CMM Senior Partner Christine Malafi and SUNation CEO Scott Maskin are co-chairing the 2024 Family Service League‘s Summer Soirée and cordially invite you to a festive evening with old friends and new as they raise funds for our Long Island neighbors in need. The event is on Wednesday, June 5th, from 6:00pm – 9:00pm at the Stonebridge Country Club in Smithtown, New York.
For sponsorship, ticket and journal information download the forms below and email them to Tricia O’Hare at tohare@fsl-li.org.
The Townwide Fund of Huntington has named Don Rassiger the honoree of their September golf classic, which will be held on September 19th at Westhampton Country Club, 35 Potunk Lane, Westhampton Beach, NY 11978.
The Townwide Fund’s mission is to collectively raise the quality of life in the Town of Huntington by funding vital health and human services for underserved residents through our local charities.
Successfully completing the sale of a company can be challenging and emotional in any circumstance, and particularly so when the shareholders have been business partners for over four decades. CMM recently closed the multimillion-dollar sale of a Long Island-based manufacturing company that has supplied its products to other manufacturers and businesses across the globe since the early 1980s, helping the shareholders navigate a host of legal, business, and personal considerations.
The sale was to a private equity group with aligned business interests. As part of the deal, it was important to our client that the buyer retain the company’s 30-person strong workforce, including its Chief Operating Officer, who has worked her way up in the company for over a decade. The arrangement also included a lease back of the property where the business has operated for decades. CMM’s Christine Malafi negotiated the deal, with critical support from Marc Saracino and Zachary Mike. Several issues which arose after the deal was underway threatened the closing, but CMM pushed through the challenges and delays to bring the deal to closure. Alan Sasserath, Managing Partner of Sasserath and Co., was an integral part of the team with respect to deal structure and tax advice.
The client was elated with CMM’s efforts, sharing that our team was “an absolute pleasure to work with.” We look forward to assisting the client over the next several years as they wind-down on business and learn to be landlords to the buyer.
This transaction showcased CMM’s depth of knowledge in the M&A seller-side and manufacturing space. Learn more about how CMM helps our clients receive the most value for their business.
Campolo, Middleton & McCormick, LLP is pleased to announce that Senior Partner Christine Malafi has been named Chairperson of the Judicial Screening Committee of the Suffolk County Bar Association. The Committee is tasked with investigating the background, experience, and other qualifications of candidates seeking to run for judicial office in Suffolk County to ensure that potential nominees are qualified to serve on the bench.
Malafi will chair the Committee this year in addition to her work chairing the Corporate department at CMM. Her practice focuses on mergers and acquisitions, corporate governance, and routine and complex transactions. She routinely represents buyers and sellers in multimillion-dollar transactions and serves in a general counsel role for many of the firm’s corporate clients. In addition to her legal work, Malafi serves on the Executive Board of Directors of Family Service League as the Vice-Chair of Governance & Nominating.
All members of the Judicial Screening Committee are appointed by the President of the SCBA, subject to the approval of the Board of Directors. Committee members are attorneys who have achieved distinction and experience in the practice of law. Malafi’s role on the Committee demonstrates her outstanding service to the public as well as her continued pledge to faithfully serve the Suffolk County legal community.
Scott Middleton, CMM Senior Partner and The 1957 Club General Counsel, invites you to join The 1957 Club for a night of sophisticated bites, upscale cocktails, and lively music on Tuesday, February 27, 2024 at Chops Steakhouse in Patchogue, NY. Event proceeds benefit the 1957 Club (NIL).
The 1957 Club is a third-party non-profit organization that provides name, image, and likeness (NIL) opportunities to Stony Brook University student-athletes while helping promote charitable organizations located within the Stony Brook community.
Joe Campolo moderated a panel of elected officials at the HIA-LI‘s 46th Annual Meeting & Legislative Program, attended by over 350 members of the business community. Leading a discussion that included a wide range of topics such as manufacturing, economic development, transportation, and infrastructure, Joe engaged with panelists including New York State Lieutenant Governor Antonio Delgado, Suffolk County Executive Ed Romaine, Town of Smithtown Supervisor Ed Wehrheim, and the Director of Economic Development at the Town of Islip John Walser.
Selling an accounting practice can be a challenging and complex process, as a NYC-based accounting firm recently learned when they started the sale process. Once they retained CMM, Senior Partner Christine Malafi rigorously negotiated the deal, which involved the sale of our client’s business assets and set forth a process for transfer of clients, files, and employees to the purchasing practice.
Our client was motivated to finalize the sale by year-end, setting a demanding timeline for our legal team. CMM met the challenge head-on, managing the agreements for lease terms, the transfer of sensitive data, and transitioning the employees in a timely manner.
The client was thrilled with the deal and CMM’s dedication, sharing: “Thank you for all your hard work and for your persistence over the last few months. You accelerated the process substantially, were very insightful, and were a pleasure to work with!”
As the end of the year approaches, it is important to remind New York State employers and employees of the increased minimum wages that affect both hourly and salaried employees.
For hourly, non-exempt workers, please see the chart below for basic hourly minimum wage increases that go into effect as of December 31, 2023:
Minimum Wage Increase
Geographic Location/Increase from 2023
2024 Rate
NYC
$16.00 per hour ($1.00 increase)
Nassau, Suffolk, & Westchester
$16.00 per hour ($1.00 increase)
Remainder of New York State
$15.00 per hour ($.80 increase)
To the extent your business pays basic minimum wage, it is important to make sure that the increased wages are reflected as of December 31, 2023.
Tip Credit
New York State also allows employers in certain industries to satisfy the minimum wage by combining a cash wage paid by the employer plus a credit for tips the employee receives from customers. The minimum hourly rates New York employers must pay most tipped employees go into effect as of December 31, 2023:
Service Employees
Geographic Location
2024 Rate/Tip Credit
NYC
$13.35 / $2.65 ($0.85/$0.15 change)
Nassau, Suffolk, & Westchester
$13.35 / $2.65 ($0.85/$0.15 change)
Remainder of New York State
$12.50/ $2.50 ($0.65/$0.15 change)
Food Service Employees
Geographic Location
2024 Rate/Tip Credit
NYC
$10.65 / $5.35 ($0.65/$0.35 change)
Nassau, Suffolk, & Westchester
$10.65 / $5.35 ($0.65/$0.35 change)
Remainder of New York State
$10.00 / $5.00 ($0.55/$0.25 change)
The “tip credit” rules can be difficult to follow, so it is important to track this information to ensure that tipped employees are receiving at least basic minimum wage, inclusive of tips, when calculating wages.
Salary Threshold for Overtime Exemption
Finally, there are increases in the minimum salary threshold that must be met for exempt employees. As of January 1, 2024, the following minimum salaries must be paid for exempt administrative and executive employees:
Geographic Location
2024 Salary Threshold
NYC
$1,200.00 per week ($62,400.00 annually)
Nassau, Suffolk, & Westchester
$1,200.00 per week ($62,400.00 annually)
Remainder of New York State
$1,124.20 per week ($58,458.40 annually)
With the upcoming changes, it is important to update policies and pay practices to stay in compliance. If you have a question about minimum wage, overtime, or wage and hour exemptions, please contact us or call (631) 738-9100.
[1] The New York State Department of Labor has included new weekly minimum salaries in its proposed regulations, under such proposed regulations, the New York State salary threshold for exempt employees would increase. The comment period for such regulations closed on December 4, 2023.
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