Lately, I've gotten more than the usual number of calls from brokers thinking that they might need legal help now that regulators have told them that they intend to bring a disciplinary action against the broker. For whatever reason, the brokers had gone it on their own throughout the course of the regulatory investigation (including written responses, depositions, etc.), thinking that everything would be fine. Then, wham!, the regulators drop a "Wells" letter on them, informing the broker that they are going to move forward and seek to sanction the broker. At that point, while counsel can help, sometimes it is too late. So for today's post, I'll address the question of when is the time to consider engaging counsel in a regulatory examination.