Employment and Independent Contractor Agreement Negotiation and Drafting
Our team at Lax & Neville LLP works with financial services firms and financial services professionals to draft, review, and negotiate the terms of both employment agreements and independent contractor agreements. We have successfully negotiated several favorable provisions into our clients’ employment contracts, including guaranteed compensation terms, the amount of any potential severance, compensation during any non-compete period, for-cause termination provisions, and improvements to the terms of the benefits for the employee or independent contractor. We have also successfully negotiated several favorable terms for brokerage firms and investment advisory firms that enter into agreements with brokers, registered representatives, investment advisors and independent contractors.
Specifically, the attorneys at Lax & Neville LLP draft and review the following contract provisions commonly contained in employment and independent contractor agreements:
- Confidentiality clauses - which may obligate an employee/independent contractor to treat certain information (defined specifically in the agreement) as confidential and prohibit the employee/independent contractor from using that information or disclosing it to third parties without the employer or firm’s expressed written permission. These clauses typically cover proprietary information, such as trade secrets, which is information, a plan or process that is only known to the employer or the firm.
- Non-compete clauses - which may prohibit an employee/independent contractor from competing with the former employer/firm for a certain period of time.
- Non-solicitation clauses - which may restrict an employee from soliciting the employees, customers or business opportunities of the former employer/firm for a period of time.
- Other restrictive covenants - which may prohibit certain conduct by an employee/independent contractor.
- Work-made-for-hire clause – which may provide the works of original authorship belong to the employer, or whoever commissioned the work(s).
Confidentiality provisions, non-compete, non-solicitation, other restrictive covenants and work-made-for-hire clauses can be tailored to meet an employer and/or firm’s concerns and provide the employee/independent contractor and the firm with flexibility and protection.
It is important to speak with an employment attorney before signing employment and independent contractor agreements to make sure you understand the terms of the agreement and your rights are fully protected.
Please contact our team for a free consultation to discuss the negotiating and drafting of your employment and independent contractor agreements.