Contributors: Marc Pawlus & Adam Maxwell, Tedd Warden
Illinois Employment Law Update/FTC Issues Ban on Employment Noncompete Clauses for All Workers, Including Senior Executives (Spring 2024)
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Insights
Time is Money: Navigating the DOL’s Final Overtime Rule
On April 23, 2024, the Department of Labor published a Final Overtime Rule that amends the regulations established under the Fair Labor Standards Act (FLSA) governing exemptions from minimum wage and overtime pay mandates for executive, administrative, and professional employees, as well as highly compensated employees. The Final Rule is set to take effect on July 1, 2024 and includes built-in adjustments of compensation levels on a going-forward basis.
FTC Adopts Final Rule Banning Employment Non-Compete Agreements
On April 23, 2024, the Federal Trade Commission (FTC) adopted its long-awaited final “Non-Compete Rule,” (the “final rule”) imposing a comprehensive ban on the use of new non-compete agreements with all workers, including senior executives.
Q1-2024 Employment Spotlight
The U.S. Department of Labor’s new rule, effective March 11, 2024, aims to clarify worker classification under the Fair Labor Standards Act. It defines “independent contractor” based on economic dependence, utilizing a “six plus one” factor test. These factors slightly favor an employment relationship.
Federal Court in Alabama Rules the Corporate Transparency Act Unconstitutional
One of the newly enacted laws SFBBG has been following closely is the Corporate Transparency Act (the “CTA”), a federal statute that impacts the overwhelming majority of our clients. A discussion of the CTA can be found in our November newsletter.
Our New Legal World — Contactless Delivery of a Lawsuit / “Battle of the Forms” — A Primer (Winter 2024)
Contributors: Andrew Johnson, Caleb Haydon
Illinois and Chicago Overhaul Paid Leave Laws in 2024
In 2024, the employment landscape in Illinois, particularly in Chicago, will undergo a significant transformation with the implementation of two pivotal laws governing paid leave for workers. The Illinois Paid Leave for All Workers Act (the “Act”) introduces a comprehensive state-wide standard for paid leave, ensuring a minimum of forty hours annually of paid leave—which can be used for any reason—for all employees.
Putting the “Success” into Succession Planning/The Corporate Transparency Act: What Business Owners Need to Know (Fall 2023)
Contributors: Len Gambino, Marc Pawlus
The Corporate Transparency Act: What Business Owners Need to Know
The Corporate Transparency Act (“CTA”) was enacted in 2021 to improve transparency in order to prevent bad actors from engaging in money laundering, tax fraud, and other illicit activities from exploiting US companies. Beginning January 1, 2024, the CTA requires “reporting companies” to report information about the individuals who own or control the company to the Financial Crimes Enforcement Network (“FinCEN”).
Putting the “Success” into Succession Planning
Finding, grooming, and ultimately selling your business to one or more key employees is a process that typically takes several years. Once you have found the right successors, proper succession planning often involves two additional steps.