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Protecting Your Interests in the Long Term
Barrett & Farahany’s executive compensation lawyers in Atlanta understand the importance of protecting your career interests while helping you maintain your business relationships in the process. Our law firm can help you successfully maneuver through the complexities involved in executive compensation planning and negotiating.
If you are an executive tracking your success through your career and reputation, you should notice how you’re building a wealth of marketable knowledge and experience. This becomes a selling point for new and better ventures. In turn, it also becomes vital to have knowledgeable and experienced legal representation to protect your interests as you enter different phases of employment. Career changes such as promotions, relocations, reassignments, and transfers involve many considerations. These considerations must be carefully navigated to make sure your executive compensation matches your knowledge and experience.
What is Considered Executive Compensation?
Executive compensation includes all of the financial and non-financial benefits your employer/business affords you as upper-level management. These benefits include:
Access to company transportation
Insurance
benefits
Legal
Protections
Assistants
Executive-only areas
(such as a gym or lounge)
Leadership over
company teams
The right to make executive decisions for the company
And more
Being an executive often extends beyond the parameters of your employment, so the benefits you receive should extend beyond financial payments as well.
If you’re being offered a new position, whether by joining a new company or promotion, you should consider whether or not you can ask for more. Our skilled executive compensation attorneys can work with you to see if you can and should pursue more.
Types of Executive Compensation
The specific examples we listed can be broken down into types of executive compensation. Depending on your employer, it may be more tactful and reasonable to break down your compensation by type rather than specific requests. This makes your requests easier to understand and track. These types include:
Cash Compensation
This includes all the pure monetary compensation you will receive in a year, from your base salary to your signing bonuses and holiday bonuses. Contracts should stipulate whether it is possible for you to earn bonuses beyond your typical compensation.
Option Grants
Many businesses will offer stock options, as these will get you invested in the business’s success and allow you to gain extra profit from its success.
Deferred Compensation
Often, for tax purposes, certain modes of compensation, such as bonuses, can be deferred until later dates. It’s important to record these so your new executive compensation isn’t incorrectly taxed.
Long-term Incentive Plans (LTIPs)
This references all compensation tied to your performance, both as an incentive and for tax purposes, as tax laws favor pay-for-performance compensation.
Retirement Packages
You can’t work forever, so it’s important to have a plan and wealth that you can use once you retire. Employers who really want you on their team can offer you benefits such as 401ks, IRAs, and more.
Executive Perks
As mentioned before, your access to company assets would be labeled as an executive perk. Other perks beyond what we’ve mentioned can include travel reimbursements and paid time off that may not be offered to other executives and especially not to non-executive employees.
Why Do You Need an Executive Compensation Attorney?
With every new position, there is one constant: contracts. The fine print is important and guarantees whether or not you will receive the executive compensation you want. Our team will meet with you to explain your rights and guide you through your employment changes, employment contracts, or separation/severance agreements you receive. We’re also here to take the lead in direct negotiations with your current or new employer on your behalf. We’re here to ensure you get what you deserve, and nothing less.
We can help as you consider such issues as:
Salary
Title
Duties
Bonuses
Vacation
Benefits
Education Options
Stock Options
Stockholder Agreements
Retention Programs
Equity Arrangements
Incentive Plans
Voting Power
Ownership of Developments
What constitutes a cause of termination
Relocation, and managing the expenses involved
Planning for your Retirement
Trade Secrets
Non-competition and non-solicitation agreements
Change in Control
Contact the Executive Compensation Attorneys at Barrett & Farahany Today
You have worked hard to get where you are. When you are presented with opportunities in your career, you owe it to yourself to ensure that they are truly the right decision for where you want to be. We’ll also review your contracts so you know exactly what you’re being offered and what responsibilities you’re taking on. You can trust us to have your back. Contact us today.
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