More Than A Number

The debate in Congress over limiting exorbitant executive contracts in the financial sector has called attention to the issue of executive compensation. Top-level executives in a number of industries have found themselves and their compensation agreements subject to intense public scrutiny. Under the new stimulus plan, banks receiving bailout money must restrict bonuses for their executives, as well as place a ban on “golden parachute” severance packages, incentives that encourage “unnecessary and excessive risks,” and pay plans that “encourage manipulation of the company’s reported earnings.”

Even for companies outside of Wall Street, however, the issue of executive compensation has become a hot-button issue. In this environment, when both tensions and unemployment are high (a 17-year high of 7.6% in January), it is wise to seek legal counsel prior to signing a contract. An attorney with experience in employment negotiations and employment law can review the contract with you and explain the contract’s provisions to make sure that you understand the details and expectations for performance, as well as options for exiting the company.

Have confidence in your new career and your future. A bad contract could even be worse than no contract, but you can avoid both when you choose an experienced legal team such as Engel & Schultz, LLP. With nearly 30 years of experience practicing in the Boston area, the firm has handled many employment, business, and corporate law cases. A Boston corporate attorney from the firm can help you review your contract and determine if it is right for you.