The Campbell Law Group News & Updates May and June 2024

FIRM

NEWS

We are delighted to announce the newest additions to our team, Carina Fernandez and Jeff Haham, who bring valuable experience and enthusiasm to our firm.

Carina joins us as a Legal Marketing Intern. Bringing her passion for both law and communications, she is poised to enhance our firm's outreach efforts and client engagement.

Jeff comes aboard as a Law Clerk, equipped with a deep understanding of legal research and procedural support. His dedication to detail and commitment to excellence make him a valuable asset as we continue to provide exceptional service

to our clients.

Stay tuned for more updates and developments from our firm.

RECENT BLOGS & VIDEOS

Business Formation:

Legal Considerations for Entrepreneurs

There are a range of legal considerations to take into account for business formation. As an entrepreneur, you must be as conscientious about legal matters as you are about marketing, operations, hiring, and raising capital. To ensure that you meet all your legal obligations, you should retain the services of a law firm that specializes in working with startup companies. In this month's blog we discuss the legal considerations for entrepreneurs when creating a business.

Economic Torts:

Exploring Unlawful Interference and Fraudulent Conduct

Nowadays, companies have many more opportunities than ever before to do business outside their home nation. But this often means your company has to sign international contracts, which adds complexity and risk, unlike anything you’ve experienced. This month's blog discussed the importance of jurisdiction and forum selection causes and how foreign judgements can be enforced.

Implied Terms in Contracts: Understanding Unwritten Obligations

Implied contract obligations are a necessary part of negotiating contracts. It is not possible for anyone to foresee every possible event in an ongoing business relationship, which makes it impossible to establish a rule for every contingency in commercial agreements. Relying on that part of contract law that deals with implied terms will help you reduce your legal expenses related to drafting and reviewing commercial contracts. It will allow you and your prospective business partners to focus on the more significant areas of business contracts. Read more about the types of implied terms in contracts with this month's new blog

Helpful Hints:

The Department of Labor’s new regulations will increase the minimum salary thresholds required for employees to qualify as exempt.

Starting July 1, 2024

Minimum salary threshold for exempt executive, administrative, and professional (EAP) employees increase to $43,888 annually ($844 per week)
Effect: any employee who is salaried and earns less than $43,888 is not exempt and employer must pay overtime (at time-and-a-half) for all hours worked per week over 40.
Annual compensation requirement for highly compensated employee (HCE) exemption increases to $132,964 annually which includes at least $844 per week paid on salary or fee basis
Effect: any employee earning at least $132,964 can be exempt under the HCE exemption

Starting January 1, 2025

Minimum threshold for EAP increases to $58,656 annually
Effect: Same as above
Threshold for HCE increases to $151,164 annually
Effect: Same as above

Starting July 1, 2027

Thresholds will automatically increase/update every three years based on current wage data
Effect: Same as above

Any employees you have that are exempt and will no longer meet the minimum threshold requirements after the increases will no longer be exempt. Accordingly, you may have to consider increases in salaries to certain employees or be prepared to reclassify them as non-exempt and pay for overtime hours worked.