Law/Legal
Here's a look at documents from law firms and legal groups
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Policy Week in Review - March 6, 2026
SAN FRANCISCO, California, March 7 (TNSrep) -- Littler, a law firm, issued the following news:
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Policy Week in Review - March 6, 2026
Congressional and Administrative News
At a Glance
The Policy Week in Review, prepared by Littler's Workplace Policy Institute (WPI), sets forth WPI's updates on federal legislation, regulations, and congressional activity affecting the workplace.
By Shannon Meade, Jim Paretti, Alex MacDonald, and Maury Baskin
Littler WPI Releases Survey Report on 2025's Regulatory and Economic Changes on Employers
The first year of the second Trump administration was
... Show Full Article
SAN FRANCISCO, California, March 7 (TNSrep) -- Littler, a law firm, issued the following news:
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Policy Week in Review - March 6, 2026
Congressional and Administrative News
At a Glance
The Policy Week in Review, prepared by Littler's Workplace Policy Institute (WPI), sets forth WPI's updates on federal legislation, regulations, and congressional activity affecting the workplace.
By Shannon Meade, Jim Paretti, Alex MacDonald, and Maury Baskin
Littler WPI Releases Survey Report on 2025's Regulatory and Economic Changes on Employers
The first year of the second Trump administration wassomething of a roller coaster for employers, as rapid-fire policy shifts created persistent volatility for businesses of all shapes and sizes. From new immigration policies and diversity, equity and inclusion (DEI) program crackdowns to booming artificial intelligence (AI) adoption and state legislative changes, businesses are navigating myriad impacts to their workplaces and workers alike. To assess where employers stand in this dynamic environment, Littler's Workplace Policy Institute(R) (WPI) - the firm's government relations and public policy arm - surveyed more than 300 in-house lawyers, human resource (HR) professionals and C-suite executives. Respondents are based across the United States and represent a range of company sizes and industries. The findings reveal the widespread effects of 2025's regulatory and economic changes on employers, providing crucial benchmarks and insights as business leaders prepare for ongoing changes in the year ahead. Link: Littler WPI Survey Report (https://www.littler.com/sites/default/files/2026-02/2026_littler_wpi_survey_report.pdf?3dqmx6l0wvm).
NLRB GC Issues Memo on Case Handling Guidance to Regional Directors
National Labor Relations Board (NLRB) General Counsel Crystal Carey issued GC Memorandum 26-03, providing new case handling guidance to regional directors. Most notably, the memo instructed NLRB regional attorneys to deemphasize certain cases involving allegedly unlawful handbook rules. The memo stated that when a case involves only a freestanding, overbroad rule--one that has not actually been enforced--regional attorneys should "promptly seek settlement." The memo also cautioned regional attorneys to be judicious in prosecuting any such cases in the future. When evaluating handbook cases, they should target only "obvious, unjustifiable restrictions."
The memo also stated, among other things, that prior guidance set forth by Acting General Counsel Cowen remains in effect; encourages the resolution of cases through settlement rather than litigation when feasible, noting that enhanced remedies should not be routinely included in settlement agreements or complaints; requires a charging party to present evidence to support allegations within two week of filing a charge; and notes that not every case is appropriate for 10(j) injunctions.
ICYMI: U.S. Department of Labor Proposes New(ish) Worker-Classification Standards
The U.S. Department of Labor (DOL) proposed a new rule, entitled the "Employee or Independent Contractor Status Under the Fair Labor Standards Act, Family and Medical Leave Act, and Migrant and Seasonal Agricultural Worker Protection Act." The proposed rule is designed to differentiate between employees and independent contractors.
ICYMI: NLRB Reinstates 2020 Joint Employer Standard: A Return to Direct Control
On February 26, 2026, the National Labor Relations Board formally reinstated its 2020 joint-employer standard. This action officially withdraws a Biden-era 2023 rule and restores a narrower framework for determining when two businesses share legal responsibility for the same group of workers. By returning to the 2020 standard, the Board is aiming to settle period of legal uncertainty that has loomed over the business community for years.
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Authors
Shannon Meade
Executive Director, Workplace Policy Institute
Washington, D.C.
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James A. Paretti
Shareholder
Washington, D.C.
