Ryan Nori, Esq.

H-1B $100,000 fee lawsuit signals labor disruption well beyond the tech sector. 📌 What’s happening - The first challenge to President Trump’s $100,000 new-visa H-1B fee was filed in early October by a coalition of plaintiffs that goes far beyond Silicon Valley, including hospitals, charter schools, nurse staffing firms, religious groups, and medical training residents. - Global Nurse Force (nurse recruiters), charter school operators relying on language teachers, religious ministries hiring multilingual workers, and medical resident organizations who say the fee disrupts their pathway from J-1 to H-1B. - These groups argue the new fee is a barrier not just to high-tech imports, but to essential services in health care, education, and religious and nonprofit sectors. 📌 Why it matters - Hospitals already struggling with staff shortages now face an impossible $100,000 cost per new H-1B hire; no hospital can absorb that for every nurse or specialist role. - Schools may cut programs (e.g., foreign language teaching), clinics may reduce specialties, and lesser-served communities suffer first. - The plaintiffs intentionally show how the H-1B program is a backbone for many non-tech roles across geographies, not just coastal and not just white collar. - The lawsuit challenges not only the size of the fee but also the process, claiming a lack of notice, failure to factor in industry harms, and overreach in executive power. This lawsuit is more than a tech industry rebound; it’s a signal that the H-1B fee shock is a direct threat to essential services across the U.S. sector landscape. #immigration #h1b #visa #legal #immigrationlaw #labor #hiring

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The billable model is cracking from two sides: efficiency cuts it from above, automation from below. Most firms are responding predictably: launching digital practices, adding AI buzzwords, repackaging services as "solutions." It may buy headlines, not durability. I was searching for a firm successfully pulling off what a commenter called RefreshCo. The painful process of moving from human leverage to technology leverage business. I came across CACI International. For 54 years, it was another government contractor: predictable contracts, billable hours, thin margins. Then in 2016, leadership made an intentional shift. They built trust first. Technology second. The sequence mattered more than the strategy. The numbers are showing the payoff:  → FY25 Revenue: $8.6B, up 13%  → Technology Mix: 55% of revenue, growing at 16.5%  → Backlog: $31.4B, ~4 years of visibility  → Free Cash Flow: Executive incentives tied to targets CACI's transformation happened in three phases: Step 1: Extending the rails (2016) CACI spent $550M to acquire L-3 National Security Solutions. This gave them prime positions on sensitive contracts and security clearances. They bought trust infrastructure and cover to rewire the business without losing customers. Step 2: Put new trains on the rails (2019) With distribution secure, they layered in proprietary technology. Instead of chasing new markets, they went deeper: secure communications, signals intelligence, electronic warfare. Same buyers, same missions, same contracts. Step 3: Hardwire cash discipline (2016–today) CACI made free cash flow the scoreboard. By 2025, half of executive incentives were tied to three-year FCF targets. This turned financial discipline into governance. Three principles emerge: → Build the rails before you run the train. Trust and distribution come first because credibility buys time. → Deepen existing lanes before adding new ones. Technology should amplify what you deliver, not distract from it. → Anchor to cash discipline. It's the constraint that keeps the pivot credible. CACI shows that success comes from architecture: infrastructure before innovation, depth before breadth, cash discipline before growth theater. Most firms fail because they get the order wrong. In services-to-tech pivots, sequence is the strategy. (Full review sent to subscribers)

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Chairman Atkins’ remarks at the Weinberg Center highlight the need for reforms that would improve the public company experience and remove complexity that prevents innovative companies from coming to the public markets. Nasdaq strongly supports regulatory changes that simplify disclosure, modernize shareholder engagement, and reduce unwarranted litigation risk — including giving companies the option to adopt arbitration provisions. We look forward to working with policymakers on a capital formation agenda that is focused on improving the vibrancy of the IPO market and ensuring that public companies can thrive without being burdened by excessive regulatory and legal costs. Thank you to Chairman Atkins for your continued advocacy on behalf of investors and the public markets. Read the full remarks here: http://spr.ly/6044AQMC6

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📢 Historic Deal Alert: Largest LBO Ever Electronic Arts (EA) will go private in a $55 billion transaction — the largest leveraged buyout in history. Deal Highlights: 💵 $210 per share in cash to shareholders 📊 ~$36B equity + ~$20B debt 🚫 No private credit — a notable departure from recent mega-deals 🌍 Consortium: Silver Lake, Saudi Arabia’s PIF, and Affinity Partners 🔎 Why It Matters: Scale: Sets a new benchmark for global LBOs. Financing Structure: Reliance on equity and traditional debt, not private credit, signals shifting dynamics. Sovereign Capital: Reinforces the growing influence of sovereign wealth funds in strategic sectors. Industry Impact: EA gains freedom to invest and restructure outside public-market pressure. 📊 For dealmakers, this transaction will serve as a case study in scale, capital structure, and strategy for years to come. #mergersandacquisitions #innovation Eric Johnson, Matt Stevens Winston & Strawn LLP https://lnkd.in/gK5GEFtw

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Picking the Best Business Entity for Startup Success 🚀 For most startups, a C Corporation is the winning choice—especially if you plan to raise venture capital, issue stock options, scale quickly, and take advantage of tax planning benefits like the Qualified Small Business Stock (QSBS) exemption. LLCs can work in some situations, but they can get messy for investors. S Corporations? Almost never a good fit for startups. The restrictions on ownership and stock classes make them a growth killer. Choose wisely—your entity sets the foundation for everything that follows. HVM Law Firm

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The SEC just eliminated the $25,000 minimum and accredited investor requirements for registered closed-end funds investing in private equity. This isn't just regulatory minutiae—it's a fundamental shift in who gets access to institutional-quality returns. What changed: ✅ No more Regulation D restrictions ✅ No accredited investor requirements ✅ No minimum investment thresholds ✅ Immediate effect via ADI 2025-16 Who wins: - 130 million U.S. households (up from 13 million) - 401(k) participants seeking alternatives - Fund managers accessing 10x larger markets The democratization of private funds isn't coming—it's here. Full analysis on our blog → https://zurl.co/aehyb #PrivateEquity #SECCompliance #InvestmentManagement #AlternativeInvestments #SecuritiesRegulation #FinTech #WealthManagement #401k #VentureCapital #FinancialServices

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Side Letters: Where LPs Channel Their Inner Negotiators If private equity fund docs are the dinner menu, side letters are the secret off-menu requests. Because some LPs want their steak just so. After countless negotiations, three requests consistently rise to the top of the LP wish list: ✅ Most Favored Nations (MFN). Because no one wants to be the LP left holding the "standard terms" bag. MFN is the investor’s way of saying: If someone got a better deal, I want in too. Think of it as the fund’s version of price matching. ✅ Co-Investment Rights. LPs don’t just want exposure, they want options. These clauses say, “Call me when something juicy comes along.” Whether they take advantage of the co-investment offer when it comes along is an entirely different story... ✅ Affiliate Transfers. Apparently, corporate reorganizations are like fashion trends: unpredictable, frequent, and always needing flexibility. These requests boil down to: Can we move our interest across entities like musical chairs without asking you nicely each time? I tell clients all the time - designing and building a fund is boring. It's the negotiations that are fun! #PrivateEquity #FundFormation #SideLetters #GPvsLP #BehindTheDocs #NegotiationNation DLA Piper

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