Toronto, Oct. 05, 2020 (GLOBE NEWSWIRE) -- For Immediate Release: With Covid-19 shaking up the job market, employment lawyer Jotham Stein offers constructive ways to negotiate contracts and protect yourself if things don’t go according to plan. In his book Even CEOs Get Fired, Jotham draws from decades of experience and walks readers through the best practices, common pitfalls and sky’s-the-limit possibilities in the various stages of a career – from getting hired, to surviving an employer’s changes in control, to a voluntarily exit... to getting fired.
Even CEOs Get Fired is a lively, clear, and comprehensive guide to contract negotiations and employment law, with practical advice for everyone – from C-Suite execs and founders, to fresh-out-of-undergrad new hires. Each chapter focuses on a particular issue, mixing straightforward actionable advice with engaging fictional stories, based on real-life scenarios Jotham has seen in his practice. For example, consider the following advice on bonus plans:
There are the true disasters, where you might owe more than you earn in equity. For example, you borrow $100,000 from your employer in a recourse loan to purchase 100,000 shares of stock at $1.00 share (a recourse loan means the employer can collect on any of your assets if you don’t repay the note). You do this because if you hold the stock for one year, you will owe only capital gains taxes on the stock gain, not ordinary income taxes. Depending on your tax bracket, the difference could save you 17% or more in federal taxes.
You expect your employer to do well, and to pay off the $100,000 note once you sell your stock. But, if your employer goes bankrupt, you won’t have anything with which to pay off the note. The bankruptcy trustee – whose job it is to collect as much as possible for the bankrupt and its creditors – will probably insist you repay the $100,000 note. Has this ever happened? Many times. Even more so, when the economy is weak. Hopefully you borrowed the money knowing the risks you faced, and understood, at the outset, that you were making a business bet that might turn out to be a loser.
Whether you're starting out in a career, have lost your job or are considering jumping into entrepreneurship, you will learn how to negotiate like a CEO, regardless of your position. Those already in the C-Suite will appreciate his explanation of which documents and clauses really matter in complex employment agreements, and how to maximize your leverage by focusing on the bottom line. "This book is about you the entrepreneur, you the executive, you the manager, you who are just trying to get ahead," explains Jotham. "If you’re an entrepreneur or executive, someone with leverage, this book will help you learn the lay of the land and figure out what you might demand contractually. If you’re a regular employee, you’ll learn to be aware, to recognize potential employment pitfalls, and how to protect yourself if you’re able to do so. You’ll also learn that you may have more leverage than you might think, either now or as you advance in your career."
If you're considering a career move, negotiating a separation agreement or are wondering what might happen if your employer was sold or restructured, Even CEOs Get Fired is the ultimate guide to talking money.
Jotham Stein is a Silicon Valley employment lawyer and principal of the Law Offices of Jotham S. Stein P.C., in California and Illinois. He represents entrepreneurs, C-Suite executives, board members, senior managers, as well as less senior employees at companies of every size and type. With more than twenty years of experience in entrepreneurial and executive America, navigating boardrooms from Silicon Valley to New York, Jotham is a preeminent practicing expert in the field.
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