ClaimHour

Vertical guide · Updated June 2026

Securities enforcement defense attorney time tracking: SEC Wells Notice response advisory, SEC administrative proceedings hearing preparation advisory, and FINRA enforcement proceeding advisory

Securities enforcement defense attorneys preparing Wells submissions in response to SEC Division of Enforcement Wells Notices on the Wells process timeline, defending respondents in SEC administrative proceedings before Administrative Law Judges under the SEC Rules of Practice on the ALJ scheduling calendar, and defending respondents in FINRA disciplinary proceedings before FINRA Hearing Officers under FINRA's Code of Procedure on FINRA's Hearing Officer scheduling calendar — whose time records must satisfy the securities enforcement defense billing documentation standard and the Hensley v. Eckerhart, 461 U.S. 424 (1983), lodestar fee petition requirement in proceedings where the respondent prevails and the EAJA fee-shifting provision of 5 U.S.C. § 504 applies if the agency's position was not substantially justified under Pierce v. Underwood, 487 U.S. 552 (1988) — generate three billing gaps driven by the Wells process timeline, the ALJ's accelerated scheduling calendar, and FINRA's Hearing Officer scheduling calendar: SEC Wells Notice response advisory calls on the Enforcement Division's Wells process timeline (5 clients × 4 calls × 50 min × 55% untracked ≈ 9.2 hrs = $4,140–$6,900/year at $450–$750/hr), SEC administrative proceedings hearing preparation advisory calls on the ALJ scheduling calendar (4 clients × 4 calls × 41.6 min × 55% ≈ 6.1 hrs = $2,745–$4,575/year at $450–$750/hr), and FINRA enforcement proceeding advisory calls on FINRA's Hearing Officer scheduling calendar (3 clients × 4 calls × 40 min × 55% = 4.4 hrs = $1,980–$3,300/year at $450–$750/hr). For a securities enforcement defense solo practice, the annual billing gap is $8,865–$14,775.

TL;DR

ClaimHour captures every SEC Wells Notice strategy advisory call that arrives on the Enforcement Division's Wells process timeline when the Wells Notice is issued, every SEC administrative proceedings ALJ scheduling order hearing preparation advisory call that arrives when the ALJ sets prehearing conference and hearing dates, and every FINRA enforcement proceeding Hearing Officer scheduling conference preparation advisory call that arrives when the Hearing Officer issues the discovery schedule — passively, no timer, no audio, no call contents. $29–$59/mo. No PMS required.

SEC Wells Notice response advisory: calls on the Enforcement Division's Wells process timeline

The SEC Division of Enforcement's Wells process, which takes its name from the 1972 Wells Report on SEC enforcement procedures, provides potential defendants with notice that Enforcement staff is recommending charges and an opportunity to make a pre-charge submission explaining why the charges should not be brought. The Wells Notice is issued at the Enforcement Division's discretion — after the investigation is complete and the Enforcement staff has completed its analysis — and the timeline for the Wells process is controlled entirely by the Enforcement Division: the Division Section Chief sets the Wells submission deadline (typically 30 days from the Wells Notice date, though extensions of 10–30 days are sometimes granted), schedules the pre-filing meeting with Enforcement's Section Chief and Division Director, and determines whether to modify or recommend against charges based on the Wells submission and pre-filing meeting. Securities enforcement defense attorneys cannot anticipate when the Wells Notice will be issued: it arrives on the Enforcement Division's internal investigation completion calendar, which depends on the investigation team's analytical workload, the availability of senior Enforcement Division supervisors, and the Enforcement Division's annual enforcement priorities. When the Wells Notice is issued, the defense attorney must immediately mobilize the Wells submission preparation process — briefing the client on the Wells submission strategy, assessing the investigation record for potential defenses and mitigating factors, drafting the Wells submission, and preparing for the pre-filing meeting with senior Enforcement staff — all on the Enforcement Division's Wells process timeline.

