Does anyone have any insight into NYC employment law for salespeople, or know anyone who can assist for a reasonable rate?
I'm a salesperson who derives 70% of my total comp from commission. I get paid commission AFTER my customers have paid their bill - not after they sign the contract.
If I was to quit, does my employer legally have to pay me commission that I earned from signed contracts that haven't been paid to me yet, or do I forfeit it?
Conversely, if they were to fire me, do they have to pay me on all signed contracts regardless if the customer has paid.
Completely separate, but somewhat similar, what's the deal with "required hours"? Can an employer force an employee to stay a certain amount of hours beyond 40/week? Sounds trivial, I know, but it is part of a larger issue.
Many thanks in advance for everyone's help and suggestions.
Cheers!
This is only from personal experience, so take it with a grain of salt.
Regardless of legal requirements, you will probably not be paid for what you are owed. It doesn't matter if you quit or are fired (but you especially won't if you're fired for cause - they might be a little merciful if it's an across the board lay-off).
If you work for an investment bank or any registered firm, part of your employment contract signed away your right to sue and bound you to arbitration. Arbitration panels are notoriously unsympathetic to employee claims (again, especially if fired for cause). People bound by arbitration still attempt to sue from time to time, but their success rate is negligible and most, if any, settlement money received goes to pay legal fees.
There probably is some labor law regarding overtime, but you can bet your ass that every firm across the board ignores it and gets away with ignoring it. This is the first line of complaint from salespeople who aren't making their numbers and are beginning to starve out - "Don't they have to pay us for overtime? I'm going to check with the Labor Board." Good luck with that.
The strategy for leaving a job like the one you described is to force all the biggest deals in your pipeline to close quickly and then begin working on smaller deals while you're waiting for the big ones to close. Yes, you lose the money from the smaller ones you close in the meantime, but you'll get paid on your biggest deals. Also, don't bail the day they pay you. Give the check some time to clear unless you're on direct deposit.
When I left my commodities firm, there was about a one month lag on the final $35,000 they owed me. I certainly wasn't going to leave that on the table. Believe me, it was extremely difficult to "look" busy for a month without actually doing anything. I collected the final 35k, gave the check a week to clear, cleaned out my office after hours and then came in the next day and resigned.
Thanks. I'm just bored as shit here selling research. I want to go back to a bank, but I get paid a lot relative to what I do here and they always owe me a shitload of money so it's stupid to quit and leave the money on the table.
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