Trading Scheme Is A Wake-Up Call for BigLaw Compliance

The breadth of a law firm associate's alleged scheme to profit from nonpublic information about transactions should motivate firms to reexamine their practices around internal security—even if totally eliminating bad actors is nearly impossible, Law360's Chris Villani writes in this article quoting David Axelrod. 

"I don't think this threat was on law firms' radar," said David Axelrod, a former federal prosecutor and attorney with the U.S. Securities and Exchange Commission who now leads the securities enforcement and corporate governance litigation group at Ballard Spahr LLP.

"I think this is going to be a wake-up call."

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