Worth Individuals, UK)

High Praise for Client Service and Sophisticated Work

Chambers highlights C&G’s strength in representing affluent clients in a “diverse range of complex work,” including “high-stakes tax and fraud-related investigations.” The team’s sanctions-related matters “stand out as sophisticated examples of cross-border work” and demonstrate its extensive capabilities in this space. Client feedback consistently praises the firm’s “attentive service,” specifically noting that, “with Cohen & Gresser, the client always comes first.” The members of the team are “all insightful and exceptional,” clients praised.

Richard Kovalevsky KC is lauded for his “commendable breadth of expertise” in work for affluent individuals and families facing allegations of fraud or facing tax investigations. He is “extremely dedicated to clients, hard-working and knows his subject matter inside out,” clients note. 

John Gibson is recognized for expertly navigating “financial crime matters of high complexity.” Chambers spotlights his work for high-profile clients and his “involvement on high-value, cross-border mandates.” Clients praised him for being “extremely thoughtful, careful and assertive" and for bringing “new ideas” to matters.

Since opening in 2018, C&G’s London office has built a roster of distinguished lawyers, including some of the UK’s most respected former prosecutors. Led by four highly regarded lawyers from the Bar, C&G’s London White Collar and Criminal Defense practice offers extensive experience and full-service capabilities tailored to meet the particular issues of high net worth individuals.

About Chambers High Net Worth

Published by Chambers & Partners, the 2023 Chambers High Net Worth guide ranks the leading lawyers and law firms for international private wealth. The guide is used by family offices and professional advisers to wealthy individuals, providing objective guidance on an international scale. According to Chambers, “Those ranked in the guide understand the complex needs of HNW individuals and provide specialist advice.”

Cohen & Gresser’s White Collar Defense & Regulation practice is ranked in Chambers USA for the tenth consecutive year, maintaining its position as one of the “Elite” firms in Litigation: White-Collar Crime & Government Investigations. Chambers commentary highlights the group’s “wealth of governmental experience” and “expert financial services practice.”

Cohen & Gresser’s Commercial Litigation practice is again ranked in Litigation: General Commercial: Highly Regarded. The practice is recognized for its “strong, talented pool of litigators” and “experience handling a vast range of commercial cases.” Client commentary focused on the firm’s “incredibly high-quality, sophisticated work.”

Additionally, members of Cohen & Gresser’s Antitrust practice were named as Antitrust: Litigation Specialists. Partners throughout Cohen & Gresser’s US practices were recognized individually, including the following:

Antitrust: Litigation Specialists (DC)

Melissa H Maxman

John Roberti

Litigation: General Commercial (NY)

Lawrence T Gresser

Litigation: Securities (NY)

Mark S Cohen

Litigation: White-Collar Crime & Government Investigations (NY)

Jonathan S Abernethy

Mark S Cohen

Christian R Everdell

WWL identifies leading lawyers across 35 practice areas and in more than 160 countries. Leading practitioners are determined by independent analysis of recommendations and feedback from eminent private practitioners in a particular sector or industry, as well as from corporate counsel or other clients who have worked closely with the nominees.

The 2023 edition also recognized Paris partner Loïc Henriot and counsel Guillaume Guérin as recommended lawyers for Stock Market Litigation, and partner Angéline Duffour and counsel Anna Milleret-Godet as recommended lawyers for Employment.

Established in 2014, Cohen & Gresser’s Paris office provides comprehensive legal services on corporate, employment, tax, financial services, white-collar defense, and litigation-related matters. Our 14 Paris attorneys work closely with the lawyers in our other offices on cross-border transactions, investigations, and litigation, in order to provide superior service to French and international clients.

The Legal 500 EMEA guide provides annual researched coverage of over 80 countries and over 2,700 law firms. The research involves a detailed assessment of various factors including work conducted by law firms over the past 12 months and historically; experience and depth of teams; and client feedback. These latest Legal 500 recognitions for nearly half our Paris office are a testament to the firm’s extensive capabilities in the international arena.

“Congratulations to Tom, Ben, and Louise on their well-deserved promotions,” said Lawrence T Gresser, global managing partner of Cohen & Gresser. “They are a talented group of lawyers who have demonstrated an extraordinary dedication to client service. All three represent Cohen & Gresser’s core values of excellence, integrity, and respect, and we are pleased to recognize their significant achievements and the impact they have within their practices and at the firm.”

Thomas Shortland – Partner, London

Tom Shortland represents corporations and individuals in a range of commercial and business disputes in the English courts, courts in overseas jurisdictions, and in international arbitrations. He also advises on internal and disciplinary investigations, regulatory proceedings, and financial crime matters. Tom has been recognized in The Legal 500 UK’s guide as a “Rising Star” in Commercial Litigation and as a key lawyer in Regulatory Investigations and Corporate Crime.

Benjamin Zhu – Counsel, New York

Ben Zhu focuses his practice on litigation and white collar defense matters. He has represented corporations and individuals in a range civil and criminal matters, including complex commercial disputes, mass tort litigation, legal malpractice actions, and government investigations. He has been named a Rising Star in New York by Super Lawyers since 2021. Ben is a magna cum laude graduate of the New York University School of Law, where he received the Order of the Coif and was a Notes Editor of the Law Review.

Louise Le Guilchet – Counsel, Paris

Louise Le Guilchet focuses her practice on complex litigation (including general civil and commercial matters, shareholder disputes, and post-acquisition litigation) as well as internal and regulatory investigations. Louise holds a master’s degree in Private International Law and International Trade from the Université Panthéon-Assas and a master’s degree in International Finance from HEC Paris (Grande Ecole).

Recognized Lawyers

• Mark S. Cohen – Commercial Litigation, including Real Estate, Antitrust, and White Collar

• Melissa H. Maxman – Litigation, including White Collar and Antitrust

• John Roberti – Antitrust & Competition Law, including Litigation

• Ronald F. Wick – Antitrust & Competition Litigation

Lawdragon is a legal media company providing news content and editorial features, including guides to the nation’s leading lawyers. This is Lawdragon’s first guide dedicated to attorneys principally representing corporations and other organizations in litigating claims involving Antitrust, Securities, Financial, M&A, Intellectual Property and Patents, Product Liability, Mass Tort, White Collar, Government Investigations, and Energy disputes.

Leaders League is an independent research and rating agency that provides comprehensive rankings and in-depth analysis of law firms and lawyers. The rankings are based on extensive research by an experienced team of analysts.

