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Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/SmartPaTH.

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Read Business Law Update to stay up to date on legal issues that impact public and private companies on a local, national and global basis. Articles in this issue include:

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Starting with the similarities and differences between data and oil as valuable resources, Frank Chaiken, practice group leader of the Corporate Transactions &amp; Securities practice, reflects on the various ways that governments, businesses and others seek to generate, obtain and use information. <a href="https://www.thompsonhine.com/insights/business-perspectives-whats-going-on/" target="_blank" rel="noreferrer noopener">Continue reading.</a>

Prompt Attention Required: Best Practices for Using Generative AI by Transactional Lawyers

Generative artificial intelligence (“generative AI”) presents perhaps the greatest opportunity in the last half-century to fundamentally improve efficiency, thoroughness and polish in a transactional lawyer’s work product. Yet, despite the promise of exponential and expedited progress, faster is not always better, and for the unwary, generative AI can cause more problems than it solves. We offer a few general tips to help you make the most of your prompts with whatever generative AI program you use. <a href="https://www.thompsonhine.com/insights/prompt-attention-required-best-practices-for-using-generative-ai-by-transactional-lawyers/" target="_blank" rel="noreferrer noopener">Read more.</a>

Corporate Transparency Act Considerations for Private Investment Funds

The Corporate Transparency Act, which became effective on January 1, 2024, requires non-exempt legal entities to disclose beneficial ownership information to the Financial Crimes Enforcement Network of the Department of the Treasury. While the CTA provides for multiple exemptions which may be relevant to private investment funds and related companies, there are still instances in which entities within the private funds space are subject to beneficial ownership reporting. <a href="https://www.thompsonhine.com/insights/corporate-transparency-act-considerations-for-private-investment-funds/" target="_blank" rel="noreferrer noopener">Continue reading.</a>

Obtaining and Maintaining Business Certification

Obtaining business certification can be a vital part of a company’s success in competing for government contracts set aside for small businesses and businesses owned by people from historically underrepresented groups. Of equal significance for many companies that have received certification is maintaining that certification as their businesses grow and mature, which, if not handled correctly, can jeopardize a company’s future access to additional contracts. <a href="https://www.thompsonhine.com/insights/obtaining-and-maintaining-business-certification/" target="_blank" rel="noreferrer noopener">Continue reading.</a>

BEA’S Foreign Direct Investment Reporting Requirements: A Primer

The Department of Commerce’s Bureau of Economic Analysis requires the reporting of certain statistical data on foreign direct investment in the United States, including when a foreign entity acquires a U.S. business, when a foreign entity or its existing U.S. affiliate establishes a new legal entity, or when an existing U.S. affiliate of a foreign entity expands its U.S. operations. Filing a response is mandatory under the International Investment and Trade in Services Survey Act unless the business does not meet the filing requirements. <a href="https://www.thompsonhine.com/insights/beas-foreign-direct-investment-reporting-requirements-a-primer/" target="_blank" rel="noreferrer noopener">Continue reading.</a>

FTC Noncompete Ban Partially Halted but Remains Largely Intact for Most Employers

On July 3, in Ryan, LLC v. FTC, Judge Ada Brown of the Northern District of Texas issued a preliminary injunction that temporarily blocks the FTC from implementing its noncompete ban, but only for the plaintiff and intervenors in that case. While multiple courts are expected to issue additional rulings prior to the FTC rule’s September 4 effective date, companies should continue preparing for the possibility of the noncompete ban taking effect. <a href="https://www.thompsonhine.com/insights/ftc-non-compete-ban-partially-halted-but-remains-largely-intact-for-most-employers/" target="_blank" rel="noreferrer noopener">Read more.</a>

Pension Plan Sponsors Targeted in Pension Risk Transfer Lawsuits

Multiple household name companies have been hit this year with class action lawsuits challenging the transfers of pension plan liabilities to a provider of retirement savings products. The transactions at issue ranged from approximately $2 billion to $9 billion and covered tens of thousands of participants. If your company sponsors a defined benefit pension plan, consider reviewing any current or contemplated de-risking activities in light of this litigation. <a href="https://www.thompsonhine.com/insights/pension-plan-sponsors-targeted-in-pension-risk-transfer-lawsuits/" target="_blank" rel="noreferrer noopener">Read more.</a>

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This newsletter may be reproduced, in whole or in part, with the prior permission of Thompson Hine LLP and acknowledgement of its source and copyright. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel.

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Business Law Update – July 2024

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