The topic at hand warrants particular consideration as it hangs over countless legal and corporate professionals: Are partner retirement or withdrawal provisions in a firm’s governing body subject to Section 409A of the Internal Revenue Code? The subject relates to broader, profound conversations in today’s corporate world about retirement or deferred compensation arrangements, and how…
Publicly traded companies, including financial services corporations, are facing a new requirement to implement clawback policies that mandate the recoupment of erroneously awarded incentive compensation. As Troutman Pepper Partners Chris Willis and Sheri Adler have explained in their recent Consumer Finance Podcast, these companies must have such policies in place by December 1, 2023. Legal…
In light of persistent inaction at the national level, states have taken the initiative to pass their own versions of cybersecurity and privacy laws. However, these efforts are plagued by problems that arguably worsen the landscape of these issues. Technological innovations have raced past legislative attempts to supervise and monitor them, leading to rising instances…
In an important update for legal professionals active in the workers’ compensation sphere, Maryland’s workers’ compensation law could see significant changes following the introduction of three new bills. With an emphasis on reconsidering the distribution of net recovery and redefining occupational diseases, these new legislative proposals will likely have a considerable impact on current and…
In today’s competitive legal landscape, the importance of individual and firm branding has never been more pronounced. A recent episode of “Real Talk,” shared by partner Megan Monson, Diane Moss and Lynda A. Bennett of Lowenstein Sandler LLP, underscores the significance of this trend. The trio candidly discusses not just the relevance but also the…
In light of recent events, it’s crucial to revisit the fundamentals of the North Carolina Workers’ Compensation Act, particularly in relation to workplace injuries. The Act, also known as “the grand compromise”, offers an excellent example of regulatory intervention to address a common legal problem—a solution crafted to balance the competing interests of industry and…
Recently, the New York Department of Labor issued a proposal on how it plans to adjust the tip credit in accordance with the upcoming increase in the minimum wage. The topic has garnered attention from employers, particularly those involved in sectors where tip credits play a significant role in employee compensation. There are challenges specific…
In an anticipated move, the United States Supreme Court has agreed to weigh in on a critical issue affecting land developers and governing bodies alike. On September 29, 2023, the court granted certiorari in the case of Sheetz v. County of El Dorado – a decision that is set to put Land Use Exaction Fees…
In a somewhat peculiar move, the U.S. government is reportedly keen on gathering employment data from companies nationwide. This emerging trend raises a number of key considerations for all businesses and legal professionals seeking to respond appropriately. Back in July 2023, the U.S. Bureau of Labor Statistics (BLS) release revealed that compensation costs for civilian…
In an era where taking and sharing pictures or videos is a mere swipe or click away, the privacy considerations related to this are more important than ever. With the widespread availability and use of devices such as cell phones, tablets, or computers, we can connect with others in an instant; highly personal moments can…
In January, the Department of Justice announced new revisions to its corporate enforcement policy related to voluntary self-disclosure, cooperation, and remediation. The goal of these revisions is to incentivize companies that discover misconduct within their ranks to engage proactively with law enforcement and reinforce their compliance programs. According to these policy revisions, prosecutors now have…
In a recent development, the U.S. Department of Labor (“DOL”) has proposed an increase to the FLSA exempt employee salary threshold on August 30, 2023. This new Notice of Proposed Rulemaking (“NPRM”), if adopted, could significantly boost the compensation of certain salary exempt employees. All under the Fair Labor Standards Act (“FLSA”), these employees could…
On September 14, 2023, the California legislature took a significant step towards securing increased pay for health care workers with the passage of S.B. 525. According to Seyfarth Shaw LLP, the comprehensive bill will raise the minimum wages for health care workers across the state starting from June 1, 2024. The bill, which is currently…
In a world where remote work is becoming increasingly common, managing workers’ compensation issues has become a critical aspect of maintaining employee well-being and ensuring legal compliance for employers globally. The ever-evolving work landscape presents new challenges, particularly for Pennsylvania corporations. According to a recent write-up by the law firm McNees Wallace & Nurick LLC,…
Morgan Stanley and financial advisers, who alleged the investment bank to have breached California wage laws, have reignited plans to solve their over $10 million dispute after it received fresh attention from a federal district judge subsequent to an appeal. The initial agreement was set aside last year following an appeal in the Ninth Circuit….
Welcome to today’s legal news report. The current attention-grabber in the legal world is about Yelp Inc.’s request to remove a well-established law firm, Paul Weiss, from representing Google, an Alphabet Inc. subsidiary, in the ongoing antitrust lawsuit led by the U.S. Justice Department. Paul Weiss’s representation history extends to Yelp itself, as well as…
The practice of trial anchoring, or proposing a number to the jury as a suggestion for damages, is a much-debated strategy that often finds its place in ongoing litigation. Both plaintiff-and defense-oriented attorneys have long grappled with its legality and effectiveness. However, a recent ruling made by the Supreme Court of Texas has pushed this…
In a recent development in the legal sector, it appears that Section 8 of the Real Estate Settlement Procedures Act (RESPA) has once again become a focal point for the Consumer Financial Protection Bureau (CFPB). Following a period of relative quiet, the Bureau has again directed its attention towards the enforcement of RESPA. On August…
Stock options have long been a vital element of public company remuneration strategies. They form key components of compensation and benefits programs, largely due to their ability to align the interests of employees and shareholders. Essentially, when a company’s stock price rises, everyone wins: both option holders and stockholders stand to gain WilmerHale. Herein lies…
The compensation disparity between General Counsels (GCs) and CEOs seems to be diminishing. A recent report by research firm Equilar reveals that GC compensation is increasing at a quicker pace than CEO compensation, thereby decreasing the existing pay gap. In 2022, CEO compensation was found to be 4.1 times that of General Counsels, a decrease…
On September 25, the U.S. Department of Health and Human Services Office of Inspector General (OIG) issued Advisory Opinion 23-06, dispensing a noteworthy reminder to the sector. The OIG signaled that even fair market value payments can be implicated under the Anti-Kickback Statute. This announcement came in the context of an anatomic pathology laboratory’s proposal…
Choosing the right attorney is crucial if you are involved in a truck accident in Florida. The devastation created by such an accident could have a significant impact on your present and future state. The firm you choose to represent you can drastically influence whether or not you receive the compensation you deserve. By properly…
Yesterday, a significant development arose in the ongoing legal battles of Mike Lindell, the CEO of My Pillow, famed for his staunch election denialism. Attorneys representing Lindell in three of his pending cases filed motions to withdraw their services. The pivot comes after Lindell reportedly left the Minneapolis-based firm Parker Daniels Kibort with outstanding invoice…
Recently, the U.S. Securities and Exchange Commission (the “SEC”), known for its vital role in regulating and maintaining fair, orderly, and efficient markets, provided further insights into its compliance and disclosure interpretations (“C&DIs”) on pay versus performance disclosures. This update, occurring on September 27, 2023, elucidates certain aspects that will serve as guidance for issuers…
The sphere of executive compensation and, in particular, matters concerning the recovery of such compensation form the crux of some of the most vital discussions in corporate law. Specifically, recent developments attributable to new compensation recovery policies or ‘clawback’ provisions have raised a series of potent issues and considerations. These policies are mandated to be…