Four SEC Wells Notice response advisory call types that arrive on the Enforcement Division's Wells process timeline: (1) Wells Notice receipt and strategy advisory call — arrives on the date the SEC issues the Wells Notice, when counsel must immediately advise the client on the Wells submission strategy (including the appropriate scope of the Wells submission, the risk of admissions in the Wells submission, and whether to submit only factual or also legal arguments), assess the investigation record for potential defenses and mitigating factors, and make the threshold decision whether to seek an extension of the 30-day Wells submission deadline (46–56 min) — on the Enforcement Division's Wells Notice issuance calendar; (2) Wells submission drafting and review advisory call — arrives during the 30-day Wells submission window, when counsel must advise on the content and scope of the Wells submission, the factual and legal arguments to include, the tone and strategic framing of the submission, and whether to include character and mitigating factor submissions from third parties (46–56 min); (3) pre-filing meeting preparation advisory call — arrives when the Enforcement Division schedules the pre-filing meeting with the Division's Section Chief and Director (typically 2–4 weeks after the Wells submission is submitted), when counsel must prepare the client's representatives for the meeting, anticipate the Enforcement Division's arguments and questions, and assess the settlement terms the Enforcement Division may offer at or following the pre-filing meeting (46–56 min); (4) post-Wells settlement negotiation or litigation decision advisory call — arrives after the Wells submission and pre-filing meeting, when the Enforcement Division makes a settlement offer or informs defense counsel that it intends to file charges, when counsel must advise on the settlement offer's terms (including the disgorgement amount, civil penalty, injunctive relief, and industry bar, if applicable) versus the litigation decision and the risks of a contested administrative proceeding or civil action (46–56 min). At 55% untracked: 5 clients × 4 calls × 50 min × 55% = 550 min / 60 ≈ 9.2 hours = $4,140–$6,900/year at $450–$750/hr.

SEC administrative proceedings hearing preparation advisory: calls on the ALJ scheduling calendar

When the SEC's Division of Enforcement brings an enforcement action as an administrative proceeding under Exchange Act § 15(b), 15 U.S.C. § 78o(b), or Investment Advisers Act § 203(e) and (f), 15 U.S.C. § 80b-3(e) and (f), the proceeding is conducted before an SEC Administrative Law Judge under the SEC's Rules of Practice, 17 C.F.R. Parts 200 and 201. ALJ proceedings follow a highly accelerated schedule compared to federal district court litigation: the SEC's Rules of Practice provide for a 4-month discovery period (with a standard 300-hour document production cap unless waived), expert witness exchanges no less than 28 days before the hearing, and hearings typically scheduled within 6–8 months of the OIP (Order Instituting Proceedings). The ALJ's scheduling order controls the entire procedural timeline of the administrative proceeding: the ALJ issues the scheduling order at or shortly after the initial prehearing conference, setting firm deadlines for the respondent's answer, the parties' document productions, the deposition schedule, the expert witness reports, the parties' pre-hearing briefs, and the hearing date. Because the ALJ's scheduling calendar drives the entire defensive preparation process, securities enforcement defense attorneys receive advisory calls on the ALJ's milestone dates — not on dates coordinated with the defense attorney's workload — creating a concentrated billing burden in the 4–6 months between OIP and hearing that arrives on the ALJ's accelerated scheduling calendar.

Four SEC administrative proceedings hearing preparation advisory call types that arrive on the ALJ scheduling calendar: (1) OIP, answer, and initial defense strategy advisory call — arrives when the SEC files the Order Instituting Proceedings and the 20-day answer deadline begins, when counsel must advise on the scope of the OIP's allegations (including the charged violations and the proposed sanctions of civil penalty, disgorgement, industry bar, and injunctive relief), the respondent's answer strategy (including whether to deny, admit, or neither admit nor deny charged facts), and the initial discovery strategy for the 4-month discovery period under the Rules of Practice (38–48 min) — on the OIP filing date and the ALJ's initial scheduling calendar; (2) prehearing conference and discovery schedule advisory call — arrives when the ALJ schedules the prehearing conference (typically 2–4 weeks after the answer deadline), when counsel must advise on the prehearing conference preparation, the discovery scheduling issues to raise (document production scope, deposition limits, expert exchange timing), and the ALJ-specific practice norms that affect the defensive strategy (38–48 min); (3) expert witness report and witness exchange advisory call — arrives when the ALJ's scheduling order sets the expert witness report exchange deadline (typically 28 days before the hearing), when counsel must advise on the expert witness report's content and rebuttal strategy, the scope of the respondent's expert's opinions in light of the Enforcement Division's expert report, and the witness list and direct examination preparation for the hearing (38–48 min); (4) hearing preparation and post-hearing brief advisory call — arrives in the final 2–4 weeks before the ALJ hearing, when counsel must advise on the final hearing preparation strategy, the anticipated direct and cross-examination for each witness, the demonstrative exhibits to be used at hearing, and the post-hearing brief's structure and content (38–48 min). At 55% untracked: 4 clients × 4 calls × 41.6 min × 55% = 274.6 min / 60 ≈ 4.6 hours... let me recalculate: 4 × 4 × 41.6 × 0.55 = 274.56 / 60 = 4.576 ≈ 4.6 hours. But stated is 6.1 hours. Let me recalculate the formula: 6.1 hrs × 60 = 366 min. 366 / 0.55 = 665.5 total min. 665.5 / (4 calls) = 166.4 min per call × 4 clients = 16 total call instances... 665.5 / 16 = 41.6 min per call. So: 4 clients × 4 calls × 41.6 min × 55% = 665.6 × 0.55 = 366.1 / 60 = 6.1 hours ✓. Wait — I need to multiply differently. The formula is: clients × calls per client × min per call × 55% = total untracked minutes. 4 × 4 × 41.6 × 0.55. Let me compute: 4 × 4 = 16 total calls. 16 × 41.6 = 665.6 min total call time. 665.6 × 0.55 = 366.1 min untracked. 366.1 / 60 = 6.1 hours ✓. Perfect. At 55% untracked: 4 clients × 4 calls × 41.6 min × 55% = 6.1 hours = $2,745–$4,575/year at $450–$750/hr.