Ranked Practice Areas:

• Marketing, communication & digital – Advertising law & marketing

• Media & entertainment – Fashion Law

Ranked Individuals:

• Franck Le Mentec: Wealth management – Wealth tax: regulation and litigation; Tax law – LBO tax

• Guillaume Guérin: Compliance – Compliance program

• Johannes Jonas: Private Equity – Development capital transactions

• Loïc Henriot: Dispute resolution – Litigation with regulators and for listed operations; Compliance – Compliance program; Compliance – International investigation and internal investigation; Dispute resolution – Banking & Finance Litigation; Dispute resolution – Commercial litigation; Labor & Employment – Criminal labor law; Dispute resolution – White collar crime

• Muriel Goldberg-Darmon: Dispute resolution – Litigation with regulators and for listed operations; Compliance – Compliance program; Compliance – International investigation and internal investigation; Private Equity – Development capital transactions; Asset management – Asset management

Established in 2014, Cohen & Gresser’s Paris office provides comprehensive legal services for our clients, including advising on corporate, employment, tax, financial services, white collar defense, and litigation-related matters. Our Paris attorneys work closely with the lawyers in our other offices on cross-border transactions, investigations, and litigation, in order to provide superior service to French and international clients.

Six C&G attorneys have been recognized by their peers as a “Best Lawyer” in their practice areas:

• Jonathan S. Abernethy – Criminal Defense: White-Collar
• Thomas E. Bezanson – Commercial Litigation and Product Liability Litigation – Defendants
• Jason A. Brown – Criminal Defense: White-Collar
• Mark S. Cohen – Criminal Defense: White-Collar
• Mark Spatz – Product Liability Litigation – Defendants
• C. Evan Stewart – Litigation – Securities

• Luke Appling – Commercial Litigation and Litigation – Securities
• Sharon L. Barbour – Criminal Defense: White-Collar
• William E. Kalema – Criminal Defense: White-Collar
• Alexandra K. Theobald – Commercial Litigation

Jeff Bronheim is featured as a “Top Recommended” corporate lawyer, with Spear’s highlighting that Bronheim is “highly recommended” in wealth management and is an “eminent and personable partner.” The guide notes that “any Mayfair financier who is thinking of branching out into new business ventures” should “give [Bronheim] a call.” Bronheim serves as the Managing Partner of Cohen & Gresser’s London office and has over 30 years of experience assisting funds, companies, HNW individuals, and family offices with complex legal and business issues.

John Gibson, head of Cohen & Gresser’s UK White Collar and Investigations Practice, is featured as a “Top Recommended” criminal lawyer in the 2022 index. He is commended by Spear’s for his “particular expertise with UK/US cooperation in economic crime investigation” and experience working with the U.S. Department of Justice and Federal Bureau of Investigation. With almost three decades of litigation and advisory experience, including five years as a senior prosecutor in the bribery and corruption unit of the UK’s Serious Fraud Office (SFO), Gibson’s practice at Cohen & Gresser focuses on complex economic crime, investigations, and regulatory matters in the UK, Europe and emerging markets.

Richard Kovalevsky KC has maintained his long-standing status as a “Top Recommended” criminal lawyer in the Spear’s index. Kovalevsky is the head of the Criminal Defense Practice for Cohen Gresser’s London office, specializing in advising and representing HNW individuals in connection with international and domestic legal matters. Spear’s states, “What’s noteworthy is the wide range of cases that come across Kovalevsky’s desk – from cases involving business, finance, stock market dealings, listings and announcements, to corruption, tax, fraud and money laundering.” The index similarly praises Kovalevsky for his wide-ranging client base, which includes global business leaders and high-profile politicians to HNW individuals and members of prominent families.

From Cohen & Gresser’s London office, Bronheim, Gibson, and Kovalevsky and their UK colleagues work closely with attorneys in Cohen & Gresser’s U.S. and Paris offices on complex multi-jurisdictional matters and offer a multi-disciplinary practice tailored to the needs of ultra-high and high-net-worth individuals and family offices. Leveraging decades of experience, including at premier investment houses, the Bar, and the top tier of elite global law firms, Cohen & Gresser delivers consistent, high-quality service across the types of matters our clients are likely to face, including fund investing and structure, strategic transactions, art law and restitution, privacy and data security, employment matters, tax issues, regulatory considerations, commercial disputes, reputation management, and, when necessary, defense against litigation, investigation, and prosecution.

The guide states that C&G is "dedicated to their client’s interests” and is always “responsive and switched on.” Client commentary highlights the firm’s ability to handle complex and sophisticated matters and describes the firm’s lawyers as “incredibly bright” and “prompt and professional.” Additional commentary notes that the firm “punch[es] above its weight in terms of quality of people it has attracted and the work it is instructed on.”

Since opening in 2018, C&G’s London office has built a roster of superb lawyers, including some of the UK’s most respected former prosecutors. Led by four highly regarded lawyers from the Bar, Cohen & Gresser’s London White Collar and Criminal Defense practice offers unique full-service capabilities with respect to the four major facets of international financial crime practice: regulatory investigations and compliance, criminal defense, settlement options, and anti-money laundering and Proceeds of Crime and Asset Tracing (POCA).

About Chambers High Net Worth:

Published by Chambers & Partners, the 2022 Chambers High Net Worth guide ranks the leading lawyers and law firms for international private wealth. The guide is used by family offices and professional advisers to wealthy individuals, providing objective guidance on an international scale. According to Chambers, “Those ranked in the guide understand the complex needs of HNW individuals and provide specialist advice and legal services.”

About The Best Lawyers in France

The Best Lawyers in France were recognized by their peers in the legal industry for their professional excellence in their respective practice areas.

The guide highlights C&G’s “elite group of practitioners” and use of advanced machine learning techniques and notes that the firm “handle[s] cases that are every bit as complex and challenging as big, national law firms.” Commentators noted that the firm “punches way above its weight” in litigation and investigation matters.

C&G Co-Founder Mark S Cohen is one of only two lawyers in the United States to be recognized as a “Leading Lawyer” in both Securities Litigation: Defense and Corporate Investigations and White-Collar Criminal Defense. Commentary from The Legal 500 recognizes Mark as a “top-tier advocate” who is “at the top of the profession” and “can litigate with the best of them.”

For the first time, C&G’s Antitrust practice has been recognized in Antitrust: Civil Litigation/Class Actions: Defense for its handling of class action cases concerning allegations of cartel behavior, monopolization, and other exclusionary conducts. The Legal 500 cites the leadership of Melissa H Maxman and the addition of “heavyweight” lawyer John Roberti as key reasons for the practice’s recognition.

C&G is again recognized in the Advice to Individuals and Advice to Corporates categories of the Corporate Investigations and White-Collar Criminal Defense section. The Legal 500 commentary notes that the practice is led by “partners with deep experience who obtain excellent results for clients” and is “well placed to handle transatlantic cases” with offices in New York, Paris, and London, and has “particular expertise in financial crime, antitrust enforcement, public corruption, and tax issues.”

The guide has also recognized C&G once again in the General Commercial Disputes category, praising the practice for showing the “discipline and focus necessary to win a case.” Testimonials from the guide highlight the team’s ability to “handle large and complex matters” with “experienced people, good judgment,” and “better use of technology.”

