PREMIUM LEGAL SERVICES WITHOUT THE BOSTON PREMIUMWELCOME BACKWere back and we hope that you...
PREMIUM LEGAL SERVICES WITHOUT THE BOSTON PREMIUM
Were back and we hope that you are too. We took a year off to redefine and improve our quarterly newsletter to better serve your need to know what is going on in the world from a legal perspective.
The improvements that we have made center on readability: sometimes we forget that outside our doors and the courthouses in which we spend so much time the rest of the world does not always speak legalese!
Among the improvements that we hope you will appreciate this newsletter will
Use terminology that is more common to our non-lawyer readers;
Highlight our involvement in the community that we share; and
Update you in a more consistent manner.
Please accept our invitation to hit the REPLY button on your Email header and let us know what you like in it and what you would like to see improved.
Paul N. Barbadoro Partner
Update On Regulations
FINAL RULE on OVERTIME EXEMPTIONS
MAY IMPACT YOUR BUSINESS
On May 18 the Department of Labor announced that it will publish a Final Rule updating the exemption of executive administrative and professional employees from the minimum wage and overtime pay protections of the Fair Labor Standards Act.
Simply put this means that due to the expansion of the salary and compensation levels under the new rule more workers are entitled to overtime compensation without some sort of intervening action by an employer said Attorney Susan Molinari.
The Final Rule updates the salary level required for exemptions to apply while ensuring that the intended overtime protections in the Fair Labor Standards Act are fully implemented.
The Final Rule also makes the exemption for executives administrative and professional employees easier to understand and apply said Susan.
The Final Rule updates for the salary and compensation levels needed for executive administrative and professional employees to be exempt. Specifically in part the Final Rule does the following:
It sets the standard salary level at $913 per week or $47476 annually for a full-year worker;
It sets the total annual compensation requirement for highly compensated employees subject to the minimum duties test to $134004;
It establishes a mechanism for automatically updating the salary and compensation levels every three years (this will begin January 1 2020); and
It amends the salary basis test to allow employers to use nondiscretionary bonus and incentive payments to satisfy up to 10 percent of the new standard salary level.
The Final Rule goes into effect on December 1 2016. If you are a business trying to determine how the Final Rule may impact how you operate your business contact one of the Employment Lawyers at Baker Braverman amp; Barbadoro P.C. to ensure that you prepare your business to comply with the Final Rule.
By Susan Molinari Esq.
Theresa Barbadoro Koppanati and BBB legal assistant Ana Gomez
BBB in the Community
PAINT NIGHT a HIT
On June 9 Baker Braverman amp; Barbadoro P.C. hosted more than 20 women from varying professions including banking public relations elder care financial services business consulting and entrepreneursfor a Paint Night at the firms Quincy office.
A Paint Night for those who have not yet participated in one combines a creative painting opportunity with a decidedly social activity. Clare Donoghue of the Traveling
Theresa Barbadoro Koppanati with visiting painters Kim Train Barbara Arena amp; Lisa Virello.
Art Party supervised the painting experience. In a short time the painters produced a sufficiently well executed piece of artwork in this case a seascape to provide a sense of accomplishment.
This was a great night of networking laughs and painting said event organizer Attorney Susan Molinari. Joining her in orchestrating the event Attorneys Lisa Bond Theresa Barbadoro Koppanati Elizabeth Caruso and Brandi Cerasuolo acknowledged the benefits of what others might construe as unusual for a law firm. We offer the broadest range of services in any one law firm on the South Shore said Theresa; so we work long tough serious hours. This gave us an opportunity to meet with a number of our clients and friends in a casual setting and to get to know each other as multi-faceted individuals.
Wishing you Could Refinance Debt?
Welcome Back SBA 504
In late May of this year the Small Business Administration (SBA) re-established the debt refinancing program consistent with the more well-known SBA 504 loan programs. The 504 loan program was historically available only to purchasers of commercial property.
The debt refinancing program while available several years ago had been temporary. The program expired in 2012 but this legislation now makes it permanent.