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Alexander T. MacDonald
Shareholder
Washington, D.C.
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Maury Baskin
Shareholder
Washington, D.C.
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Original text here: https://www.littler.com/news-analysis/asap/policy-week-review-march-6-2026
[Category: BizLaw/Legal]
Katrina Pagonis to Present at AHLA
LOS ANGELES, California, March 7 -- Hooper, Lundy and Bookman, a law firm, issued the following news on March 6, 2026:
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Katrina Pagonis to Present at AHLA
Katrina Pagonis will present "Hospital Inpatient Prospective Payment System Update," on March 18 & 19, 2026, for American Health Law Association (AHLA)'s Institute on Medicare and Medicaid Payment Issues.
The session will primarily focus on:
* Inpatient hospital payment update
* Wage index issues
* Uncompensated care payments
* Other Noteworthy Provisions in the IPPS Final Rule
* Beyond the IPPS: Key Policies in the OPPS Final Rule
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... Show Full Article
LOS ANGELES, California, March 7 -- Hooper, Lundy and Bookman, a law firm, issued the following news on March 6, 2026:
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Katrina Pagonis to Present at AHLA
Katrina Pagonis will present "Hospital Inpatient Prospective Payment System Update," on March 18 & 19, 2026, for American Health Law Association (AHLA)'s Institute on Medicare and Medicaid Payment Issues.
The session will primarily focus on:
* Inpatient hospital payment update
* Wage index issues
* Uncompensated care payments
* Other Noteworthy Provisions in the IPPS Final Rule
* Beyond the IPPS: Key Policies in the OPPS Final Rule
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Original text here: https://hooperlundy.com/katrina-pagonis-to-present-at-ahla/
[Category: BizLaw/Legal]
Li He Discusses "Banner Year" for Capital Markets in Hong Kong With ALB China
NEW YORK, March 6 -- Davis Polk and Wardwell, a law firm, issued the following news:
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Li He discusses "banner year" for capital markets in Hong Kong with ALB China
Davis Polk partner and co-head of Asia (excluding Japan) Li He discussed the uptick in capital markets activity in Hong Kong over the past year and the outlook for 2026 with ALB China.
"Hong Kong witnessed a significant upsurge in placements and convertible bond issuances in 2025, fueled by its deep liquidity pool and favorable dynamics in investor bases," Li explained, adding that companies' decisions to tap Hong Kong capital
... Show Full Article
NEW YORK, March 6 -- Davis Polk and Wardwell, a law firm, issued the following news:
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Li He discusses "banner year" for capital markets in Hong Kong with ALB China
Davis Polk partner and co-head of Asia (excluding Japan) Li He discussed the uptick in capital markets activity in Hong Kong over the past year and the outlook for 2026 with ALB China.
"Hong Kong witnessed a significant upsurge in placements and convertible bond issuances in 2025, fueled by its deep liquidity pool and favorable dynamics in investor bases," Li explained, adding that companies' decisions to tap Hong Kong capitalmarkets are increasingly strategic - primarily focused on funding research, development and growth initiatives, financing M&A deals, or strengthening balance sheets.
"Top-tier long-only investors and sovereign wealth funds across North America, Europe, and the Middle East have notably shifted allocations into Hong Kong in 2025," Li noted, "which demonstrates the city is transitioning beyond a 'financing centric' IPO venue into an ecosystem of long-term value creation and realization."
Li went on to note that Davis Polk had a banner year in 2025. "If I'm to encapsulate our performance in one word, it would be 'leadership.' We continue to be at the forefront as issuer counsel among international firms," he said. "Our team completed 18 Hong Kong IPOs in the year, 17 of which were for issuers from the most dynamic, innovative sectors, including technology, biotech, and new consumer [goods]."
Li explained that the firm's dominance lies in bringing "first principles" into legal work - which means getting to the essence of business and legal issues, and devising the most compelling IPO structures and equity stories tailored to each client's unique strengths.
Looking ahead to the rest of this year, Li expressed optimism about the market momentum. "In essence, capital gravitates toward the most efficient, credible markets. Hong Kong's greatest strength lies in its agility and capacity to evolve in response to shifting dynamics - and the resulting transparent, trustworthy and efficient ecosystem," he said.
