Career advice for the volatile Covid-19 job market from an employment lawyer
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.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.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. ORDER EVEN CEOS GET FIRED ON: Amazon Barnes & Noble Powell’s Books Books-A-MillionAttachmentsEVEN CEOS GET FIRED revised frontJotham Stein_Even CEOs Get FiredMonica
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