using an employment lawyer to review contract
i have received a few offers from pe firms and an investment bank. i want to finalise with one of the pe firms.
have any of you had a lawyer take a look at your employment contract before signing? is this advisable?
what approach have you used for negotiating your employment contracts?
i'm talking about both the practicalities of the process as well as reasources taht you have utilised, e.g.:
- use headhunter to do intitial negotiating based on outline terms.
- get employment lawyer to look at agreement and suggest clauses/terms amenments/additions
- outline/mark revisions and have a discussion with recruiting director/employer to finalize agreement.
- sign off and celebrate.
this is kinda sorta the approach that i am utilising. any comments, thoughts, additions, advice or insights to share?
views are appreicated.
this is for a pre-mba associate role at a solid pe firm, if it matters.
These are standard contracts...They wont really change much. You are really throwing away your $
As a pre-MBA, you are not exactly in a strong negotiating position here. If you suggest additions/deletions, they will most likely tell you that this is the standard contract and it cannot be changed. If you were coming in at a senior level, it would be a different story.
Is there any particular part of the agreement that bothers you? It seems like most people will do a PE stint for 2 years and go off to business school. In this case, even a non-compete agreement wouldn't affect you, since your next move is back to school.
Also, congrats on the offers!
thanks guys.
as to any changes. well. there are a couple of items:
ideally, would like to incorporate review period, i.e. that they would consider me for a senior associate role at the end of the year, totally at their discresion (am senior associate/avp now, but am upgrading firms). this may piss them off though, or they will laugh.
suck it up. they're probably not going to screw you over if its not a total chop shop.
I'd love to be in the room when a pre-mba 20-something marches into the office with his lawyer to negotiate his contract. ha.
will probably have to suck it up. they are a solid shop.
i wouldn't get my lawyer to negotiate anything! i was wondering if it makes sense to pay someone a couple of hundred to look at the agreement to make sure that there are no issues. the thing is, even if there are, i doubt that i would be able to change anything.
...funniest shit I have ever read.
at least i won't be the guy sitting in the bar drinking my sorrows away after getting the boot, without notice, bonusless and without being able to work in the industry for 24 months.
its called dd.
no, you'll be the guy sitting at the bar drinking your sorrows because you got the lowest bonus on the team because their first impression of you is that you're a douchebag
unlikely. some facts: 2006 bonus= 125% + stock + promotion + coffee with chairman. not to sound conceted, but i can make money anywhere.
well. once i see what thw lawyer has to say (i.e. i have more clarity) i will call them up, voice my concerns, accept their offer and sign on the revised document.
they want me. i (really) want them. i'm not going to negotiate on salary as it is in range and i'm making the move for the exposure more than anything else. its just a matter of making sure matters are in order.
Do any of these guys telling you to do this actually know what they are talking about? There is some more DD. Now keep in mind I don't know what I'm talking about either, but it seems like maybe you should discuss these issues you are having with the employer?
If they gave you an offer, they obviously want you, so why not voice your concerns with them so they can try to convince you that everything will be fine so you will sign with them?
i have received feedback my my legal counsel. i would recommend having a lawyer review your contract before you sign it. even if it is a 1 hour job that would costs a couple of hundred, or so.
entirely worth it for peace of mind alone (for non-entry level roles).
Have you managed to renegotiate the issues in the offer (according to your council suggestions)?
And another question relinquo: definitely you may make a lot of money and you're worth it (its evident even from your posts on CFA program - related forum). But why on earth do you agree on a demotion to associate from senior associate, given your abilities?
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