"Tackling Complexity," ALB China (February 2026 issue)
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Original text here: https://www.davispolk.com/news/li-he-discusses-banner-year-capital-markets-hong-kong-alb-china
[Category: BizLaw/Legal]
Husch Blackwell Announces Agreement With Reunion Infrastructure to Streamline Tax Credit Direct Transfers
KANSAS CITY, Missouri, March 6 -- Husch Blackwell, a law firm, issued the following news release:
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Husch Blackwell Announces Agreement with Reunion Infrastructure to Streamline Tax Credit Direct Transfers
National law firm Husch Blackwell has entered into an agreement with Reunion Infrastructure to offer market-leading legal services at competitive fixed fees for renewable energy tax credit transfers.
Tax credit buyers who engage both Reunion and Husch Blackwell for the same transfer will have access to fixed-fee legal services, including market insights, due diligence, and the negotiation
... Show Full Article
KANSAS CITY, Missouri, March 6 -- Husch Blackwell, a law firm, issued the following news release:
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Husch Blackwell Announces Agreement with Reunion Infrastructure to Streamline Tax Credit Direct Transfers
National law firm Husch Blackwell has entered into an agreement with Reunion Infrastructure to offer market-leading legal services at competitive fixed fees for renewable energy tax credit transfers.
Tax credit buyers who engage both Reunion and Husch Blackwell for the same transfer will have access to fixed-fee legal services, including market insights, due diligence, and the negotiationand drafting of operative transaction documents and tax insurance policies.
"This agreement not only drives further collaboration between our firm and Reunion, whom we have worked with since early 2023, but also creates more value, savings, and price certainty for our shared clients," said Doug Jones, a tax partner at Husch Blackwell.
Reunion is a leading platform for clean energy tax credits and compliance and has facilitated the purchase of more than $7 billion in tax credits across over 100 transactions since 2024.
"We are excited to collaborate with Husch Blackwell, with whom we have worked on multiple successful tax credit transactions spanning a diverse set of technologies with unique due diligence requirements," said Billy Lee, co-founder and president at Reunion. "We look forward to creating significant value for our shared clients."
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About Husch Blackwell
Husch Blackwell is a different kind of law firm-structured around our clients' industries and built on a culture of selfless service. Our 1,000+ lawyers collaborate across the U.S. from more than 20 offices and our virtual office, The Link, to provide uncommon solutions to our clients' most complex challenges. Learn more at huschblackwell.com.
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About Reunion
Reunion is the leading platform for clean energy tax credit transfers and compliance. Since 2024, Reunion has facilitated the purchase of over $7 billion in tax credits from major solar, storage, wind, nuclear, clean fuels, and advanced manufacturing projects. Our team of finance and tax experts provide the industry's most hands-on support across due diligence and risk mitigation, resulting in transactions that close on average in less than 45 days. In addition, leading project developers utilize Reunion's compliance software to maintain compliance with tax credit rules, including prevailing wage and apprenticeship (PWA) requirements. To learn more, visit www.reunioninfra.com.
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Original text here: https://www.huschblackwell.com/inthenews/husch-blackwell-announces-agreement-with-reunion-infrastructure-to-streamline-tax-credit-direct-transfers
[Category: BizLaw/Legal]
Frank Azzopardi Discusses Data in Commercial Transactions With Law360
NEW YORK, March 6 -- Davis Polk and Wardwell, a law firm, issued the following news:
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Frank Azzopardi discusses data in commercial transactions with Law360
Davis Polk partner and IP & Commercial Transactions practice head Frank Azzopardi was quoted in Law360 discussing the use of data in the real estate industry and how that has evolved over the last decade.
The article highlights that data and technology are taking on an increasingly important role in the real estate business.
Frank said there has been a "real evolution" in the last 15 years in how data is treated in commercial transactions.
... Show Full Article
NEW YORK, March 6 -- Davis Polk and Wardwell, a law firm, issued the following news:
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Frank Azzopardi discusses data in commercial transactions with Law360
Davis Polk partner and IP & Commercial Transactions practice head Frank Azzopardi was quoted in Law360 discussing the use of data in the real estate industry and how that has evolved over the last decade.
