NLRB Returns To The Traditional Common-Law Agency Test for Independent Contractors - Hunton Employment and Labor Perspectives

We will need to see if this ruling impacts the brokerage industry.

https://www.huntonlaborblog.com/2019/02/articles/nlrb/nlrb-returns-traditional-common-law-agency-test-independent-contractors/

Not All Trial Lawyers Can Handle All Kinds Of Trials

Great article from Above The Law. Although it is directed at young attorneys deciding on a career path, it provides great advice to clients as well.

I am a trial lawyer, a litigator, and have been at it for over 30 years. While I have represented clients at trial, in state and federal courts, most of my trial experience is in securities arbitrations, and virtually all of my work is in the securities area.

The point is that while I am an experienced trial attorney, my expertise and experience is limited to securities matters - SEC and FINRA enforcement proceedings, and arbitrations between customers and brokers, and arbitrations between brokers and firms. So, while I represent brokers in employment disputes, I am by no means a labor lawyer and do not represent employees outside of the securities industry. For those cases, I refer potential clients to true labor lawyers.

And the reverse is true. My labor and employment colleagues do not represent brokers in disputes with their securities firms. There is just too much that they need to learn about the securities industry in order to provide effective representation. I send the business employee disputes to them, they send the securities employee disputes to me.

Think about that when you are hiring an attorney. For securities attorneys, check their website, search FINRA's arbitration award database,  FINRA's enforcement proceedings, the SEC administrative proceeding database. You can also search the federal court database at pacer.gov (but it is court specific), and depending on the state, check your state court system's database.

Keep in mind that your attorney need not be licensed in your state in order to represent you in an arbitration or enforcement proceeding (I have represented clients in over 20 different states in such matters) but this research will give you some insight into your potential attorney's experience.

And most importantly - ask him or her about their experience, what type of cases they have handled in the past, and think hard about retaining a divorce attorney for your customer dispute, or a union labor attorney for your promissory not case.

From the article:

"[S]omeone who specializes in personal injury probably does a better job of knowing what the juries want in those cases—a more raw sense of justice, theatrics, I’m not sure—than I would as someone who has not yet tried such a case. And as experienced as I’d like to think I am, I’d be a fish out of water in landlord-tenant court or a tax court, and I don’t simply mean not knowing the rules, I mean handling myself on my feet. There are differences."


Not All Trial Lawyers Can Handle All Kinds Of Trials | Above the Law

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Mark J. Astarita is a partner in the securities law firm of Sallah Astarita & Cox. He represents brokerage firms, financial advisers, and investors in securities enforcement, litigation and arbitration matters across the country. Have a question? Email him at mja@sallahlaw.com.

PNC Employee Wins U-5 Expungement and Damages

A former broker at PNC sued PNC for a dirty U-5, alleging defamation, libel, misconduct, wrongful termination, and wrongdoing in connection with the termination of his employment.

A FINRA arbitration panel awarded him over $100,000, plus attorneys fees, and ordered his U-5 amended to state that his termination was arbitrary and capricious.

A significant win for the broker. Remember - your CRD Record is forever, and public. You need to make sure it stays clean, and you need to take action to protect and correct it.

Thanks to Bill Singer for alerting use to this award - Defamed PNC Employee Wins Dramatic Expungement 

If you are registered with FINRA and believe that your firm has filed a false U5, call Sallah Astarita & Cox. Their attorneys have decades of experience in representing brokers and firms in employment matters, including U-5 defamation cases.

Related articles

• Broker Bests UBS on Deferred Comp 
• Brokers Can Win Promissory Note Cases 

Advisors Have Leverage In Employment Agreements

Executive Recruiter Mindy Diamond finds that compliant advisors, with $100 million in assets under management, are in the driver's seat in the recruiting scene.

We represent advisors across the country, insuring that they are in fact compliant, and working on the best possible deal to get out of their current firm, and into the new firm.

Thinking of a move? Give us a call - 221-509-6544.

For more information - Why Advisors Have Leverage | Financial Planning

--- The attorneys at Sallah Astarita & Cox  have experience in all aspect of broker-dealer compliance, employment and litigation. Our clients include individual financial professionals, and firms of all sizes, nationwide. For more information call 212-509-6544 or send an email.

Considering a Move? Now Might Be The Time

Changing firms can be a challenging and stressful time. We have spent decades helping advisers change firms, dealing with restrictive covenants, garden leaves, old promissory notes, new promissory notes, injunctions and more. None of it is fun for the adviser, but all of it is manageable with proper planning and the right team in place.

We are seeing indication that recruiting is up the market is encouraging for advisers looking to change firms. According to Financial Planning.com, the high end of the wealth management market is a very, very good place to be right now. Valuations for advisory firms with over $500 million in assets under management are expected to escalate in the wake of this month's Boston Private Bank and Trust's $60 million acquisition of Banyan Partners -- made at what sources say was a valuation of nine times EBITDA. The high-profile sale is also expected to goose interest from well-capitalized financial companies seeking to pick off independent RIAs that have hefty assets, wealthy clients and a steady fee-based revenue stream.

And it is not just the high end. We represent advisers with all manner of revenue streams - you just need to find the right fit, or if you are up to the task - start your own RIA. Need an assist - email me.

For more information visit Valuations to Surge After Banyan Deal?

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The attorneys at Sallah Astarita & Cox include veteran securities employment lawyers, inhouse counsel and outside counsel to wirehouses and small shops. We have decades of experience in representation of securities professionals in their employment matters, including promissory note litigation, restrictive covenants, negotiations of new deals, and employment injunction proceedings, nationwide. For more information call 212-509-6544 or send an email.