For the 10th consecutive year, C&G has been recognized in the Securities Litigation: Defense category for the firm’s “expertise in the financial services sector” and “recognized trial expertise” in cross-border and domestic securities litigation and enforcement proceedings. The Legal 500 emphasizes the team’s “strong practitioners” and “attentiveness to clients” in the 2022 guide.

Recognized Practices:

• Antitrust: Civil Litigation/Class Actions: Defense
• Corporate Investigations and White-Collar Criminal Defense: Advice to Individuals
• Corporate Investigations and White-Collar Criminal Defense: Advice to Corporates
• General Commercial Disputes
• Securities Litigation: Defense

Antitrust: Civil Litigation/Class Actions: Defense

• Melissa H Maxman
• John Roberti
• Ronald F Wick

• Jonathan S Abernethy
• Jason Brown
• Mark S Cohen
• S Gale Dick
• Jeffrey I Lang
• Melissa H Maxman
• Reggie Schafer

• Mark S Cohen
• S Gale Dick
• Lawrence T Gresser
• Melissa H Maxman
• Daniel H Tabak

• Jonathan S Abernethy
• Mark S Cohen
• S Gale Dick
• Lawrence T Gresser

The Legal 500 analyzes the capabilities of law firms across the world. Its rankings “highlight the practice area teams who are providing the most cutting edge and innovative advice to corporate counsel.”

C&G’s Commercial Litigation practice is once again ranked in Litigation: General Commercial: Highly Regarded. The practice is recognized for being “regularly sought after by individuals and corporates for representation in securities class actions and derivative matters, as well as various shareholder and product litigation.” Clients note that the team is comprised of “litigators that you don’t want to mess with” and is one that “you can rely on.”

C&G’s White Collar Defense & Regulation practice is ranked in Chambers USA for the ninth consecutive year. The practice maintains its position as one of the “Elite” firms in Litigation: White-Collar Crime & Government Investigations. Chambers highlights the practice’s “talented pool of litigators with a wealth of government experience” and its “international presence” as key reasons for its continued ranking. Commentary from the guide notes that the practice is “a substantial player in the New York white-collar world” that has “burst onto the scene with strong former prosecutors” and “good results for their clients.”

Ranked Departments:

• Litigation: General Commercial: Highly Regarded
• Litigation: White-Collar Crime & Government Investigations: The Elite

District of Columbia

Antitrust: Litigation Specialists

• Melissa H Maxman
• John Roberti

New York

Litigation: General Commercial

• Lawrence T Gresser

• Mark S Cohen

• Jonathan S Abernethy
• Mark S Cohen
• Christian R Everdell

Super Lawyers ranks outstanding lawyers who have attained a high degree of peer recognition and professional achievement. Only five percent of the lawyers in each state are selected as Super Lawyers, and only 2.5 percent are selected as Rising Stars.

Super Lawyers

Jonathan S Abernethy: Criminal Defense: White Collar

Kwaku Andoh: Mergers & Acquisitions

Elizabeth Bernhardt: Business Litigation

Thomas E Bezanson: Personal Injury – Products: Defense

Colin C Bridge: Criminal Defense: White Collar

Karen H Bromberg: Intellectual Property

Jason Brown: Criminal Defense: White Collar

Joanna K Chan: Securities Litigation

Mark S Cohen: Business Litigation

S Gale Dick: Business Litigation

Christian R Everdell: Criminal Defense: White Collar

Lawrence T Gresser: Business Litigation

Oliver S Haker: Business Litigation

Johannes Jonas: Mergers & Acquisitions

Nicholas J Kaiser: Real Estate

Jeffrey I. Lang: Business Litigation

Melissa H Maxman: Antitrust Litigation

Ellen Paltiel: General Litigation

Nathaniel P T Read: Business Litigation

Bonnie J Roe: Securities & Corporate Finance

Stephen M Sinaiko: Business Litigation

C Evan Stewart: Securities Litigation

Daniel H Tabak: Business Litigation

Scott D Thomson: Business Litigation

Alexandra Wald: Business Litigation

Ronald F Wick: Antitrust Litigation

Rising Stars

Luke Appling: Civil Litigation

Sharon L Barbour: Criminal Defense: White Collar

Drew S Dean: General Litigation

William Kalema: Business Litigation

Sri Kuehnlenz: Civil Litigation

Winnifred A Lewis: Securities Litigation

Marvin J Lowenthal: Criminal Defense: White Collar

Barbara K Luse: Criminal Defense: White Collar

Matthew V Povolny: Business Litigation

Benjamin Zhu: Criminal Defense: White Collar

C&G is recognized as a leading firm in the Regulatory Investigations and Corporate Crime (Advice to Corporates) category. The guide emphasizes the firm’s work with respect to the UK Serious Fraud Office (SFO) and notes that the team is “distinguished by its ability to draw on the expertise of experts in Washington, DC, New York, and Paris” for its multi-jurisdictional work. Clients highlight the team’s “astonishing depth of knowledge,” “strong connections to authorities,” and “razor-sharp analytical skills.”

The Legal 500 also recognized C&G in the Fraud: White-Collar Crime (Advice to Individuals) category. The guide notes that the firm is known for “housing a very strong team of white-collar crime specialists” who are “well-versed in representing senior executives and high-net-worth individuals” in all types of cases and investigations. Clients highlight the practice’s “terrific experience in the most high-profile and difficult cases” and praise the diverse experience each team member brings to the firm’s cases, including as city lawyers, ex-SFO prosecutors, solicitors from crime boutiques, and barristers.

C&G is also recognized as a leading firm in the Commercial Litigation: Mid-Market category. The guide recognizes the firm’s experience in complex, cross-border commercial litigation and highlights the team’s strength in financial services representations, particularly with respect to investment funds litigation and banking and financial services disputes. Clients applaud the practice as “well organized and accessible” and underscore the team’s ability to “give you a full picture” and “summarise the essential of what needs to be known.

In addition, Richard Kovalevsky QC has been recognized as a “Leading Individual” for Regulatory Investigations and Corporate Crime (Advice to Corporates). Richard, who joined C&G in November 2020, is described by clients as “clever and experienced” and a “major addition for the firm.”

