When a Fortune 500 company receives an SEC subpoena, they know what to do. When a major bank is contacted by FINRA or the DOJ, they move quickly—and strategically. They don’t just call “a lawyer.” They retain people who live and breathe securities enforcement—attorneys who have either worked inside the SEC or DOJ or trained at elite law firms defending clients in high-stakes regulatory matters. But I see something different play out for smaller companies, startups, founders, and even mid-size financial firms. When they get that same letter or subpoena, they panic. They call the first lawyer they can think of—sometimes a family friend, a generalist litigator, or someone recommended by their insurance panel. And while those lawyers may be talented in other areas, they often have little or no experience with securities enforcement defense.