Bonuses and the Reality of Big Law Associate Compensation
In December, Cravath, Swaine & Moore circulated an internal memo setting associate bonuses according to the same scale set in 2014 by Davis Polk & Wardwell. First- and second-year associates will receive up to $15,000, while senior associates can make as much as $100,000.
Problems with the New Test for Joint-Employer Status
Last summer, the National Labor Relations Board (NLRB) reversed over 30 years of precedent and adopted a new, more expansive and ambiguous standard for determining joint employer status. The new standard promises to entangle businesses with only tenuous links to another employer's workforce in a morass of collective-bargaining obligations and unfair labor practice liability for workforces over which they exercise no actual control.
The Annual State of the Firm Report
As the year draws to an end, many of the more enlightened law firm managing partners and members of the executive committee assess the results of the current year and begin to develop plans for the coming year.
Required Minimum Distributions: Year-End Issues
The end of the year is the deadline for most individuals with qualified retirement plans and IRAs to take their required minimum distributions (RMDs) if they have attained age 70' or inherited their benefits. Here are some key issues that can impact RMDs.
Working Capital Adjustments
Working capital adjustments are often some of the most highly negotiated provisions in a private company mergers and acquisitions (M&A) transaction agreement. The provisions are complex and involve a blend of legal and accounting concepts and standards and can have an immediate impact. It is essential to understand the nuances to avoid traps for the unwary.
Trans-Jurisdictional Transactions
When company transactions and legal issues cross borders ' so-called trans-jurisdictional transactions ' companies begin facing expansive and complex legal issues related to those transactions.
Insurance Limited Partnerships As An Alternate Estate Planning Tool
Valuation discounts in estate planning has permitted the transfer of assets from one generation to another in an economically efficient manner. Two of the various discount methods claim lack of control (minority interest discount) and lack of marketability. The IRS has traditionally objected to these approaches in intra-family transfers, while Congress has attempted to legislate away these "loopholes" unsuccessfully and the Treasury Department is contemplating new regulations to accomplish this goal.
Employee-Related Litigation
Business bankruptcy filings are down significantly from their high point during the Great Recession. What appears to have replaced foreclosures and institutional debt issues as the straw that breaks the camel's back is litigation. In many cases seen locally (in the Central District of California), the nature of litigation that pushes a company over the line comes in the form of employee-related causes of action.