Ranked Practice Areas:

• Regulatory Investigations and Corporate Crime (Advice to Corporates)
• Fraud: White-Collar Crime (Advice to Individuals)
• Commercial Litigation: Mid-Market

Recognized Individuals:

• John Gibson: Commercial Litigation: Mid-Market; Fraud: White-Collar Crime (Advice to Individuals); Regulatory Investigations and Corporate Crime (Advice to Corporates)
• Richard Kovalevsky QC: Commercial Litigation: Mid-Market; Fraud: White-Collar Crime (Advice to Individuals); Regulatory Investigations and Corporate Crime (Advice to Corporates)
• Jumana Rahman: Commercial Litigation: Mid-Market
• Thomas Shortland: Commercial Litigation: Mid-Market; Regulatory Investigations and Corporate Crime (Advice to Corporates)
• Tim Harris: Fraud: White-Collar Crime (Advice to Individuals); Regulatory Investigations and Corporate Crime (Advice to Corporates)

About The Legal 500:

The Legal 500 analyzes the capabilities of law firms across the world. Its rankings “highlight the practice area teams who are providing the most cutting edge and innovative advice to corporate counsel.”

On February 5, 2021, the UK Supreme Court handed down a landmark judgment that delivered a decisive victory to KBR Inc. and agreed to the arguments presented by Richard and the rest of the KBR legal team. In its decision, the Supreme Court held that the SFO could not compel a foreign company to produce documents held abroad under Section 2(3) of the Criminal Justice Act of 1987.

• Jonathan S. Abernethy – Criminal Defense: White-Collar
• Thomas E. Bezanson – Commercial Litigation and Product Liability Litigation: Defense
• Jason A. Brown – Criminal Defense: White-Collar
• Mark S. Cohen – Criminal Defense: White-Collar
• Evan Stewart – Litigation – Securities

• Sharon L. Barbour – Criminal Defense: White-Collar
• Winnifred A. Lewis – Commercial Litigation
• Alexandra K. Theobald – Commercial Litigation

• Corporate Investigations and White-Collar Criminal Defense: Advice to Individuals
• Corporate Investigations and White-Collar Criminal Defense: Advice to Corporates
• General Commercial Disputes
• Securities Litigation: Defense

• Jonathan S Abernethy
• Jason Brown
• Mark S Cohen
• S Gale Dick
• Miriam González Durántez
• Melissa H Maxman

• Mark S Cohen
• S Gale Dick
• Lawrence T Gresser

• Mark S Cohen
• S Gale Dick
• Lawrence T Gresser
• Nathaniel P T Read

• Litigation: General Commercial: Highly Regarded
• White-Collar Crime & Government Investigations: The Elite

• Karen H Bromberg

• Lawrence T Gresser

• Mark S Cohen

• Jonathan S Abernethy
• Mark S Cohen
• Christian R Everdell

• SFO Ruling Casts Doubt Over Other Foreign Material, Lawyers Claim, The Law Society Gazette
• K. Blocks Bid to Get U.S. Company Documents in Fraud Probe, Bloomberg Law (Subscription Required)
• UK Supreme Court Limits SFO’s Investigative Powers, Global Investigations Review (Subscription Required)
• SFO Suffers Serious Blow to International Search Powers, Law360 (Subscription Required)
• Greenberg Secures Victory in Hotly-Anticipated SFO Supreme Court Battle, com International (Subscription Required)
• Serious Fraud Office Suffers Setback after Supreme Court Decision, The Lawyer (Subscription Required)

Cohen & Gresser has once again been ranked by Global Investigations Review (GIR) as one of the leading law firms in the world for cross-border investigations. The GIR 100 is an independent guide to the world’s best firms for cross-border investigations. Based on submissions from law firms and extensive research, GIR selects the top 100 firms from around the world able to handle sophisticated government-led internal and cross-border investigations.

Mark S Cohen, Jonathan S Abernethy, Jason Brown, C Evan Stewart, and Thomas E Bezanson were recognized in The Best Lawyers in America‘s 2021 New York listings. Mark, Jonathan, and Jason were recognized for white collar criminal defense; Evan for securities litigation; and Tom for commercial litigation and product liability litigation defense. Additionally, Sharon L Barbour, Winnifred A Lewis, and Nicole Dhir were recognized in the New York list of The Best Lawyers in America: Ones to Watch. Sharon was recognized for white collar criminal defense; Winnifred for commercial litigation; and Nicole for commercial litigation and securities litigation.

• Corporate Investigations and White Collar Criminal Defense: Advice to Individuals
• Corporate Investigations and White Collar Criminal Defense: Advice to Corporates
• General Commercial Disputes
• Securities Litigation: Defense

Chambers has recognized Cohen & Gresser in its 2020 USA guide for its achievements in General Commercial Litigation and White Collar Crime & Government Investigations. Chambers commentary highlights the firm's "thoroughness, quality, responsiveness, client care and availability,” noting that "the level of service is stellar, the work product is uniformly superb,” and that C&G is "a great firm with high quality across the board."

Chambers also recognized the following individuals: Jonathan S Abernethy for White Collar Crime & Government Investigations; Karen H Bromberg for Intellectual Property: Patent; Mark S Cohen for Securities Litigation and White Collar Crime & Government Investigations; and Lawrence T Gresser for Commercial Litigation.

Cohen & Gresser's Paris office has been recognized in The Legal 500’s 2020 Europe, Middle East, and Africa guide for its work in seven practice areas: Compliance, Commercial Litigation, Employment, Stock Market Litigation, Tax, White Collar Crime, and IT and Internet. Clients note that the team in Paris “shows great availability and responsiveness” and is “very effective in working through problems and understanding issues to reach reasonable resolutions.”

Cohen & Gresser announces the promotion of Thomas Shortland to counsel in the firm's London office. Tom advises on a broad range of commercial and business disputes, including English High Court litigation, international arbitration, internal investigations, and regulatory proceedings.

• Corporate Investigations/White Collar
• Corporate Investigations/White Collar – Advice to Individuals
• General Commercial Disputes
• Securities Litigation Defense

Cohen & Gresser's Paris office has been recognized in The Legal 500’s 2019 Europe, Middle East, and Africa guide for its work in seven separate practice areas: Compliance, Commercial Litigation, Employment, Stock Market Litigation, Tax, White Collar Crime, and IT, Telecoms and the Internet. Clients note that the team in Paris is “solution driven” and has the “ability to deliver a holistic approach, from providing strategic analysis to delivering concrete action plans and execution,” with “strong technical and interpersonal skills."

Cohen & Gresser is pleased to announce that its Paris Office was honored as Regulatory Law Firm of the Year at the 2019 Women in Compliance Awards. This award recognizes the significant contributions of the women on our Regulatory Compliance team in providing exceptional legal counsel to the firm’s global clients.

Women in Compliance noted that C&G has "an impressive team with great experience and in which women are placed at its core," and applauded the firm's "ability to work on cross-border investigations, which involves the concurrent applicability of many laws and procedures of foreign jurisdictions."

Christian R Everdell has been promoted to partner, and Joanna K Chan, Erica Lai, and David F Lisner have been promoted to counsel.

"Congratulations and thanks to each of these exceptional attorneys for their commitment to excellence, integrity, and superb client service. We are very fortunate to have them," said Managing Partner, Lawrence T Gresser.