The article highlights that data and technology are taking on an increasingly important role in the real estate business.
Frank said there has been a "real evolution" in the last 15 years in how data is treated in commercial transactions.He noted that, The Related Cos., was very "forward-thinking" in recognizing the importance of data in its Hudson Yards development on the west side of Manhattan.
"Commercial real estate sponsors have recognized that they sit on a treasure trove of data that can be really, really valuable when aggregated because it can convey behavioral and demographic trends," said Frank.
Discussing how to monetize this data, Frank explains, "Businesses like a casino where you have reward programs have become much more sophisticated than getting to know their customer and ensuring that they reward loyalty in a way that's really accretive to their bottom line."
Loyalty programs, according to Frank, have "ballooned in their sense of value and importance to become really valuable pieces of collateral."
The article also notes that these types of assets are typically structured into a bankruptcy remote special purpose vehicle, which can be used as collateral to borrow against it.
"The lender essentially has a heightened form of collateral where it can terminate the usage rights of that data to the borrower, and so that tension basically preserves the financing structure, notwithstanding the fact that the borrower might be seeking protection under bankruptcy," Frank said, highlighting that this "mutually assured destruction" structure is very attractive for investors because of this added layer of protection.
Discussing the possibilities for leveraging data collected through commercial real estate properties, Frank said, "It's amorphous, and because it's amorphous, as long as you're complying with the terms of use with respect to that data, you can leverage it in ways that can create tremendous value."
"Data No Longer An Afterthought In Real Estate," (https://www.law360.com/real-estate-authority/articles/2449014?) Law360 (March 5, 2026) (subscription required)
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Original text here: https://www.davispolk.com/news/frank-azzopardi-discusses-data-commercial-transactions-law360
[Category: BizLaw/Legal]
Faegre Drinker Biddle and Reath Issues Commentary: Fifth Circuit Decision Undermines IRS Position on Self-Employment Tax
MINNEAPOLIS, Minnesota, March 6 -- Faegre Drinker Biddle and Reath, a law firm, issued the following commentary on March 5, 2026, by partners Leila E. Vaughan and Jeffrey R. Blumberg:
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Fifth Circuit Decision Undermines IRS Position on Self-Employment Tax
Sirius Solutions L.L.L.P. v. Commissioner
At a Glance
* On January 16, 2026, the Fifth Circuit's Sirius Solutions case found that state law limited partners are not subject to self-employment tax./1
* The Fifth Circuit rejected the Internal Revenue Service's (IRS) "passive investor" test, which would have required partners to be uninvolved
... Show Full Article
MINNEAPOLIS, Minnesota, March 6 -- Faegre Drinker Biddle and Reath, a law firm, issued the following commentary on March 5, 2026, by partners Leila E. Vaughan and Jeffrey R. Blumberg:
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Fifth Circuit Decision Undermines IRS Position on Self-Employment Tax
Sirius Solutions L.L.L.P. v. Commissioner
At a Glance
* On January 16, 2026, the Fifth Circuit's Sirius Solutions case found that state law limited partners are not subject to self-employment tax./1
* The Fifth Circuit rejected the Internal Revenue Service's (IRS) "passive investor" test, which would have required partners to be uninvolvedin the business to meet the Self-Employment Contributions Act tax exception.
* This issue will likely continue to be challenged in other pending cases.
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Background
Historically, many investment management firms that wanted pass-through income tax treatment organized as a two-tier structure -- where an LLC or corporation acted as the general partner of a limited partnership that was the operating company providing investment management services -- in an attempt to limit the exposure of the principals to self-employment tax.
The principals would own the general partner entity -- which would hold a small interest in the operating limited partnership and provided services to the operating limited partnership as employees of the general partner entity (for which they were reasonably compensated) -- and the principals would also hold direct interests as limited partners of the operating limited partnership. The operating limited partnership would then take the position that the principals would not be subject to self-employment tax on their distributive share of income received in their capacity as limited partners. The IRS has been challenging this position successfully in the US Tax Court in Soroban Capital Partners v. Commissioner.