The benefit of SBA financing and more specifically the debt refinancing is that borrowers who are approved and funded have a fixed mortgage rate for 20 years said Attorney Gary Hogan. In todays commercial loan market it is very difficult to obtain fixed rate financing and almost never for 20 years.
Making the program even more attractive the interest rates (which are set at funding) have recently seen historically low rates. For June 2016 the 20-year rate hovered around 4.3 percent.
The SBA started accepting applications after June 24 and borrowers have to meet certain criteria including but not limited to:
the debt being refinanced must be qualified debt as that term is defined in the act;
the borrower must be current on the existing debt payments for at least one year prior to applying; and
the assets to be secured (real estate or personal property) must qualify as eligible assets.
A host of other rules and regulations concerning these government guaranteed loans apply; therefore if you are interested in learning more about the SBA 504 Debt Refinance Program the lawyers at Baker Braverman amp; Barbadoro can answer your questions and introduce you to a Certified Development Company that can assist you with an application.
By Gary Hogan
BBB Attorneys in the News
We wish to congratulate Lisa Bond Esq. on her recent nomination to the Massachusetts Lawyers Weekly Top Women of the Law. Each year Lawyers Weekly honors women attorneys who have made tremendous professional strides and who have demonstrated great accomplishments in the legal field.
I am deeply honored by this nomination said Lisa. Through me I want my clients to receive the very best representation available. A nomination like this communicates that to them.
Attorney Bond joined Baker Braverman amp; Barbadoro P.C. in 2002. Promoted to Partner in January 2016 Lisas practice concentrates on civil litigation family law and personal injury.
Congratulations to Theresa Barbadoro Koppanati Esq. on her recent recognition by Boston Magazine as one of the Top Women Attorneys in Massachusetts.
Attorney Barbadoro Koppanati has served as an attorney at Baker Braverman amp; Barbadoro P.C. since 2010.Prior to joining the firm she served as a corporate associate at Latham amp; Watkins LLP in London and in-house counsel at Red Bull North America in Santa Monica California.
Theresa advises clients in all areas of corporate law including asset purchases contract negotiation commercial finance secured transactions mergers and acquisitions and joint ventures. She also counsels clients on corporate compliance and intellectual property matters.
As part of a Massachusetts Bar Association sponsored event to mark Elder Law Month in May Elizabeth Caruso a probate and elder law/estate planning attorney at Baker Braverman amp; Barbadoro P.C. presented on basic estate planning and asset protection to a group of senior citizens at the Stoughton Council on Aging.
As part of our mission to give back to the community Attorney Caruso found this wonderful opportunity to reach out to some of our societys most vulnerable said Paul Barbadoro Partner at Baker Braverman amp; Barbadoro.
Lawrence DiNardo Elected President of John Hancocks Historic Military Unit
Congratulations to Lieutenant Colonel retired Lawrence DiNardo (U.S. Army Reserve) on his recent election to President of the First Corps of Cadets an historic military association.
Quincy born and bred Attorney DiNardo has practiced law in the city for more than 30 years and for the last eight years with the Law Firm of Baker Braverman and Barbadoro P.C. He will serve as the President of the First Corps of Cadets from 2016 to 2018.
Founded in 1741 the prestigious military organization First Corps of Cadets boasts Quincys John Hancock as its most famous elected commander. Hancock led this unit during the Revolutionary War and it has since fought in all of our countrys major conflicts and wars including the Civil War World War I World War II Korea Vietnam and all of our Middle Eastern conflicts.
Currently the 211th Military Police Battalion of the Massachusetts Army National Guard constitutes the active unit of the First Corps of Cadets. This unit now focuses on providing security to the Boston Marathon and the Fourth of July on the Esplanade.
The First Corps of Cadets has maintained a military museum on Commonwealth Avenue in Boston where it displays portraits busts and artifacts associated with John Hancock including a picture of Hancocks home that was painted on an actual panel from its door.
As a full service law firm our team of attorneys is uniquely positioned to provide a broad spectrum of premium legal services promptly and efficiently without the Boston premium.
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