Case in Point

If you’ve been following DOJ speeches in the past year, you’d think corporate cooperation and voluntary disclosures of misconduct have been completely reinvented. A May 2025 DOJ memo emphasized the benefits available to companies that self-disclose and cooperate and touted new and improved disclosure policies that can result in non-prosecution agreements and reduced penalties.

In reality, the fundamentals haven’t changed nearly as much as the pressure has. Prosecutors still want timely disclosure, usable facts, and a credible effort to identify individuals ...