The Guide to Monitorships
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August 6, 2019
Jenner & Block Partners Anthony S. Barkow, Neil M. Barofsky, and Thomas J. Perrelli are editors of Global Investigations Review’s first edition of The Guide to Monitorships. They along with Partners Matthew D. Cipolla, Michael W. Ross and Erin R. Schrantz are co-authors of several sections of the book. The five-part guide examines monitorships through in-depth analysis of corporate cultures, expert perspectives and common issues that arise in connection with monitorships.
In the “Introduction,” Mr. Barkow and Mr. Ross review the historical and doctrinal underpinnings of the modern-day monitorship.
In their chapter titled “Changing Corporate Cultures,” Mr. Barofsky—former Assistant US Attorney and Special Inspector General for the Troubled Asset Relief Program, who has served as an independent monitor—and co-authors Mr. Cipolla and Ms. Schrantz explain how a monitor can approach and remedy a broken corporate culture. “A monitor occupies a unique middle-ground space—not an insider, but also not the government—that allows it to press on different levers and apply external pressure to an organization that might not otherwise undergo necessary cultural change,” the authors write.
In his chapter titled “The Life Cycle of a Monitorship,” Mr. Perrelli—former Associate Attorney General and independent monitor for Citigroup Inc. and the Education Management Corporation—goes through the life cycle of a monitorship, the process of formulating a monitorship agreement and engagement letter, building a monitorship team and publishing final reports. According to the author, “A final report provides an opportunity to look both backwards and forwards—how far the company has come over the course of the monitorship, the challenges that remain, long-term issues the company will need to address and additional steps the company should take on the road to sustained compliance.”
Mr. Barkow, Mr. Barofsky and Mr. Perrelli acknowledge Partner Jessica Ring Amunson and Associates Jessica A. Martinez, Ravi Ramanathan and Tessa J.G. Roberts for their important assistance and support of the publication.
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© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
Publications
August 6, 2019
Jenner & Block Partners Anthony S. Barkow, Neil M. Barofsky, and Thomas J. Perrelli are editors of Global Investigations Review’s first edition of The Guide to Monitorships. They along with Partners Matthew D. Cipolla, Michael W. Ross and Erin R. Schrantz are co-authors of several sections of the book. The five-part guide examines monitorships through in-depth analysis of corporate cultures, expert perspectives and common issues that arise in connection with monitorships.
In the “Introduction,” Mr. Barkow and Mr. Ross review the historical and doctrinal underpinnings of the modern-day monitorship.
In their chapter titled “Changing Corporate Cultures,” Mr. Barofsky—former Assistant US Attorney and Special Inspector General for the Troubled Asset Relief Program, who has served as an independent monitor—and co-authors Mr. Cipolla and Ms. Schrantz explain how a monitor can approach and remedy a broken corporate culture. “A monitor occupies a unique middle-ground space—not an insider, but also not the government—that allows it to press on different levers and apply external pressure to an organization that might not otherwise undergo necessary cultural change,” the authors write.
In his chapter titled “The Life Cycle of a Monitorship,” Mr. Perrelli—former Associate Attorney General and independent monitor for Citigroup Inc. and the Education Management Corporation—goes through the life cycle of a monitorship, the process of formulating a monitorship agreement and engagement letter, building a monitorship team and publishing final reports. According to the author, “A final report provides an opportunity to look both backwards and forwards—how far the company has come over the course of the monitorship, the challenges that remain, long-term issues the company will need to address and additional steps the company should take on the road to sustained compliance.”
Mr. Barkow, Mr. Barofsky and Mr. Perrelli acknowledge Partner Jessica Ring Amunson and Associates Jessica A. Martinez, Ravi Ramanathan and Tessa J.G. Roberts for their important assistance and support of the publication.
Related Attorneys
Related Capabilities
Related Locations
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
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