Although prison populations at the federal level have very recently declined for the first time in decades, prisoner population at the state level rose. The cost of crime, some that can be measured and some that are impossible to measure, is undoubtedly high, but so too is the cost of incarceration. Are we striking the right balance in length of sentences? And what is the proper balance between latitude and sentencing guidelines for judges? Do the answers to these questions differ for the state versus the federal criminal justice system? -- The Federalist Society's Criminal Law & Procedure Practice Group presented this panel on "Criminal Sentencing Reform: A Conversation among Conservatives" on Friday, November 14, during the 2014 National Lawyers Convention. -- Featuring: Mr. Marc A. Levin, Director, Center for Effective Justice, Texas Public Policy Foundation; Mr. John G. Malcolm, Director and Ed Gilbertson and Sherry Lindberg Gilbertson Senior Legal Fellow, Edwin Meese III Center for Legal and Judicial Studies, The Heritage Foundation; Hon. Michael B. Mukasey, Partner, Debevoise & Plimpton LLP and former U.S. Attorney General; and Prof. William G. Otis, Adjunct Professor of Law, Georgetown University Law Center. Moderator: Hon. William H. Pryor, Jr., U.S. Court of Appeals, Eleventh Circuit.