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Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Compensation Trends Amid Covid-19
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Remote Work Is on the Rise and Could Change Everything
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Covid-19 School Closures May Cost Economy Trillions
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EEOC Updates Covid-19 Technical Assistance Publication
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Cal/OSHA Issues Citations to Multiple Employers for Covid-19 Violations
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The Service Economy Meltdown
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Maine Governor’s Economic Recovery Grant Program; Applications Due Tomorrow
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Washington, DC, Requires Employers to Adopt Covid-19 Worker Protection Policies, Increases Retaliation Protections
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Staffing Employment Falls in Q2 to Great Recession Levels; 3Q20 Revenue Expectations Improve
Following a six-year low in staffing employment during the first quarter of 2020, second quarter data released today by ASA reveal the Covid-19 pandemic’s significant negative effect on providers of workforce solutions. U.S. staffing companies employed an average of 2.1 million temporary and contract workers per week in the second quarter of 2020—the lowest since the Great Recession.
Staffing employment decreased 33.6% in the second quarter of 2020 compared with the same period in 2019—a historic year-to-year decline. Staffing companies expect their third-quarter revenue to improve sequentially with a year-to-year decrease of 12% predicted for the quarter, and a 13% decrease for the full year.
“During the first two months of the third quarter, staffing companies reported gradual but steady improvements in demand across many sectors as the country pushes to recover and businesses begin increasing the size of their flexible and permanent workforces,” said Richard Wahlquist, ASA president and chief executive officer. “Barring a second wave of Covid-19-related shutdowns, those increases are expected to continue through the balance of the year.”
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