On November 1, 2022, a new wage transparency law took effect in New York City that requires employers to include a good faith range of salaries in all advertisements for a job, promotion or transfer opportunity that can or will be performed in New York City. Given the concentration of private fund managers in New York City, the new law will certainly affect their hiring practices in what is an already challenging employment environment. To better understand the new law and its implications for fund managers’ hiring efforts, the Hedge Fund Law Report spoke to Martin Schmelkin
, a partner at Schulte Roth & Zabel LLP who specializes in representing fund managers in employment matters. This article presents Schmelkin’s thoughts on the law’s scope, requirements and implications. For coverage of another New York City compensation-related law, see “Four Steps NYC-Based Fund Managers Should Take in Light of Newly Enacted Law Prohibiting Compensation History Queries When Interviewing Prospective Employees
” (May 11, 2017).