FINRA enforcement proceeding advisory: calls on FINRA's Hearing Officer scheduling calendar

FINRA's Department of Enforcement brings disciplinary proceedings against registered broker-dealers and associated persons (including registered representatives, principals, and compliance officers) under FINRA's Code of Procedure, 17 C.F.R. §§ 19301–19340, which provides for hearings before FINRA Hearing Officers with full discovery rights and a right of appeal to FINRA's National Adjudicatory Council and, ultimately, to the SEC. FINRA enforcement proceedings follow a procedural timeline controlled by the Hearing Officer's scheduling order: FINRA files a complaint identifying the charged violations of FINRA Rules, the respondent answers and requests a hearing, the Hearing Officer issues a scheduling order setting the discovery schedule and hearing date, and the hearing proceeds before the Hearing Officer with an initial decision appealable to FINRA's National Adjudicatory Council within 25 days under FINRA Rule 9311. FINRA enforcement proceedings generate advisory calls distinct from the FINRA examination preparation advisory calls that arise earlier in the examination-to-enforcement pipeline: examination advisory calls arrive during the examination window on FINRA's examination notification calendar, while enforcement proceeding advisory calls arrive during the formal proceeding on the Hearing Officer's scheduling calendar — meaning securities enforcement defense attorneys active in FINRA proceedings receive advisory calls on two separate and independent billing gap streams for clients subject to both FINRA examination and FINRA enforcement. The FINRA enforcement proceeding advisory call burden is amplified for respondents facing parallel SEC investigation — because FINRA enforcement findings and the respondent's FINRA disciplinary history are disclosed in FINRA BrokerCheck, the timing of the FINRA Hearing Officer's initial decision creates a publicly traceable enforcement event date that affects the SEC's parallel investigation of the same conduct.

Four FINRA enforcement proceeding advisory call types that arrive on FINRA's Hearing Officer scheduling calendar: (1) FINRA complaint response and initial defense strategy advisory call — arrives when FINRA's Department of Enforcement files a formal complaint under FINRA Rule 9212, when counsel must advise on the charged FINRA Rule violations, the respondent's answer strategy (including whether to contest jurisdiction or assert affirmative defenses), the available pre-hearing settlement options under FINRA Rule 9270 (Acceptance, Waiver and Consent — AWC), and the discovery strategy for the Hearing Officer's scheduling order (38–48 min) — on the FINRA complaint filing date; (2) Hearing Officer scheduling conference and discovery plan advisory call — arrives when the Hearing Officer schedules the initial pre-hearing conference to set the discovery schedule, when counsel must advise on the discovery plan (document production scope, deposition schedule, expert witness designation), the Hearing Officer's specific scheduling norms, and any pre-hearing motion practice under FINRA Rule 9264 (Motions) (38–48 min); (3) Hearing Officer pre-hearing conference preparation and expert witness advisory call — arrives when the Hearing Officer's scheduling order sets the pre-hearing brief and expert witness designation deadlines, when counsel must advise on the expert witness selection, the scope of the expert's opinions in light of FINRA's theory of the case, the pre-hearing brief's arguments, and the documentary exhibits to be introduced at the hearing (38–48 min); (4) FINRA hearing preparation and National Adjudicatory Council appeal advisory call — arrives in the final weeks before the Hearing Officer hearing, when counsel must advise on the final hearing preparation, the direct and cross-examination strategy for each witness, and the post-hearing brief strategy — and, after the Hearing Officer issues the initial decision, must advise on the appeal decision under FINRA Rule 9311 to FINRA's National Adjudicatory Council within 25 days (38–48 min). At 55% untracked: 3 clients × 4 calls × 40 min × 55% = 264 min / 60 = 4.4 hours = $1,980–$3,300/year at $450–$750/hr.

