Business Law and Corporate Law

With Hester Peirce's resignation leaving the Securities and Exchange Commission with only two commissioners, a newly amended quorum rule allows a single eligible commissioner to act on a matter...

For owners of closely held businesses, an employee stock ownership plan, or ESOP, can be an attractive way to transition ownership while allowing employees to participate in future growth. But one issue has long made ESOP transactions more difficult and expensive: uncertainty over how the Department of Labor, or DOL, and courts will evaluate the price paid for privately held employer stock.

The Department of Justice has withdrawn a 1987 Business Review Letter issued to proxy advisory firm Institutional Shareholder Services, signaling potential antitrust scrutiny of an industry that has evolved significantly since its infancy. This action raises questions about market concentration in the proxy advisory sector and whether firms' expansion into corporate consulting services conflicts with their original representations to regulators.

Mary Ellen Powers reflects on her groundbreaking four-decade career at Jones Day, from becoming the first woman Firm Administrative Partner to leading major expansions across Europe and the Middle East. What lessons has she learned about leadership, client service, and advancing women in the legal profession?

A White male plaintiff has filed a lawsuit against Edward Jones, challenging the company's "Goodknight" diversity program that allegedly incentivizes financial advisors to transition clients to female or other diverse advisors. The case represents one of several recent reverse discrimination lawsuits targeting corporate DEI initiatives, raising questions about the legal boundaries of workplace diversity programs under Title VII of the Civil Rights Act.

Human resources departments are rapidly adopting artificial intelligence to streamline operations, but this technological shift raises critical questions about algorithmic fairness and representation. When AI development remains concentrated among a handful of companies and excludes diverse perspectives, can these tools truly serve all employees equitably? The intersection of machine learning and workplace diversity reveals troubling patterns that demand immediate attention from HR professionals.

Maryland has amended its franchise registration and disclosure law with changes taking effect October 1, 2026. The amendments extend enforcement authority, expand franchisee claims periods, clarify jurisdictional scope, establish franchisee association rights, and codify a fast-track renewal program for franchise disclosure documents.

International restaurant expansion often generates legal problems before anyone believes there is much legal work to do. A team finds a location and negotiates the lease before confirming that the hours, the liquor service, and the patio are permitted at that address. An executive chef flies in to train the kitchen on a visitor stamp.

On July 9, 2026, the United States District Court for the Central District of California issued its decision in So Cal Storage, LLC et al. v. UNITS Franchising Group, Inc., 2026 WL 2045621 (C.D. Cal. July 9, 2026), granting a franchisor's motion to dismiss the franchisees’ claims arising from alleged misrepresentations, software failures, vendor restrictions, and misuse of advertising fund contributions.

Fresenius SE & Co. KGaA has completed its acquisition of the remaining 45% stake in mAbxience Holding S.L., a biosimilar manufacturer, for up to €750 million. The transaction makes mAbxience a wholly owned subsidiary within Fresenius Kabi's Biopharma business, providing the company with greater control over its biosimilar value chain from development through commercialization.

For owners of closely held businesses, an employee stock ownership plan, or ESOP, can be an attractive way to transition ownership while allowing employees to participate in future growth. But one issue has long made ESOP transactions more difficult and expensive: uncertainty over how the Department of Labor, or DOL, and courts will evaluate the price paid for privately held employer stock.

Business development companies (BDCs) have become a critical financing source for private equity-backed small- and middle-market companies while offering investors attractive private credit exposure. As the BDC market matures, sponsors and investors are increasingly exploring alternative structures, joint ventures with institutional investors, and evolving co-investment arrangements. The regulatory landscape continues to shift with proposed SEC rulemakings that could expand retail access to private markets