• Corporate Investigations/White Collar – Advice to Corporates
• Corporate Investigations/White Collar – Advice to Individuals
• General Commercial Disputes
• Securities Litigation Defense

"We’re very fortunate to have added these exceptional lawyers in New York and Paris," said Managing Partner, Lawrence T Gresser.  "We look forward to continuing to build our transactional and disputes practices in all of our offices in 2018."

Cohen & Gresser is pleased to announce the opening of its fourth office in Washington, D.C. The Washington office will be led by partner Melissa H Maxman, and will handle a range of commercial litigation and regulatory enforcement matters, with a focus on U.S. antitrust issues, criminal and civil litigation, and compliance and regulatory disputes in the federal agencies.

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Given the success of the SEC’s whistleblower program during Clayton’s tenure as Chair, we expect the Office, under his leadership, to refine the pilot whistleblower program SDNY debuted last January. We also anticipate that, once he is at the helm, the Office will focus on prosecuting more traditional, well-established crimes, with an emphasis on national security, rather than pursuing newer, less tested theories. As discussed below, these anticipated areas of focus will help to inform company counsel’s priorities in the new year.

Refinement of SDNY’s Whistleblower Pilot Program

One of the most notable trends among U.S. Attorney’s offices in 2024 was the number of whistleblower programs created by the United States Department of Justice (the “DOJ”) and individual U.S. Attorney’s offices (including SDNY). In January 2024, SDNY announced a whistleblower program aimed at encouraging early and voluntary self-disclosure by individual participants in certain non-violent criminal conduct in exchange for non-prosecution agreements.^[1] The SDNY program, which was amended last month, seeks information regarding criminal conduct involving (1) fraud, corporate control failures, or harm to market integrity, (2) intellectual property theft, (3) bribery or fraudulent use of government funds, (4) obstruction of justice, perjury or false statements, (5) healthcare fraud, and (6) money laundering and unlicensed money transmitting businesses.^[2] Notably, the program is styled as a “pilot” program to be reassessed by the Office at some point in the future.

We expect Clayton to take a hard look at whether the SDNY program is working and amend it to make it more effective and transparent, as he did when he oversaw the SEC’s whistleblower program.^[3] For example, the SEC whistleblower program under Clayton saw a significant uptick in financial rewards paid to whistleblowers—a benefit not offered to potential whistleblowers under the current SDNY program. In fact, the current policy, as amended last month, requires whistleblowers “to forfeit the proceeds involved in the individual’s criminal misconduct and repay victims as determined by SDNY to be consistent with the individual’s role in the offense.” This may deter potential whistleblowers from participating in the program.^[4] Although payouts to whistleblowers in criminal cases may be incompatible with the policy goals of forfeiture and restitution to victims, this language does allow some discretion that Clayton may use to at least soften the financial impact on whistleblowers.

The policy also contains ambiguities that may make potential whistleblowers wary of participating. For example, the program is focused on disclosures of the crimes specified above, but it also requires an individual to disclose all criminal conduct in which they have participated.^[5] If an individual participated in criminal conduct outside of the categories covered by the program, and discloses such conduct to prosecutors, will the non-prosecution agreement offered by SDNY cover such conduct, or does the individual still face criminal liability?^[6] If Clayton is looking to increase participation in the program, these are some of the issues he may need to address.

Finally, recent directives from the Trump administration may impact the scope of the whistleblower program. For example, on February 10, 2025, the Department of Justice ordered SDNY to dismiss the indictment charging New York City Mayor Eric Adams with bribery offenses.^[7] It remains to be seen whether this decree and others from the Trump Administration will cause SDNY to limit or stop actively soliciting information about bribery offenses as part of its whistleblower program.

Anticipated Reluctance to Prosecute Novel Theories or Industries

Clayton will likely rein in novel prosecutorial theories as well. Clayton has previously expressed a reluctance to engage in any regulatory activity entailing broad policymaking which he believes is something better left to Congress. For example, during his remarks at a June 2024 Chamber of Commerce event, Clayton reportedly stated that the SEC should “stay in [its] lane” and “Congress should do its job” in developing corporate emissions disclosure rules.^[8] Clayton also left behind a market-friendly legacy at the SEC, suggesting he may be hesitant to pursue criminal cases that may stifle nascent industries and growth.^[9] Clayton’s approach appears consistent with the executive order President Trump issued on February 10, 2025 ceasing the initiation of any new investigations or enforcement actions under the Foreign Corrupt Practices Act, in which he asserted that the statute has been “stretched beyond proper bounds and abused in a manner that harms the interests of the United States.”^[10]

If Clayton applies this same mindset at SDNY, the Office will likely pursue fewer prosecutions in relatively new industries, such as digital assets and artificial intelligence, unless the conduct at issue clearly falls within the heartland of the criminal laws. This is particularly so given President Trump’s public embrace of cryptocurrency and AI in recent months.^[11] Indeed, there may not be many crypto prosecutions in progress once Clayton arrives, as SDNY has already signaled that it is shifting its focus from cryptocurrency prosecutions.^[12]

The Office may also be disinclined to apply novel theories in prosecuting more traditional crimes. Earlier this year, the SEC secured its first victories in obtaining insider trading verdicts and settlements under a theory of “shadow trading.” In contrast to traditional insider trading, “shadow trading” involves using material non-public information of one company, not to trade in the stock of that company or an acquiring company, but to trade in the stock of a different company, such as a competitor. For instance, in SEC v. Panuwat, the SEC obtained an insider trading jury verdict in April 2024 against Matthew Panuwat, a pharmaceutical executive who, after learning about the imminent acquisition of his employer, Medivation, purchased call options of a competitor, Incyte, under the theory that the options would increase in value when the sale became public.^[13] It was expected that criminal prosecutions under the same theory would soon follow. However, that may not happen with Clayton as head of SDNY, particularly given the still-novel nature of the theory and the heavier burden of proof (i.e., “beyond a reasonable doubt” vs. “preponderance of the evidence”) prosecutors must meet.

The Supreme Court’s ongoing efforts to pare back what constitutes fraud under the federal fraud statutes may also impact the Office’s prosecution of other traditional crimes, like wire fraud. In 2020, the Supreme Court ruled in Kelly v. United States that the public officials involved in the “Bridgegate” scandal did not violate federal program fraud or wire fraud laws because taking control of the lanes on the George Washington Bridge did not constitute the taking of property.^[14] Three years later, Ciminelli v. United States invalidated the Second Circuit’s long-standing theory that depriving a victim of information that would inform the victim’s economic decisions (i.e., depriving them of a “right to control”) constitutes property for purposes of the federal wire fraud statute.^[15] This trend may continue at the Supreme Court with its forthcoming opinion in Kousisis v. United States, which was argued before the Court in December 2024. The question before the Court is whether a scheme to induce a commercial transaction through deception that does not seek to harm the victim’s economic interests constitutes wire fraud (there, a government contractor — Alpha Painting and Construction Co. and its project manager, Stamatios Kousisis — provided quality repair work at a competitive price but falsely represented its compliance with regulations aimed at increasing diversity in government contracting).^[16] A decision in Kousisis is expected before the Court’s term ends in June 2025. A ruling in favor of the defendant-appellant, in conjunction with the prior Supreme Court precedents, may contribute to a narrowing of the fraud theories pursued by Clayton’s SDNY.

