Congratulations, you got the offer! You’ve rounded the last curve on the way to your next executive position. Before you cross the finish line and celebrate, you need to negotiate and secure a winning employment agreement, which is best done by consulting an employment attorney to guide and help you consider your best interests. In Part 1 of a two-part series, we’ll discuss the need for hiring an employment attorney. In Part 2, we’ll discuss negotiating the employment agreement.
• Why consult with an employment attorney? Consulting an employment attorney isn’t something to fear or pretend you don’t need. When leaving one organization, joining another, or even when advancing from within, you could risk leaving money or benefits on the table. An employment attorney will help ensure you consider your best interests. Your employment attorney should help you:
◦ Push for maximum compensation terms
◦ Recommend terms to speed up equity vesting
◦ Ensure severance upon termination without cause or for good reason
◦ Understand all employment and post-employment restrictions
◦ Minimize risks associated with prior employment agreements
• Will the hiring organization find fault in you seeking the advice of an employment attorney? Quite the opposite! The organization expects its leaders to consider business matters thoroughly, negotiate them appropriately and with transparency, and conduct them professionally. They shouldn’t expect anything less of the candidate to which they extend an employment offer. Consulting an employment attorney to help you do that is simply good business. In many cases, you need not even disclose that you’ve sought legal advice. Your employment attorney can review the offer, recommend edits to the agreement, and provide you talking points that you can reference as you advocate for yourself in the negotiation.
• I’m being promoted from within. Do I really need an employment attorney? In a word, yes! “I’ve been with this company for 25 years and they love me. They wouldn’t shortchange me!” If I’ve heard this once from a client, I’ve heard it countless times. The responsibility of business leaders is to get the best deal for their organization – nothing more, nothing less. They are not going to put all their cards on the table at once. It is up to you to identify what’s important to you and negotiate those terms into your employment agreement. An employment attorney can help you do that.
• My neighbor is a lawyer. Can I just have him look over my employment agreement? If your neighbor is an employment attorney and they don’t have a conflict of interest, great. But, if they have legal credentials such as a real estate or estate planning lawyer, no. You need to consult someone who is specialized in and understands the nuances of employment law to ensure all is in order with your employment agreement, nothing is left to chance, and most importantly … that you aren’t leaving anything on the table.
As a strategic career advisor, I help senior executives land their first or next C-suite position. Once they receive the offer, though, I strongly encourage them to consult an employment attorney to ensure their best interests.
“An employment attorney is there to give you confidence that you get market or greater compensation, understand the restrictions and risks associated with equity grants and compensation, and get the best possible employment agreement terms,” says Kristen Prinz, Founder & Managing Partner at The Prinz Law Firm. “I want my clients to feel like they know all the risks and benefits associated with an opportunity so they can focus on the excitement of a new role.”
As your strategic advisor my mission is to help ensure you’re prepared for interview success—whether it takes place around a traditional boardroom table or via videoconference. Through The Montague Method, I’ll share my Secrets from a Search Consultant™ to help you land your first or next C-suite position. Explore the rest of my website to learn more and schedule a complementary 20-minute exploratory consultation.