Fifth Circuit Decision
In January 2026, the Fifth Circuit issued a ruling in Sirius Solutions L.L.L.P. v. Commissioner, which undermines the IRS's arguments in these prior US Tax Court cases. Section 1402(a)(13) of the Internal Revenue Code excludes a limited partner's share of partnership income (except for "guaranteed payments" for services) from self-employment tax calculations. The IRS and Tax Court had previously required a "functional analysis" to decide if a partner was a passive investor, not just a partner with limited liability. In Sirius Solutions, the Fifth Circuit rejected this approach, stating that the plain language of the law means any partner with limited liability under state law qualifies for the exception.
The court further reasoned that if someone is both a general and limited partner, only their general partner income is subject to Self-Employment Contributions Act (SECA) tax. The Fifth Circuit's ruling applies specifically to limited partnerships under state law (not LLCs or LLPs).
The IRS may petition for a rehearing en banc and/or may appeal to the Supreme Court. Pending cases in other circuits could result in a circuit split, including Soroban, where the Tax Court had applied a functional analysis.
Implication
The decision in Sirius Solutions is a welcome result for investment managers but is not likely the end of this saga. It will be important to watch for further IRS actions or court decisions in the Soroban and Denham Capital Management LP v. Commissioner cases, including potential appeals or conflicting rulings in other circuits.
For More Information
For further information, you may contact the authors or a member of the firm's investment management team or transactional tax team.
Legal clerk Moe Roberson contributed to this update.
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1./ Sirius Solutions L.L.L.P. v. Commissioner, 165 F.4th 374 (5th Cir. 2026).
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The material contained in this communication is informational, general in nature and does not constitute legal advice. The material contained in this communication should not be relied upon or used without consulting a lawyer to consider your specific circumstances. This communication was published on the date specified and may not include any changes in the topics, laws, rules or regulations covered. Receipt of this communication does not establish an attorney-client relationship. In some jurisdictions, this communication may be considered attorney advertising.
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Meet the Authors
Leila E. Vaughan
Partner
Philadelphia
+1 215 988 2485
leila.vaughan@faegredrinker.com
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Jeffrey R. Blumberg
Partner
Chicago
+1 312 356 5119
jeff.blumberg@faegredrinker.com
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Original text here: https://www.faegredrinker.com/en/insights/publications/2026/3/fifth-circuit-decision-undermines-irs-position-on-self-employment-tax
[Category: BizLaw/Legal]
Chris Healey Discusses the Retailization of Private Equity Funds With Mergermarket
NEW YORK, March 6 -- Davis Polk and Wardwell, a law firm, issued the following news:
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Chris Healey discusses the retailization of private equity funds with Mergermarket
Davis Polk partner Chris Healey was quoted in Mergermarket discussing the potential regulatory hurdles and changes that face retail funds
Touching on evergreen funds and vehicles registered under the Investment Company Act of 1940, Chris said, "Under the '40 Act, if you want a retail fund to participate in investments side-by-side with any affiliate - even another retail fund - you generally need to rely on a co-investment
... Show Full Article
NEW YORK, March 6 -- Davis Polk and Wardwell, a law firm, issued the following news:
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Chris Healey discusses the retailization of private equity funds with Mergermarket
Davis Polk partner Chris Healey was quoted in Mergermarket discussing the potential regulatory hurdles and changes that face retail funds
Touching on evergreen funds and vehicles registered under the Investment Company Act of 1940, Chris said, "Under the '40 Act, if you want a retail fund to participate in investments side-by-side with any affiliate - even another retail fund - you generally need to rely on a co-investmentexemptive order."
Discussing alternative options outside of the '40 Act, the article mentions operating company structures are among the latest innovations and works if the vehicle in question is acting as an operator, taking majority stakes, but that this also comes with challenges. "It's rigid and there's latent risk that over time purchases and sales of investments looks like trading in securities rather than long-term ownership," Chris notes.
On the topic of institutional investors participating in retail structures, particularly ones in which the institutional players anchor products launched by large sponsors, Chris mentions "It's very common. There are limited ways to align incentives without violating the equal treatment requirement."
"Private equity's retail push threatens to upend traditional GP-LP dynamics," Mergermarket (March 5, 2026) (subscription required)
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Original text here: https://www.davispolk.com/news/chris-healey-discusses-retailization-private-equity-funds-mergermarket
[Category: BizLaw/Legal]
