A target letter advises that a person is a target of a grand jury investigation and typically invites contact with counsel. Receiving one is serious and time-sensitive, and the first responses set the tone for everything after.

Do not contact anyone about the facts. Conversations with colleagues, attempts to align recollections, and messages asking others what they were asked are the fastest route from an investigation into an obstruction charge.

Preserve everything. Deleting a file after learning of an investigation is its own offense and is often easier to prove than the underlying conduct. Suspend automatic deletion and document that you did.

Retain independent counsel. Company counsel represents the company. Where interests may diverge, individual representation is necessary, and the company often pays for it under indemnification or advancement provisions.

Assess the position privately. Counsel will seek to learn the theory, identify the exposure, and evaluate whether a proffer, a presentation to the prosecutor, or silence best serves.

Attorney presentations before charging decisions are common in white collar practice and frequently effective, particularly where the theory rests on a misunderstanding of a complex transaction.

Timing. Limitations periods, tolling agreements and the grand jury’s calendar all bear on how quickly a response must be formed. Waiting to see what happens is rarely the strongest available option.