Norris McLaughlin & Marcus, P.A.

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Transitions in Employment

May 01, 2014

IN THE NEWS: Cheniere Energy and Barclays Executive Compensation Issues

Newsworthy items in executive compensation arena include stories on Cheniere Energy and Barclays:

  • Cheniere Energy Inc. pays its CEO $142 million in 2013, apparently one of the largest pay packages in the U.S., despite lack of profit or attaining its exporting goals. Consider that Cheniere “has lost money every year since its founding in 1996.”
  • Barclays’ top U.S. executive departs due to “acrimony” over pay. 
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Aug 29, 2013

As Summer Winds Down, Ease Off Your Electronics

As the official days of summer wind down and Labor Day weekend approaches, many other transitions will be under way. We are anticipating the reopening of schools, resumption of college and graduate classes, more traffic and new traffic patterns, and businesses focusing on the approaching fourth quarter.

Next week, we must re-adjust the pace of our lives back to the pre-summer norm.… Read More

Aug 14, 2013

Is the Anti-Management Business Model Sustainable?

Could a baseball team function without a manager?  Could an orchestra play without the conductor?

I thought of these scenarios after reading a recent article, “Managers? Who Needs Those?: At Some Tech Firms, Disdain for Hierarchy Collides With Need for Oversight,” that appeared in the Wall Street Journal.  The article covers startup tech firms that have an apparent “disdain for management” and view managers as “archaic, or worse, dead weight.”

Watch out Harvard Business School — a new paradigm is here!… Read More

Jul 26, 2013

Stay or Go: Options Are Limited When Your Firm Has Been Indicted

As today’s Wall Street Journal article, “Fund’s Employees Face Uncertainty” indicates: “No major financial firm has survived a criminal indictment.”  With the criminal indictment of  SAC Capital Advisors, many of its current employees are confronted with a difficult decision.  The choices are limited – stay or go.… Read More

Jun 13, 2013

The Responsibilities of C-Suite Are Evolving

A recent Wall Street Journal article New Job, New Steppingstones (page B7) discusses how many companies “have centralized more functions,” thus altering the traditional path to the CFO’s office for many finance executives. An explanation lies in the trend to outsource many financial functions. Those seeking the CFO spot are now required to offer skills in a broader range of areas.… Read More

Jun 03, 2013

Developments in New York City Labor Law

Two pieces of legislation from the New York City Council are poised to affect New York City employers in 2013. The first is a requirement enacted by the Council that prohibits discrimination against the unemployed. The second, expected to be enacted shortly after a legislative compromise was reached at the end of March, would mandate that employers provide employees with paid sick days.

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May 06, 2013

Don’t Alert Clients Before Defecting

When it comes to financial advisers switching firms, the old adage – loose lips sink ships – holds true.

When a financial adviser is plotting to jump ship, the temptation to tell clients is often strong.  Stifle it, and stay mum.

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New firms often don’t appreciate being drawn into lawsuits or arbitration over solicitation. Clients don’t like it, either.

“You’re also potentially subjecting your clients to be asked to testify as to the nature and scope of your communications,” said David Harmon, an employment attorney and partner at Norris McLaughlin & Marcus in New York.

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Mar 07, 2013

Getting On Board As A Team Player With The New CEO

Whether promoted from within or from the outside, the new boss will need help to succeed.  By “getting on board” as a “team player” and becoming a strategic asset, you should create  personal career enhancement, rather than a premature termination.  See great article in The Wall Street Journal (March 6, page B8) by Joann S. Lublin, “How to Prove Your Worth to the New CEO.”… Read More

Jan 16, 2013

Cash is King?

Is Jefferies Group Inc. moving against the grain by paying bonuses in cash or are they setting a new trend? Hard to predict.

In yesterday’s Wall Street Journal, Lunch Break: Jefferies in Flap Over Plans for Bonuses in Cash discusses backlash to Jefferies’ election to pay bonuses in cash rather than in stock.  On my mind is the collection headache Jefferies may have created for itself, which may inure to the benefit of the bonus recipients.… Read More

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