Author: Rock Fusco Connelly LLC
Expiration Dates Pose a Hurdle for SPACs Yet to Finalize Mergers
Special Purpose Acquisition Companies (SPACs) are publicly traded corporations with a specific goal—facilitating a merger with a private business to take it public. They have a two-year lifespan and raise funds from public-equity investors. This process aims to streamline and de-risk the initial public offering journey for the target companies. As of February 2023, 348
U.S. Economy and Childcare
A 2023 study from the not-for-profit group Ready Nation revealed the negative economic consequences of unavailable childcare. The study analyzes how families, businesses, and taxpayers manage the costs of childcare and concluded that the U.S. loses a total of $122 billion in economic output every year due to unavailable childcare. This marks a significant increase
DBE Goal Credit for Trucking
DBE Goal Credit for Trucking Disadvantaged Business Enterprises (DBEs) are for-profit small businesses where socially and economically disadvantaged individuals own at least a 51% interest and meet other requirements such as participating in the management of daily operations. The primary goal of the DBE program is to provide small businesses owned and operated by individuals
Chicago’s Immense Pension Debt
Chicago’s pensions remain among the worst-funded local retirement systems in the nation. The four city-sponsored pension systems – municipal employees, laborers, police officers, and firefighters – along with the Chicago Teachers’ Pension Fund, hold more debt than 44 states combined. According to data provided by the Equable Institute, these funds have a combined pension debt
In-Person Inspection of Form I-9 is Changing on July 31st
Form I-9 verifies the identity and employment authorization of individuals hired for employment in the United States. Accordingly, all U.S. employers must properly complete Form I-9 for each individual they hire for employment in the United States. Since March 2020, virtual inspections of identity and employment eligibility documents have been permitted where all employees were
The Upsides to Downsizing: Why Corporate Clients are Seeking out Smaller Firms
Large corporate law departments are pivoting and hiring outside counsel at smaller law firms due to the rising costs in litigation and high hourly rates for outside counsel at firms with over 500 attorneys. Despite healthy operating budgets from strong profitability, they are seeking the best representation at the best cost, and the answer is
Lawsuits against state can be filed in only two counties under measure signed by Gov. J.B. Pritzker
On June 6, 2023, Illinois Governor J.B. Pritzker signed into law a measure that could make it more difficult for Illinois citizens to challenge their state’s laws. The bill requires lawsuits that challenge the constitutionality of either Gov. Pritzker’s executive orders or the state legislature’s laws to be filed only in Cook County or Sangamon
Work Remote Doesn’t Work
Jamie Dimon, JPMorgan Chase & Co’s CEO, along with David Soloman, Goldman Sachs Group Inc. CEO, made it clear in an interview conducted by CNBC in January, that working from home doesn’t work for younger staff or bosses. Amongst the industrywide slowdown in finance and increasing signs of a recession, many industries are looking to
Documenting Employee Performance Central To Fending Off Potential Lawsuits
In January, 2023, the Seventh Circuit Court of Appeals decided Bragg v. Munster Medical Research Foundation Inc., d/b/a Community Hospital, which highlighted the significant impact that documenting performance can have in an employment discrimination case. After completing a 90-day orientation program for newly licensed nurses, the plaintiff, Catrina Bragg, was denied a full-time position as
US Department Of Labor To Tighten Independent Contractor Rules
This spring, the US Department of Labor is expected to tighten the classifications of employees. Small businesses that have been using loopholes to designate their workers as “gig workers,” or workers who do temporary or freelance work, such as independent contractors who are engaged on an informal or on-demand basis rather than regular employees, could