Executive employees changing jobs or starting at a new position should strongly consider contacting an executive contract attorney. Certainly, executives are typically business savvy in their own right. However, an attorney familiar with executive contracts can help review, negotiate and avoid the pitfalls typically seen in executive contracts. An experienced executive contract attorney has insight gained from negotiating and litigating almost every aspect of an executive employment agreement. Executives should utilize that expertise to their advantage in contact negotiations. This includes everything from the basic to the most complicated contract terms.
The Basics of Executive Contracts
Executive employment contracts should always address a few basic matters such as base salary, raises and bonuses. Even though numbers seem straightforward, always do your research. For example, executives looking to change to a different industry or who are transitioning from a long-term position should understand the current demands and options to negotiate a higher salary if warranted. In addition, bonus terms should be reviewed carefully to determine how, when and what they pay out under all scenarios. An executive contract attorney can offer seasoned advice on negotiating a pay-scale and how bonus structures operate.
Beyond the Basics
As most executives know, there is typically much more to an executive contract than the basics. For example, contracts can (and often do) include stock options, reimbursement terms and termination terms. They also often include non-disclosure agreements, non-compete agreements and severance pay. The scope, applicability and enforceability of the more complicated contract terms can vary widely depending on job position and industry, as well as applicable law. In addition to understanding the specific effects of the more complex terms, an attorney familiar with executive contracts can also provide guidance on issues which a contract might be missing. For example, if an executive maintains a separate business where a conflict of interest might arise, this should also be addressed in the contract.
Contact an Experienced Executive Contract Attorney
The nuances of executive employment contracts are best evaluated by an attorney. An experienced attorney can spot potential issues and raise questions to best situate the executive for meaningful contract negotiations. The Dallas employment lawyers at Rogge Dunn Group handle all aspects of employment agreements and have considerable experience with executive contracts. For more information contact us here.