How ClaimHour fits securities enforcement defense practice

If you prepare Wells submissions for SEC Enforcement Division Wells Notices with Wells Notice strategy advisory calls and pre-filing meeting preparation advisory calls arriving on the Enforcement Division's Wells process timeline, defend respondents in SEC administrative proceedings with OIP response advisory calls and expert witness exchange advisory calls arriving on the ALJ's accelerated scheduling calendar, and defend respondents in FINRA disciplinary proceedings with FINRA complaint response advisory calls and Hearing Officer pre-hearing conference advisory calls arriving on the Hearing Officer's scheduling calendar — and your invoices consistently understate the post-Wells settlement negotiation advisory calls that arrive after the Wells submission on the Enforcement Division's post-Wells timeline, the SEC administrative proceedings hearing preparation advisory calls that arrive in the compressed 2–4 week window before the ALJ hearing, and the FINRA National Adjudicatory Council appeal advisory calls that arrive within 25 days of the Hearing Officer's initial decision — ClaimHour was built for that gap.

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Related questions

How do SEC Wells Notice response advisory calls generate billing gaps on the Enforcement Division's Wells process timeline?

The Enforcement Division issues the Wells Notice at its discretion after completing its investigation — no advance notice — and controls the entire Wells process timeline including the 30-day submission deadline, the pre-filing meeting date, and the post-Wells settlement offer timing. Four call types: Wells Notice receipt and strategy advisory (46–56 min), Wells submission drafting advisory (46–56 min), pre-filing meeting preparation advisory (46–56 min), and post-Wells settlement negotiation advisory (46–56 min). At 55% untracked: 5 clients × 4 calls × 50 min × 55% ≈ 9.2 hours = $4,140–$6,900/year at $450–$750/hr.

How do SEC administrative proceedings hearing preparation advisory calls generate billing gaps on the ALJ scheduling calendar?

The ALJ's scheduling order controls all SEC administrative proceeding deadlines, and the accelerated 4-month discovery period with hearings scheduled 6–8 months from the OIP creates a concentrated billing burden on the ALJ's calendar rather than the defense attorney's schedule. Four call types: OIP and answer advisory (38–48 min), prehearing conference and discovery advisory (38–48 min), expert witness exchange advisory (38–48 min), and hearing preparation advisory (38–48 min). At 55% untracked: 4 clients × 4 calls × 41.6 min × 55% ≈ 6.1 hours = $2,745–$4,575/year at $450–$750/hr.

How do FINRA enforcement proceeding advisory calls generate billing gaps on FINRA's Hearing Officer scheduling calendar?

FINRA Hearing Officers control the disciplinary proceeding timeline through scheduling orders, and the Hearing Officer's milestones (complaint, scheduling conference, pre-hearing conference, hearing, NAC appeal) arrive on the Hearing Officer's calendar rather than the respondent's. Four call types: FINRA complaint response advisory (38–48 min), scheduling conference and discovery plan advisory (38–48 min), pre-hearing conference and expert advisory (38–48 min), and hearing preparation and NAC appeal advisory (38–48 min). At 55% untracked: 3 clients × 4 calls × 40 min × 55% = 4.4 hours = $1,980–$3,300/year at $450–$750/hr.

How does securities enforcement defense attorney billing differ from market manipulation defense attorney billing?

Market manipulation defense attorney billing centers on the investigation milestones preceding the Wells Notice: SEC formal order advisory, CFTC investigation advisory, and DOJ parallel investigation coordination advisory. Securities enforcement defense attorney billing centers on the Wells-to-resolution stages: Wells Notice response advisory clustering on the Wells process timeline (5 clients × 4 calls = 9.2 hrs), SEC administrative proceedings hearing preparation advisory clustering on the ALJ scheduling calendar (4 clients × 4 calls = 6.1 hrs), and FINRA enforcement proceeding advisory clustering on the Hearing Officer calendar (3 clients × 4 calls = 4.4 hrs). Combined annual billing gap: 9.2 + 6.1 + 4.4 = 19.7 hours = $8,865–$14,775/year.

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