Over a week has passed since Milbank raised the associate salary scale, yet no other significant firm has publicly matched the move. This lack of immediate reaction could potentially indicate a period of contemplation before a flurry of activity, according to some analysts and consultants. However, others suggest that the silence may reveal more about…
Environmental, Social, and Governance (ESG) standards are rapidly becoming a pivotal aspect of supplier agreements, propelled by new regulations such as the EU’s Corporate Sustainability Reporting Directive (CSRD) and California’s Corporate Data Accountability Act (CCDAA). These impending laws are set to necessitate reporting on suppliers’ carbon footprints and other sustainability metrics by both medium and…
The U.S. Department of Homeland Security (DHS) has announced its intention to bring changes to the H-1B program through a notice of proposed rulemaking (NPRM) titled, “Modernizing H-1B Requirements, Providing Flexibility in the F-1 Program, and Program Improvements Affecting Other Nonimmigrant Workers”. Unveiled recently, the NPRM has heralded potential significant changes across the waters of…
As we move towards the end of 2023, a central consideration for legal professionals in international trade concerns compliance. Navigating this complex arena is taking on an increasing significance, particularly given the ramifications it can hold not only for a firm’s legal health but its corporate image and bottom line. In an interesting development, many…
In what is becoming a beacon of light for conservative states across America, Missouri’s cannabis industry has proved to be a massive success, despite its relative infancy. Surprisingly, Missouri, often overlooked in discussions of American cannabis culture and industry, has taken large strides forward in a short time. According to a recent report from Cultiva…
In recent months, as the United States was struck by severe weather events, Massachusetts’s inaugural Climate Chief, Melissa Hoffer, was diligently crafting initial proposals to counteract climate change. On October 25, Chief Hoffer set forth an exhaustive 87-page Report that set out her recommendations to combat the climate crisis in the Commonwealth. The report was…
In an interesting turn of events, the Delaware Court of Chancery approved a reduced fee award for a derivative settlement associated with allegations of breach of fiduciary duty and unjust enrichment. The settlement, recently reviewed in the case Sciabacucchi v. Howley, C.A. No. 2021-0938-LWW (Del. Ch. July 3, 2023), was brought forward by a stockholder…
The question on many minds within the legal industry today: will elite Biglaw firms match Milbank’s recent salary increase or could there be a firm raising the stakes even higher? As per comments given by law firm management consultant Kent Zimmermann to the American Lawyer, if all other firms chose not to enact salary raises,…
Big Law firms are expected to follow Milbank’s lead, hiking salaries for associates. The firm’s unexpected decision to increase associate salaries by $10,000 is predicted to create a challenging environment for other major law firms as they contemplate whether to match or not. Milbank LLP announced this raise on Tuesday in an unprecedented year for…
The Federal Regulators have proposed a new rule that has elicited a significant degree of interest among mortgage originators and issuers of mortgage-backed securitizations relying on automated valuation models (AVMs). The focal point of the proposed rule centers on the utilization of AVMs for determining the value of real estate collateral. For those unfamiliar, AVMs…
Ohio Supreme Court Justice, Jennifer Brunner, a democrat, has filed a lawsuit against state officials over a law that requires the political affiliations of justice and appellate judge candidates be made visible on general election ballots. Brunner argues that this law infringes her First, Fifth, and 14th Amendment rights. This law was operative during her…
As legal professionals, one of the key aspects we often encounter is drafting a settlement agreement. This process normally requires a high level of foresight, especially with an eye for enforcement down the line. This becomes particularly essential with industry-side activities that are either complex or disputed, such as in the recent cases involving construction…
The California Civil Rights Council (CRD), previously known as the DFEH, has ushered in new regulations that modify the Fair Employment and Housing Act (FEHA). These regulations dictate the conditions under which California employers may contemplate a prospective employee’s criminal history during their evaluation process. They became effective on October 1, 2023, and introduce an…
The landscape of remote work for Mortgage Loan Originators (MLOs) and mortgage company employees is rapidly changing in favor of flexible work conditions. The majority of American states are now allowing MLOs and mortgage employees to work remotely, and this changing trend signifies a fundamental shift in the way this industry operates. The latest state…
On October 23, the U.S. Food and Drug Administration (FDA) issued a draft guide titled “Communications From Firms to Health Care Providers Regarding Scientific Information on Unapproved Uses [SIUU] of Approved/Cleared Medical Products: Questions and Answers”, often known as the SIUU Guidance. This awaited guide aims to address frequently asked questions and concerns related to…
With the pace of regulatory scrutiny in today’s business environment, it is imperative for legal professionals, particularly those working in corporate houses and multinational law firms, to be prepared in advance for potential SEC (Securities and Exchange commission) examinations. As such, SEC Compliance Consultants, Inc., also known as SEC³ – a team that includes ex-SEC…
On November 1, the Office of the Comptroller of the Currency (OCC) issued a bulletin on “commercial loans to early-, expansion-, and late-stage companies,” a term they have termed as “venture loans.” This signals the OCC’s recognition of the unique risks and opportunities associated with such lending activities. The OCC clarified that venture lending has…
Bankruptcy trustees and receivers managing distressed commercial real estate entities have a new precedent to consider. The California Second District Court of Appeal recently ruled in the case of Breanne Martin v. Leslie Gladstone, potentially influencing the receivership and bankruptcy industries. This case emerges during a timely period as bankruptcy proceedings and receiverships, especially for…
The Data Provenance Institute has raised alarm on the widespread presence of improperly licensed data within open-source data sets. The institute, consisting of machine-learning engineers and legal experts, reported a significant amount of the data used for training large language models to be unlicensed. Among the institute’s voiced concerns, one is the practical difficulty faced…
The legal sector never sleeps, and this week has been no different with multiple noteworthy incidents unfolding both in and outside the courtroom. All the following information has been collated and evaluated thanks to the hard work of Howard Bashman at his How Appealing blog, the first-ever blog dedicated to appellate litigation. One of the…
In an unprecedented move, California Governor Gavin Newsom has endorsed a bill that restricts the use of four food additives. This novel legislation, the first of its kind in the United States, has caused a ripple effect within the food industry, resulting in subsequent pleadings for the U.S. Food and Drug Administration (FDA) to respond….
The Florida Bar Association is currently deliberating a provocative question regarding the use of artificial intelligence (AI) by lawyers: should client consent be necessary before lawyers use AI in their legal matters? This controversy adds another layer to the increasingly complex relationship between technology and law. Karen Sloan, a correspondent for Reuters, reports that Florida…
Delaware’s highest court is currently deliberating on a ruling that could potentially reshape corporate dealmaking. The case in question revolves around the intricate restructuring of the holding companies responsible for operating Match.com, a popular online dating site. This case serves as an opportunity for the leading U.S. forum for mergers and acquisitions disputes to either…
In July, NetDocuments commenced a trial launch of its AI-based product, PatternBuilder MAX. This generative AI tool aspires to facilitate firms in creating customized AI automation that caters to their specific practice areas, offering a glimpse into the transformative potential of AI in streamlining operations for legal firms. This product was intended as the forebear…
In instances where a parent contemplates leaving their current employment voluntarily, questions often arise regarding how such an action could impact their ongoing child support obligations. As explored in a recent article by Obermayer Rebmann Maxwell & Hippel LLP found on JDSupra.com, a detailed understanding of Pennsylvania child support laws sheds light on possible implications….