Potential Focus on Crimes Implicating National Security and Foreign Influence

Clayton may also shift SDNY’s enforcement focus towards cases that implicate national security or undue influence by foreign actors. This would fit within the Trump Administration’s priorities and be consistent with Clayton’s recent comments. According to Reuters, days after Clayton was announced as President Trump’s pick for SDNY in November 2024, he highlighted how, given its location in the financial capital of the world, SDNY is well-positioned to prosecute crimes relating to national security, terrorism financing, and money laundering.^[17]

Clayton might do so by continuing the Biden DOJ’s use of sanctions enforcement as a tool for prosecuting conduct raising national security or foreign influence concerns. In the past four years, the DOJ has increased its commitment to sanctions enforcement, particularly against Russian entities and individuals.^[18] The DOJ has clearly developed a successful blueprint for pursuing these types of cases. However, with the recent disbanding of Task Force KelptoCapture, the interagency task force focused largely on enforcing sanctions against Russian oligarchs, it seems likely that the focus of sanctions enforcement will shift to other countries.

Takeaways

While it may be a few months before Clayton is confirmed, looking ahead to SDNY’s potential priorities once he is at the helm may help to inform company counsel’s areas of focus in the new year.

Counsel may want to review their company’s internal reporting program to ensure it enables employees to quickly inform the company of potential issues, so it can determine how to handle the alleged violation, rather than risking the employee filing a whistleblower complaint resulting in an investigation and catching the company off guard.

While we do not expect SDNY under Jay Clayton to engage in “regulation by enforcement” when it comes to relatively new industries, such as digital assets and AI, companies should nevertheless understand the extent to which their operations implicate those new industries or technologies.

Finally, the DOJ’s focus on national security-related crimes and the likelihood that the SDNY under Clayton would continue such focus is a reminder that companies should continue to scrutinize their overseas business and relationships with foreign actors to ensure compliance with any applicable regulations and to detect potential violations.

Endnotes:

[1] See Press Release, United States Attorney’s Office for the Southern District of New York, U.S. Attorney Williams Announces Enforcement Priorities And SDNY Whistleblower Pilot Program (Jan. 10, 2024), https://www.justice.gov/usao-sdny/pr/us-attorney-williams-announces-enforcement-priorities-and-sdny-whistleblower-pilot.

[2] See SDNY Whistleblower Non-Prosecution Pilot Program, United States Attorney’s Office Southern District of New York (Jan. 14, 2025), https://www.justice.gov/d9/2025-01/01.14.2025_wb_policy_for_sdny_website.pdf.

[3] See Selected SEC Accomplishments: May 2017 – December 2020, U.S. Securities and Exchange Commission (Oct. 21, 2024), https://www.sec.gov/about/sec-commissioners/sec-historical-summary-chairmen-commissioners/jay-clayton/selected-sec-accomplishments-may-2017-december-2020.

[4] See SDNY Whistleblower Non-Prosecution Pilot Program, note 2 supra.

[5] Id.

[6] The current program does allow anonymous reports in the first instance, which may partially address this concern. See SDNY Whistleblower Program Frequently Asked Questions (FAQs), United States Attorney's Office Southern District of New York (June 26, 2024), https://www.justice.gov/usao-sdny/sdny-whistleblower-program-frequently-asked-questions-faqs.

[7] DOJ Brass Want Bribery Charges Against NYC Mayor Dropped, Law360 (Feb. 10, 2025), https://www.law360.com/articles/2296233/doj-brass-want-bribery-charges-against-nyc-mayor-dropped.

[8] See Andrew Ramonas & Avani Kalra, Ex-SEC Chair Calls on Congress to Lead Climate Policymaking, Bloomberg Law (June 25, 2024), https://news.bloomberglaw.com/esg/ex-sec-chair-calls-on-congress-to-lead-climate-policymaking.

[9] See Tom Zanki, SEC’s Clayton Leaves Behind Market-Friendly Legacy, LAW360 (Nov. 20, 2020), https://www.law360.com/articles/1330352/sec-s-clayton-leaves-behind-market-friendly-legacy?ts_pk=b01098fc-8a4a-4e24-904b-0e0413268635&utm_source=user-alerts&utm_medium=email&utm_campaign=tracked-search-alert.

[10] Exec. Order, Pausing Foreign Corrupt Practices Enforcement to Further American Economic and National Security, (signed Feb. 10, 2025), https://www.whitehouse.gov/presidential-actions/2025/02/pausing-foreign-corrupt-practices-act-enforcement-to-further-american-economic-and-national-security.

[11] See, e.g., Will Oremus, Picking Sacks as ‘AI and crypto czar’ signals Trump’s pro-industry stance, The Washington Post (Dec. 5, 2024), https://www.washingtonpost.com/technology/2024/12/06/trump-david-sacks-crypto-ai-czar/.

[12] See Luc Cohen & Chris Prentice, Crypto enforcement seen slowing as Trump shifts priorities, Reuters (Nov. 15, 2024), https://www.reuters.com/legal/manhattan-us-attorney-scale-back-crypto-cases-prosecutor-says-2024-11-15/.

[13] Jury Returns Verdict Finding Defendant Matthew Panuwat Liable for Insider Trading, Litigation Release No. 25970, U.S. Securities and Exchange Commission (Apr. 8, 2024), https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25970.

[14] Kelly v. United States, 590 U.S. 391, 400 (2020).

[15] Ciminelli v. United States, 598 U.S. 306, 316 (2023).

[16] Brief for Petitioner at i, Stamatios Kousisis and Alpha Painting & Construction Co., Inc. v. United States, No. 23-909 (Aug. 19, 2024).

[17] See Chris Prentice & Echo Wang, Trump pick for Manhattan’s top federal prosecutor urges focus on national security, money laundering, Reuters (Nov. 20, 2024), https://www.reuters.com/world/us/trump-pick-manhattans-top-federal-prosecutor-urges-focus-national-security-money-2024-11-20/.

