New York City companies are working to comply with the city’s new pay transparency law, but because the law does not cover bonuses, many financial services firms do not have to be completely transparent, Bloomberg reported.

The new law requires New York City-based companies with at least four workers to include the lowest and highest salaries for any job it posts in good faith, as it aims to rectify disadvantages to certain groups based on factors such as gender or race. But only base salary ranges are included; bonuses are not. That means that businesses that pay employees most of their compensation in bonuses are not in violation.

A financial-services worker could be making many millions of dollars, but the posted salary range could be as low as $200,000, Richard Rabin of Akin Gump Strauss Hauer & Feld LLP told Bloomberg.

“For jobs where bonuses or commissions are a large part of compensation, a more comprehensive law would be better,” Stephanie Bornstein, a professor at the University of Florida’s Levin College of Law, told Bloomberg. “Even if base pay is consistent, total compensation may vary widely, and implicit biases can play a role in bonus setting.”

This aspect of the law also means that disadvantaged groups may not reap the law’s full advantages because they may be remain unaware of how much they can really earn.

Studies show that “when pay is left entirely to negotiation, women and racial minorities are disadvantaged by gender and racial stereotypes about how they should behave,” said Bornstein.

Female top executives at S&P 500 companies earned three quarters of what their male counterparts made in 2020, according to Morningstar. In general, women earned a median of 83.4 cents for every dollar a man earned, the U.S. Bureau of Labor Statistics reported last month.

“The bark of this law is worse than its bite,” said Rabin. “I don’t expect it to be a watershed event.”