Federal prosecutors in Manhattan have entered into a nonprosecution agreement with Dallas law firm Jenkens & Gilchrist over its past involvement in illegal tax shelters, a scandal that has already fatally crippled the once-thriving firm. As part of the agreement, Jenkens & Gilchrist will pay a $76 million civil penalty to the IRS. The firm, which once had 600 lawyers and offices nationwide, has advised prosecutors that it will close its last office and cease practicing law by the end of the month.
In Nonprosecution Deal Over Tax Shelters, Jenkens & Gilchrist to Pay $76M and Shut Doors
New York Law Journal
March 30, 2007