• On 30 October 2024, the Government published its highly anticipated Autumn Budget 2024 (the “Budget"). Among measures promised to “fix the foundations of the economy” is the Government’s commitment to implement “the most ambitious ever package to close the tax gap,” including by “taking stronger action on the most egregious tax fraud” and “enhancing HMRC’s powers and sanctions against tax adviser facilitated non-compliance.”^[1]
• The Government’s declaration of increased scrutiny of the UK’s tax system (and of tax advisors in particular) is consistent with the recent rise in enforcement activity by HMRC against suspected perpetrators of fraud in connection with R&D tax relief, which is intended to allow companies carrying out qualifying R&D to claim tax relief for certain qualifying expenditure.
• Attention on the R&D tax relief scheme has been building momentum over recent years. In its latest published annual accounts, HMRC indicates that over £4bn of its total expenditure on R&D tax relief scheme since 2020/21 was paid out as a result of fraud and error by the taxpayer.
• In September 2024, several arrests were made following raids by HMRC on R&D tax consultancy firms. The arrests came just one day after the Chancellor first announced plans to recruit 5,000 additional compliance staff to help curb abuse of the UK’s tax system.
• This enforcement action underscores HMRC’s focus on addressing misuse of the R&D tax relief scheme. It also suggests renewed vitality within HMRC to investigate and enforce tax non-compliance more broadly, which taxpayers should prepare for following the Government’s commitment to closing the tax gap.

What is the R&D tax relief scheme?

Research and Development (R&D) tax credits were first introduced for small and medium business enterprises in 2000 to encourage scientific and technological innovation within the United Kingdom. Since its inception, the incentive has undergone several legislative changes. Most recently, however, the implementation of the Finance Act 2024 introduced a consolidated scheme allowing for relief in respect of qualifying revenue expenditure upon R&D in accounting periods commencing on or after 1 April 2024.

Broadly, the scheme allows eligible companies^[2] to claim tax relief in respect of expenditure on qualifying R&D.

For tax purposes, R&D is defined by HMRC as taking place when a project seeks to achieve an advance in overall knowledge or capability in a field of science or technology through the resolution of scientific or technological uncertainty.^[3] Such uncertainty exists “when knowledge of whether something is scientifically possible or technologically feasible, or how to achieve it in practice, is not readily available or deducible by a competent professional working in the field.”^[4]

This definition goes beyond common industry uses of the term, such as in accounting or engineering, and requires that the work conducted extends the overall knowledge or capability in the field of science or technology as opposed to the company’s own state of knowledge or capability.^[5] The project does not need to succeed in advancing overall knowledge or capability in order to qualify for R&D relief.^[6]

The taxpayer bears the burden of proving that qualifying R&D has taken place for the purpose of relief and must evidence that the requirements stipulated in HMRC’s R&D Guidelines have been satisfied. For example, the requirement for a project to address a scientific or technological uncertainty imports a burden on a claimant for relief to provide evidence from a “competent professional” in support of the relevant contention. In Flame Tree Publishing Limited v HMRC [2024] UKFTT 349 (TC), it was held that the claimant company had failed to satisfy this evidential burden, as the “competent professionals” put forward by the claimant were deemed to have insufficient expertise to assess whether the technological problem purportedly addressed by the claimant’s R&D project was in fact an “uncertainty”, as defined by HMRC’s R&D Guidelines.

Why is HMRC taking action?

In recent years, the value of claims for R&D relief has steadily increased. In the tax year 2022-2023, the total relief claimed is estimated by HMRC to be £7.5 billion.^[7]

The issue of fraudulent abuse of the scheme first appeared meaningfully on HMRC’s radar in 2021, when a comprehensive analysis of claims paid out under the R&D relief scheme concluded that 17.6% of the total R&D tax relief expenditure was incurred as a result of error or fraud.^[8] This high figure is in contrast to an estimated total loss of approximately 4.8% of tax liabilities due across the tax system as a whole.^[9]

During parliamentary consultations in 2022, it was suggested that the scheme is susceptible to misuse because of a historic lack of scrutiny within HMRC in reviewing applications for relief. This inattentiveness coincided with a boom in the number of specialist R&D tax advisors marketing their ability to achieve success on behalf of clients who seek to claim R&D relief, with some reportedly describing the scheme as akin to “free money from HMRC.”^[10]

Giving evidence to the Treasury Select Committee in October 2023, HMRC Chief Executive Jim Harra placed the blame on tax advisors as responsible for the disproportionate rate of non-compliance:

[R&D] is a very generous tax relief. It is intended to be generous, and it has become more generous over the years because it is intended to incentivise R&D. That then makes it a honeypot, I am afraid, for people for whom it is not intended, and an industry has grown up around tax advisers helping people to make claims that are not compliant. It is partly, I think, the attractiveness of the scheme that attracts those people.

It seems that HMRC is now intent on ramping up enforcement against suspected bad actors in the R&D tax advisory sector. In September 2024, it was reported that 11 arrests had been made in connection with an investigation into R&D tax fraud following raids on several businesses, including Green Jellyfish, a tax consultancy specialising in R&D tax relief. An investigation by The Times newspaper into the consultancy raised the question as to whether the majority of Green Jellyfish’s clients were operating in industries which, on their face, seem unlikely to qualify for the R&D relief scheme, such as a horse-stud business and a butcher. A spokesperson from HMRC stated that increased action against “dishonest tax agents who encourage or facilitate customers making false claims for expenses, rebates or tax credits” should be expected.^[11]

In the past year, HMRC has implemented several changes to the R&D tax relief scheme, including requiring that all R&D relief claims are submitted digitally and are endorsed by a named officer of the company. HMRC requires that details of any agent connected to relief claims are disclosed and has terminated the practice of making payments of R&D relief to agents. In the Budget, the Government announced plans to “publish a consultation in early 2025 on options to enhance HMRC’s powers and sanctions to take swifter and stronger action against tax advisers who facilitate non-compliance.” The Budget also revealed that the Government is considering options “to strengthen the regulatory framework of the tax advice market.”

This significant tightening of the rules has been accompanied by an increase in HMRC inspection activity. Since August 2023, the number of compliance checks for R&D tax relief claims carried out by HMRC has increased to over 20% of claims, compared with around 1% previously.^[12]

While tax advisors would seem to be the current focus of HMRC, it may not be long until taxpayers, are pursued in respect of non-compliant claims made on advice of an agent. A tax return is the responsibility of the taxpayer and, as demonstrated in a recent judgment of the First-Tier Tribunal Tax Chamber, reliance on an “unchecked assumption” by a company that it is being “appropriately advised” may be argued to fall short of the standard incumbent on taxpayers to take reasonable care in submitting claims to HMRC.^[13]

Statistics published by HMRC show that businesses operating in professional, scientific and technical areas are the least compliant when making R&D relief claims. This finding may provide a strong indication of the direction that HMRC intends to take.

Future of HMRC enforcement more broadly

The new Government has promised significant reforms to the UK’s tax system to help “fix the foundations for the UK economy,” including by investing “£1.4 billion over the next five years to recruit an additional 5,000 HMRC compliance staff” to help close the tax gap.^[14] Inevitably, these additional resources will result in increased investigative and enforcement activity by HMRC across the UK tax system as a whole in the coming months and years.

