The Hedge Fund Law Report Publishes Rabin and Busching Article on NYC Law Prohibiting Compensation History Questions of Prospective Employees
The Hedge Fund Law Report has published the article “Four Steps NYC-Based Fund Managers Should Take in Light of Newly Enacted Law Prohibiting Compensation History Queries When Interviewing Prospective Employees,” written by Richard Rabin and Desireé Busching, partner and counsel, respectively, in the labor and employment practice at Akin Gump. The new law, signed by New York Mayor Bill de Blasio, Rabin and Busching write, “is intended to help close the gender-based pay disparity gap by largely removing reliance on current compensation levels at the time of hire.”
The article describes what practices will be prohibited once the new law goes into effect, including searching public records to learn of an applicant’s compensation history. It also discusses what will be permitted, such as informing applicants and recruiting firms of an anticipated salary range of a position.
In addition, the authors provide some suggestions for advisers to private funds and other financial institutions on steps they can take now to prepare for the new law’s effective date, which is October 31.
To read the complete article, please click here.