Executive Contracts and Severance Disputes
The upper echelons of corporate governance has its perks, but immunity from termination is not among them. For a CEO or senior vice president, job security may rise or fall with the most recent quarterly performance. When the separation is involuntary, there is the dilemma of settling for a career step backward or “riding it out” for perhaps a year or more until a comparable opportunity comes available.
For all the hand-wringing over runaway executive compensation, the truth is that you have to strike while the iron is hot and demand what you’re worth, because you won’t get that same consideration on the way out the door. Sack & Sack protects the interests of senior level executives on both the front end and back end of executive contracts and compensation.
New York City employment law attorney Jonathan Sack has represented high-level executives of major banks, corporations and other institutions, academia and not-for-profits, with in-depth knowledge of the financial services, health care and media industries. He negotiates the terms of executive contracts, negotiates severance packages and litigates breach of contract suits.
Executive Compensation and Career Paths
Jonathan Sack provides the contract law insight and industry savvy to put his clients in the driver’s seat when hammering out salary, stock options, perks and concrete terms of severance. He has developed a reputation for extending the corporate ladder of his clients, advising senior level executives on lining up their next dream job and taking advantage of opportunities to capitalize on achievements and career momentum.
Severance Disputes and Litigation
Sack & Sack represents executives who have been abruptly fired, as well as clients who anticipate termination and want to position themselves to minimize the fallout.
- We represented a senior executive at Deutsche Bank who was asked to transfer to England. He sold his apartment, house and cars, relocated his family overseas. Nine months in, he was scapegoated for failings of the London operation and fired. We sued for breach of contract, and won a settlement for 90 cents on the dollar of his multiple seven-figure salary.
- We sued on behalf of a Fortune 1000 company CEO whose contract was terminated. The crux of that case was the value of deferred compensation. We prevailed in sticking to our calculations, settling on the eve of trial.
- On Wall Street, employers are notorious for jamming an employee with new different and unfair deferred compensation plans, after the fact. This is not fair, and oftentimes, an employee can fight back.
Sack & Sack is committed to upholding your best interests, in the near term and in light of your future financial and career goals. Arrange a consultation today to discuss your executive compensation contract, a termination or a short-changing severance.