Milbank LLP has disclosed to its associates that they will be receiving year-end bonuses similar to those distributed last year. Furthermore, the firm announced a pay raise for its associates effective from January 1, 2024, according to an internal memorandum examined by Law360 Pulse. This remuneration adjustment aligns with an industry-wide trend of law firms…
Under a new structural adjustment that mirrors similar changes implemented by its competitors years prior, Cravath Swaine & Moore has established a nonequity partnership tier to offer greater flexibility in partnership pay. This move comes with expectations that additional law firms will carry out modifications to their partnership structures and compensation methods in the coming…
It’s officially bonus season, as leading law firm, Milbank announces its annual year-end bonus scale. This year’s bonus, you’ll be delighted to note, matches last year’s scale for each class. Furthermore, these bonuses will be distributed without any billable hours requirement, a certainly favourable policy for the firm’s associates. However, what’s even more enticing about…
In the legal field, it’s often taken for granted that sizable Biglaw firms dominate the industry, influencing even the reach and structure of attorney compensation and bonuses. However, there’s another contender on the rise: boutique firms. As these smaller, more specialized entities begin to establish their significance in the legal marketplace, attorneys may benefit from…
In a departure from tradition, the Ontario Superior Court of Justice recently handed down judgments indicating a shift in the perception of specific performance as an “extraordinary” remedy in the context of commercial real estate disputes. As noted in an article by Blake, Cassels & Graydon LLP, this could herald a significant change in legal…
Renowned labor and employment law expert Howard Lavin, previously at Stroock & Stroock & Lavan, is making a significant career move. He will soon begin his role in anchoring the labor practice of Thompson Coburn’s New York office, a significant addition to the firm’s expansion efforts in the city. This move follows the onset of…
In the wake of a recent announcement by Inside EPA that the EPA is to revisit sites under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) for the presence of PFAS on a case-by-case basis, there has been substantial concern among members of the regulated community. With the potential for a significant number of…
In a recent decision that continues to assert the power of employer immunity in third-party claims, Cannon v. Bravo Pack, Inc. took center stage in defining the limitations of an injured worker. Decided on October 31, 2023, by the Appellate Division of the Superior Court, the case reaffirms the immunity granted to employers from direct…
As we approach the end of 2022, a crucial element on the checklist for plan sponsors to ponder is the upcoming 2023 IRS year-end amendments. In an effort to ensure that employers remain compliant and take all necessary actions, JD Supra has published an informative article to keep plan sponsors updated and well-prepared. This piece…
If a corporation in which you are a stakeholder notifies you of an upcoming merger that could result in the cancellation of your shares in exchange for cash, understanding your rights and the legal avenues available for recourse might be crucial. The strategy to prevent a cash-out merger from cancelling your shares typically relies on…
The US Internal Revenue Service (IRS) announced its annual inflation adjustments for the year 2024 on November 1st, impacting several aspects, including limits for qualified retirement plans. Interestingly, this year’s changes seem more moderate when juxtaposed to the notable spikes observed in the preceding year. As Proskauer’s Employee Benefits and Executive Compensation Group reports, crucial…
In the latest cycle of legal updates regarding the United Kingdom’s tax policies, October 2023 has been a significant month, with a variety of impactful court decisions and legislative developments. The month was notably marked by the Supreme Court’s judgment on the operation of the employment-related securities deeming provision. This provision, typically used as part…
On November 2, 2023, the Centers for Medicare and Medicaid Services (CMS) released the final rule ‘Medicare Program; Hospital Outpatient Prospective Payment System: Remedy for the Calendar Years 2018–2022‘. The rule addresses the agency’s plan to restore payments to certain hospitals impacted by a 2018 decision to reduce compensation on 340B-acquired drugs under the Outpatient…
The recent release of the 2024 calendar year cost-of-living adjustments (COLAs) to the contribution and compensation limits for tax-qualified retirement plans has sparked industry interest. These adjustments, issued by the Internal Revenue Service (IRS) in Notice 2023-75, represent an essential annual update for firms dealing with tax-qualified retirement plans. As these changes take effect, legal…
In a recent development, the Indiana Supreme Court declined to consider a landowner’s appeal in the case of State of Indiana v. The Market Place at State Road 37, LLC, et al., 22A-PL-2765 (May 17, 2023). This ruling underscores the continued lack of compensation for nearby road closures related to eminent domain proceedings in the…
The Washington Employment Security Department has recently announced modifications to the Paid Family and Medical Leave 2024 premium rates and weekly benefit maximums. These updates are critical for corporations and law firms with operations in Washington to understand and implement accordingly. Starting on January 1, 2024, there will be a noticeable decrease in the total…
In this era of fierce competition and increasing mobility of talent, noncompete agreements or restrictive covenants have become a common tool employed by companies across the globe. An interesting audio guide dissects this pertinent issue, narrating its implications, their role in today’s business world, and weaving insightful parallels to the popular TV series ‘The Office’….
In a constantly evolving corporate environment, the new NASDAQ and NYSE requirements concerning clawbacks and incentive-based compensations have prompted discussions among legal practitioners and corporations. A recent episode of “Just Compensation” that involved Kate Basmagian, Christine Osvald-Mruz, and Jessica I. Kriegsfield, further gave light on these changes. The panel, which included skilled professionals like Kate…
The Department of Labor (DOL) is once again heading toward potential legal challenges following its latest proposal of a standard uniform fiduciary and compliance regime. As per the Department’s official dossier from November 3, registered investment advisers, brokers, insurance agents, and other sellers of services in the individual retirement account marketplace could all find themselves…
The U.S. Department of Labor has recently unveiled a suite of proposed amendments to the regulation defining fiduciary advice. These changes are also directed to the exemptions for conflicts and remuneration aligning with investment advice directed to plans, participants, and IRAs. This package of proposed evolutions is a significant contributing factor to the reshaping of…
In a definitive move that has implications for the financial sector, the United Kingdom has terminated the existing cap on bankers’ bonuses. Leaving room for considerable leverage for firms, the development signifies a deviation from the previous conservative approaches although it does not necessarily endorse a return of excessive risk-taking. The news was reported by…
In an arena increasingly characterized by its commercial competitiveness, the landscape of Name, Image, and Likeness (NIL) is notably volatile. This legal arena has witnessed changes so significant that professionals around the globe have had to alter their perspectives continually and adopt new strategies. This volatile space was the focal point of a recent exclusive…
As you continue to manage your companies’ employee benefits and executive compensation plans, it’s vital to maintain a clear understanding of the legal requirements that could impact those plans. One of the necessary considerations that often arise in this sector involves whether or not you need to send an annual notice to plan participants. As…
In a recent move, the IRS announced that many of the crucial retirement plan limits will see an increase in 2024. This information was outlined in Notice 2023-75, released on November 1, 2023. The degree of limit increases is more moderate than those applied in 2023, with some of the limits remaining static. Both the…
In a significant turn of events, the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have jointly issued a policy statement, announcing that the controversial “bonus cap” will be eliminated. This policy had until now limited the ratio of variable to fixed compensation for identified staff – commonly referred to as the…