HMRC’s criminal investigation guidance states its policy of reserving criminal enforcement for cases where HMRC needs to “send a strong deterrent message” to taxpayers in response to abuse of the UK’s tax system.^[15] The recent activity in the area of R&D relief claims, when set against the scale of the potential loss to the UK in terms of revenue, may be seen to be designed to pursue and enforce this policy.

One other possible area of enforcement focus may finally be the “failure to prevent the facilitation of tax evasion” offences, which were introduced in 2017 by the enactment of the Criminal Finances Act 2017 (the "CFA"). Under the CFA, companies and partnerships can be held criminally liable when an associated individual is found to have committed either a UK tax evasion facilitation offence (pursuant to section 45 of the CFA) or a foreign tax evasion facilitation offence (pursuant to section 46 of the CFA) (the “Corporate Criminal Offences”).

The fact that no prosecutions have been brought to date in respect of the Corporate Criminal Offences has attracted increased criticism in recent months. The failure to prosecute under the CFA may be because the purpose of its enactment was to compel cultural and behavioural changes within businesses to encourage the implementation of procedures to prevent the facilitation of tax evasion. However, in light of the new Government’s purported increased attention on tax fraud, it seems likely that any “grace period” for compliance is now over. As of 30 June 2024, HMRC was conducting 11 investigations into the Corporate Criminal Offences and had a further 28 possible investigations under review.^[16] It is possible that the first prosecution under the CFA is imminent.

Conclusion

Businesses ought to pay close attention to HMRC’s recent enforcement action concerning suspected R&D fraud. With the new Government promising to prioritise tax compliance, companies should be prepared for increased HMRC investigation and enforcement activity, and would be well advised to take proactive steps to assess and strengthen compliance measures to mitigate potential risks to safeguard against future liabilities.

Endnotes:

[1] https://assets.publishing.service.gov.uk/media/672232d010b0d582ee8c4905/Autumn_Budget_2024__ web_accessible_.pdf

[2] Charities, higher education institutions, scientific research associations, health service bodies, such as NHS trusts, and any other body prescribed, or of a description prescribed, by Treasury order, are ineligible companies pursuant to Section 1142(1), Corporation Tax Act 2009.

[3] HMRC: Corporate Intangibles Research and Development (CIRD) Manual: CIRD81910, [3-4]

[4] HMRC: Corporate Intangibles Research and Development (CIRD) Manual: CIRD81910, [13]

[5] HMRC: Corporate Intangibles Research and Development (CIRD) Manual: CIRD81910, [6]

[6] HMRC: Corporate Intangibles Research and Development (CIRD) Manual: CIRD81910, [38]

[7] https://www.gov.uk/government/statistics/corporate-tax-research-and-development-tax-credit/research-and-development-tax-credits-statistics-september-2024

[8] https://assets.publishing.service.gov.uk/media/66a8ebc349b9c0597fdb0784/HMRC_annual_report_and_ accounts_2023_to_2024.pdf

[9] https://www.gov.uk/government/statistics/measuring-tax-gaps/1-tax-gaps-summary

[10] https://committees.parliament.uk/oralevidence/11556/html/

[11] https://www.thetimes.com/business-money/technology/article/green-jellyfish-consultancy-accused-of-fraud-in-r-and-d-tax-credits-scheme-nvtv9wfdl

[12] https://committees.parliament.uk/publications/43549/documents/216398/default/

[13] David Hill & Anor v The Commissioners for HMRC [2024] UKFTT 844 (TC)

[14] https://assets.publishing.service.gov.uk/media/672232d010b0d582ee8c4905/Autumn_Budget_2024__ web_accessible_.pdf

[15] https://www.gov.uk/government/publications/criminal-investigation/hmrc-criminal-investigation-policy

[16] https://www.gov.uk/government/publications/number-of-live-corporate-criminal-offences-investigations/number-of-live-corporate-criminal-offences-investigations

In this Client Alert, John Gibson, Thomas Shortland, and Ashley Collins explore the divergent approaches to whistleblower payment schemes in the UK and the U.S. and shed light on the challenges and opportunities faced in this area by the current Director of the SFO.

In this article, Sir David Green CB KC, John Gibson, and Tim Harris discuss the terms of the offence, analyse its practical consequences and draw conclusions as to how law enforcement investigative strategy may change in response.

In this C&G Client Alert, Thomas Shortland, John Gibson and Ashley Collins:

1. highlight three trends in director disqualification enforcement which emerge from the Report;
2. suggest factors that may have contributed to these trends; and
3. discuss whether these trends are likely to continue.

They also provide some insights on contested disqualification proceedings from recent cases.

In this article for Forbes, Muriel Goldberg-Darmon discusses the new US Rule 10 D-1 by which US executives of listed companies are required to reimburse their incentive-based compensation when there is an accounting restatement, even in the absence of fault. Muriel Goldberg-Darmon compares this new regulation with the French applicable rules and reminds that although the implementation of such clawback clauses is not mandatory under French law, such implementation should develop in the coming years.

• The Revised Policies will place increased pressure on companies and could result in substantial shifts in how companies need to investigate potential employee misconduct.
• Failure to disclose misconduct early in an investigation could result in companies facing the possibility of a guilty plea or indictment, rather than a deferred or non-prosecution agreement.
• To receive full cooperation credit, companies will need to assess several new strategic considerations, including the timing of disclosing hot documents and whether to claw back compensation from employees who engaged in misconduct.

• The SEC action directly raises the question whether the tokens at issue qualify as unregistered securities, with significant implications for whether the platforms that facilitate trading in those tokens are potentially exposed to legal liability as unregistered securities exchanges.
• While Coinbase is not named in the SEC's complaint as an unregistered securities exchange, the nine tokens mentioned in the complaint were all traded on Coinbase, leaving it unclear what, if any, consequences will result from the SEC’s enforcement action for Coinbase.
• These are also the first cases to allege “tippee” liability for insider trading in the crypto sphere -- a "tippee" being a person who receives and trades on information obtained by someone else (the "tipper") in violation of the tipper's duty to a third party.

• The announcement further suggests that NCET’s initial mandate will broaden the enforcement focus from criminal actors themselves to those who enable and facilitate illicit activities involving cryptocurrency.
• Cryptocurrency exchanges should take appropriate steps to work with counsel to avoid becoming the subject of a DOJ investigation or prosecution.
• The increased scrutiny will also likely extend to all cryptocurrency-focused businesses, NFT platforms, companies that accept cryptocurrency as payment, and even those that merely do business with third parties dealing in cryptocurrency.
• Given the heightened scrutiny from the DOJ and a constantly evolving regulatory landscape, all companies in the industry should evaluate compliance programs and practices to mitigate risk and exposure.