The insider-trading charges announced by federal prosecutors in Manhattan against five top executives and hedge fund billionaire Raj Rajaratnam on Friday are sure to affect how attorneys advise their corporate clients, say several white-collar defense lawyers.

“Companies immediately need to establish their credibility with the government,” says Baker & Daniels white-collar defense partner J.P. Hanlon, co-author of a new textbook on punishing corporate crime. “That helps corporations get control over a situation and allow the government to work with a company to get documentation and data in an investigation.”

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