Employment contract question

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Nov 14, 2006 7:42 pm

I'm considering a change, and my potential firm wants to see my employment contract.  I cannot locate it, any suggestions.

Nov 14, 2006 10:51 pm

Call HR and tell them you've lost your copy, and would like a replacement.


In all candor, however, I'm appalled that you would lose so important a document.

Nov 15, 2006 11:30 am

In most jurisdictions, employees have a right to see any document in their employee file with their signature on it.  Just ask to view (and copy) a few documents in your employee file.

That sould raise fewer eyebrows than asking for a copy of your non-compete.

Nov 23, 2006 8:40 am

To: rrbdlawyer


With the most recent arb decisions regarding employment contracts going in favor of the RR at Banc of America Investments due to broken promises. Does this set a certain precedent for future RR's that may go to arb over their contract? Can we as departing RRs expect more wins should we be taken to arb based upon past precedents with regards to broken promises and the employment contract?


Thanks,


Nov 23, 2006 10:08 am
rrbdlawyer:

Just by way of a friendly warning --- once you ask your current firm for a copy of your employment contract, that's as close to telegraphing your intention to depart as possible.  Those of us who are industry veterans know all too well what that request means.


There are any number of ruses folks try to come in under the radar --- telling your firm that you need the agreement for your family lawyer who is drafting a Will and wants to see your contract, had a fire at home and it destroyed your original, etc.  Frankly, I doubt you or anyone else will come up with anything so clever as to hide your intent.


The only other option is to find out if some colleague of yours has a similar agreement (they are often form contracts with few if any changes other than front-end/back-end compensation) and read that agreement to see if it refreshes your recollection.  You could then provide that to the potential employer with the disclosure that it is not your actual agreement.


Otherwise, not by way of pouring salt in the wound but merely to confirm Starka's point and educate others --- it is a frequent source of amazement to me as a regulatory lawyer that RRs faile to retain this most critical document.  In the future, make sure you put the original in a safe, secure place and make a couple of copies for back-up.  At a minimum, you might want to scan a copy and save it on your hard drive and on a remote memory device.


Best of luck




If it makes this poor guy feel any better, I will concede that I faced the same situation over a decade ago when I was trying to exit from my first job at Mother Merrill.  Of course, back then there was no option of scanning the document and putting it on a hard drive.

I called the main phone number and asked for corporate HR, and I simply asked them to send me a copy of my entire file, anything I'd signed.  Mother is a big enough company that the clerk there simply did as I requested(since it was required by law anyway), and I had what I needed without going through anyone at the branch, and without the BM knowing a thing.

Sometimes I suppose there are advantages to working at a big firm.

Then again, one of the things that I'm thankful for this holiday is now that I"m Indy I'll never have to worry about that situation again. I own my book by contractual agreement, and can leave my b/d whenever I please.  Not that I have any desire to leave at this point.

Nov 23, 2006 11:39 am

Back to my original question. What chances does an RR have with regards to fighting and disputing a contract in terms of keeping up- front money becuase the RR had been fraudulently induced by false promises or whose inherent obligations were not materially honored by the employer .


What is the cost for a firm to bring an RR to Arb.?


Also, I would rather pay a good securites attorney $10k-15k in order to help me keep $75k of upfront money than to just cave in and repay the money. Especially if the case involves being fraudulently induced by false promises or whose inherent obligations were not materially honored by the employer.


Thanks for your input.

Nov 24, 2006 11:06 am

So I'm assuming it will run the firm at least 20k also?

Nov 24, 2006 2:09 pm

No, it will probably cost the firm nothing. They generally keep lawyers on

staff while you don't.

Nov 24, 2006 2:26 pm

Wrong I know for a fact they source out for this type of work. Everything cost something weather tje lawyer is on staff or not.

Nov 24, 2006 2:40 pm

The glaring examples of illiteracy I see on this board are soooo disturbing sometimes.....'weather' others notice it or not......

Nov 24, 2006 4:02 pm
$$$$$:

Wrong I know for a fact they source out for this type of work. Everything cost something weather tje lawyer is on staff or not.



So you know for a fact that Merrill Lynch, UBS, Goldman Sachs, Dean Witter, et al have no legal department or direct legal staff?


Interesting.....What else do you "know"?


As to it costing something, you need to re-think that.  If in fact there is a legal staff being paid for at some level, they are being paid no matter what.  That is built into the price of what is charged for their service.


Do you suppose that the CEO finds out that $$$$$ is quitting, bolts upright in his chair and says, "Oh my God!  Get out the yellow pages!!!  We've got to hire an attorney!!!"? 

Nov 27, 2006 8:53 pm

I think if the firm believes they may be called to the table for fraudulent and broken promises, they may walk away from collecting 50-100k especially if they figure they will spend 20-50k to get it.

Nov 27, 2006 9:07 pm
$$$$$:

I think if the firm believes they may be called to the

table for fraudulent and broken promises, they may walk away from

collecting 50-100k especially if they figure they will spend 20-50k to get it.





Go for it! They can't outwit a smart guy like you!