The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Karim Basaria represents individuals, corporate clients, and professional services firms in high-stakes litigation, internal investigations, and regulatory enforcement matters. As a former certified public accountant, Karim’s practice focuses on disputes involving financial accounting and reporting issues, federal securities class actions, internal investigations that present complex financial issues, and enforcement matters brought by the SEC and Public Company Accounting Oversight Board. His combination of legal and accounting skills has enabled him to play a leading role in recent litigation wins for public accounting firms.
Karim has also served in various leadership roles within Sidley. As an associate, he co-chaired the Chicago Associates Committee and was a member of the firm’s Associate Diversity Council in Chicago. He currently serves as Co-chair of the firm’s Summer Committee in Chicago, which oversees the firm’s summer associate program each year, and he is actively engaged in Sidley’s recruiting, training, and mentoring initiatives.
Karim also plays a leading role in the legal community, serving as a board member of three legal non-profit organizations: the Illinois Equal Justice Foundation; the Chicago Lawyers Committee for Civil Rights; and Illinois Legal Aid Online, for which he also serves as Treasurer.
Describe your practice area and what it entails.
I represent clients in litigation and arbitrated disputes, regulatory inquiries and enforcement actions, and internal investigations that involve accounting, financial reporting, or financial valuation issues. This work includes advising clients on the risk of litigation and litigation strategy; conducting fact investigation; preparing witnesses to testify in depositions, at trial, and in regulatory proceedings; working with expert witnesses; writing and arguing dispositive and other motions; preparing offensive and defensive discovery; managing substantial electronic reviews and productions; and examining and cross-examining witnesses and the delivery of statements at trial.
What types of clients do you represent?
My clients include private and public companies, professional services firms, and individuals. A significant portion of my practice involves representing the world’s largest professional services firms, including the Big Four accounting firms and many other large accounting firms. I have also handled multiple internal investigations (on behalf of governance bodies) of private and public companies.
What types of cases/deals do you work on?
I handle disputes that are in pre-litigation or arbitration, federal securities class actions, state and federal civil litigation matters involving various business torts, and enforcement matters initiated by federal and state regulatory bodies. I have represented
- The Big Four and other professional services firms in multiple securities class actions involving claims under Section 11 of the Securities Act of 1933 and civil litigation involving claims of negligence, fraud, breach of contract, and breach of fiduciary duty, among other matters.
- A major professional services firm in an arbitrated dispute involving claims of unfair competition and misappropriation of trade secrets with a full defense judgment.
- Special committees of the boards of public and private companies in conducting internal investigations into a variety of issues, including employment-related matters, compliance with safety protocols, and financial reporting.
- A large public accounting firm and an individual auditor before a state licensing board and in state court litigation involving alleged breach of contract and professional negligence, securing favorable outcomes in both matters.
- Large publicly traded companies through internal investigations and SEC enforcement matters involving whistleblower claims and allegations of price fixing, fraud, potential violations of environmental regulations, and improper accounting.
How did you choose this practice area?
I have always been drawn to litigation. I enjoy written and oral advocacy, legal research, the fact development process, the development and execution of creative strategies and solutions in an adversarial context, and of course, appearing in court. But most of all, I enjoy the interpersonal work that is required to be an effective advocate. Early in my career, I was fortunate to have the opportunity to support the preparation of multiple fact and expert witnesses in regulatory and civil litigation matters. The process of building trust and preparing a witness whose reputation or license is at stake is deeply personal and rewarding to me, and it remains a core component of my practice and a source of job satisfaction.
What is a “typical” day like and/or what are some common tasks you perform?
My day starts early, and I typically spend the morning on work that requires deeper focus—writing and editing briefs, reviewing factual records in preparation for depositions or witness preparation, and digesting case law. As the day progresses, my work typically shifts to meetings and telephone calls with clients and colleagues regarding active matters or firm initiatives. Absent a pressing deadline, my evening work is mostly dedicated to taking stock of what needs to be accomplished in the coming day, mapping timelines for completion, and drafting any emails that can be sent to colleagues, clients, and others the following morning.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Develop strong legal research skills and hone persuasive writing abilities. Pay close attention to how other more-experienced lawyers write, compare styles, and use this information to develop and continuously improve your own style. Seek mentorship from experienced litigators who are committed to developing other lawyers to gain insight and guidance both on the practice of law and the market forces that impact lawyers. Take the time to become proficient in using legal technology tools for case management, e-discovery, and document review. And be proactive about learning your clients’ business and the industry in which they operate.
What misconceptions exist about your practice area?
One misconception about my practice is that the stakes primarily concern companies, firms, and other large institutions. In fact, most of my matters involve situations where the stakes for individual professionals are enormous—potential reputational harm, loss or suspension of professional licenses, material financial penalties, and the emotional hardship of being a successful career professional whose diligence, judgment, and/or integrity is called into question. This is why, as I noted earlier, the work of preparing a witness for testimony is deeply personal and meaningful to me. Even the most seasoned professionals can become nervous or afraid when asked to provide testimony under oath, particularly in an adversarial setting. And I get to support and advise them through the process in a way that instills and cultivates confidence while also making sure they fully appreciate “the good, the bad, and the ugly” aspects of the record they might be confronted with.
What are some typical tasks that a junior lawyer would perform in this practice area?
Junior associates in my practice support our clients by conducting legal and factual research to support case preparation and strategy; drafting various forms of documents, including motions, pleadings, briefs, and discovery requests; training and supervising document review teams and assembling key materials from the factual records; preparing case updates and legal research summaries for clients; developing and delivering mock examinations in connection with witness preparation; and assisting at hearings in ways that range from managing exhibits to arguing motions.
What kinds of experience can summer associates gain at this practice area at your firm?
Our summer associates largely perform the same work that would otherwise be performed by our junior associates. The key difference is that we try to contain the scope of any one summer associate project to allow our summer associates to work with multiple practitioners. This means that a summer associate who is focused on the litigation practice will have the opportunity to engage with a large number of practice area teams, including commercial litigation, regulatory enforcement, white collar, employment, data privacy, commercial competition and antitrust, and product liability.
What are some typical career paths for lawyers in this practice area?
Litigators at Sidley who decide to leave the firm go on to pursue a range of opportunities. The most common include transitioning to an in-house legal position focused on litigation and regulatory matters, joining a regulatory agency or the DOJ, or moving into the legal aid and nonprofit space. Our alumni network is fantastic, and it is always a joy to see my former colleagues, learn from their perspectives, and celebrate their successes.