Financial Services Market Data Report 2016

JW Michaels Compensation, Compliance / Risk Management

JW Michaels & Co Financial Services Market Data Report 2016

The JW Michaels & Co Financial Services Market Data Report 2016 is now available. The data appearing in this compensation report were collected by comparing invoiced placements made by JW Michaels during 2016. The report presents compensations grouped by size and type of firm as well as by job title.

“We believe that educating our constituents on the current compensation levels in the areas we serve will help our clients to be more informed when they decide to hire a candidate,” states Jason Wachtel, managing partner at JW Michaels & Co. “This report will also help our executive job seekers make better career decisions.”

Read More

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather
new-law

Effective 10/31 New Law Bars Employers in NYC from Asking about Salary History of Applicants

JW Michaels Compensation, Compliance / Risk Management, News

JW Michaels & Co. compliant with Local Law 67 of 2017 – New Law Barring Employers in NYC from asking about salary history of applicants.
JW Michaels & Co. navigates you through a critical new law prohibiting employers in NYC from inquiring about applicants’ compensation history.

As you may be aware, a New York City law broadly prohibiting inquiries into the compensation history of applicants for employment will go into effect on October 31, 2017. This ban includes inquiries from recruitment and staffing agencies acting as the agent for an employer.

The law will prohibit employers and recruiting firms (and their employees and representatives) from asking a job applicant about his or her “salary” history, and from relying upon the salary history to make placement, recruitment, and hiring decisions. Importantly, salary history is broadly defined and includes an applicant’s current or prior wages, salaries, bonuses, benefits, or other compensation.

Navigating New NYC Local Law 67 of 2017

This presents challenges for employers and recruiting firms not only to ensure that they are compliant with this new law, but also in devising new and creative strategies to gauge candidate performance and productivity, in order to make the most competitive compensation offers.

Employers in New York City will need to make critical changes to internal hiring processes and related employment documents, thoroughly auditing policies at all stages of the recruitment and selection process.

Rest assured, JW Michaels & Co. will operate in full compliance with this new law and can assist you with your hiring process to ensure that you are fully compliant as well.

JW Michaels & Co. Ensures Compliance With New Law

JW Michaels & Co. will no longer ask applicants and candidates for, or inquire about, compensation and benefits history; however, there are exceptions where we can provide information to employers with regards to compensation history:

  • If an applicant or candidate voluntarily and without prompting discloses compensation history to an employer or their representative, the law authorizes that employer or representative to consider the information in determining salary, benefits and other compensation for that applicant or candidate, and to verify that job-seekers compensation history. In such a case, after receiving the candidate’s consent, we can pass this information to clients, expressly indicating that the candidate voluntarily provided their compensation history, without prompting.
  • We will continue to discuss a candidate’s compensation expectations and a position’s targeted salary range. Similarly, we can ask a candidate to justify his or her desired compensation based on skills, experience, and training.
  • We can ask candidates about unvested equity or deferred compensation that a candidate may forfeit upon their resignation from their current employer.
  • We can ask candidates about any objective measure of the applicant’s productivity, such as originations, revenue, or other production data.
  • We can ask candidates about any competing or counteroffer.

Assessing Performance and Determining the Market for Compensation

Employers have often relied on a candidate’s prior salary history as a key factor in determining initial compensation offers. However, employers will no longer be able to rely on a candidate’s salary history, as that information will not be available. Employers will need to determine initial compensation offers on an assessment of a candidate’s skills, experience, and performance, and more importantly, the “market” compensation range for hiring requirements. That is where JW Michaels & Co. can add tremendous value.

JW Michaels & Co. is continually developing strategies to gauge a candidate’s skills, productivity, and performance, in addition to maintaining rigid standards in all of the above. We can provide you with qualitative and quantitative measures of a candidate’s performance. Our teams are skilled in gauging candidate productivity and reviewing past performance measures.

JW Michaels & Co.’s Partners and Senior Recruiters each have 10-30+ years of industry experience. We closely track compensation trends and have in-depth market knowledge into the marketplace. Given our market intelligence, we can provide detailed and accurate compensation data about a wide range of industries, functions, and seniority levels.

Should you have any questions or concerns, feel free to reach out to Justin M. Mandel directly by email at jmandel@jwmichaels.com or call (646) 346-2457.

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Leader In Public M&A, Peter Harwich Joins Latham & Watkins LLP’s Global Corporate Department In NY

JW Michaels Compliance / Risk Management

peter.harwichLatham & Watkins LLP announced that Peter Harwich has joined the firm’s New York office as a partner in the Corporate Department and member of the Mergers & Acquisitions Practice. Harwich’s practice focuses on representing public companies in complex public and private M&A transactions, including spin-offs, joint ventures, and strategic alliances. He also has experience advising public companies on capital markets, securities law, and corporate governance matters.

“We are excited by the continuous growth of our global Corporate Department and leading M&A practice, further positioning us to support multinational companies that are increasingly looking for an interconnected global platform with seamless deal execution capabilities in multiple markets,” said Marc Jaffe, global Chair of Latham’s Corporate Department. “Peter’s practice is perfectly complementary to our current platform and our vision moving forward.”

Harwich joins Latham & Watkins from Allen & Overy in New York. He earned his BA from Columbia College in 1988 and his JD from New York University School of Law in 1991.
Click here to read the full article.

About Latham & Watkins

Latham & Watkins is a global law firm with approximately 2,400 lawyers in its offices located in Asia, Europe, the Middle East and the United States, including: Barcelona, Beijing, Boston, Brussels, Century City, Chicago, Dubai, Düsseldorf, Frankfurt, Hamburg, Hong Kong, Houston, London, Los Angeles, Madrid, Milan, Moscow, Munich, New York, Orange County, Paris, Riyadh, Rome, San Diego, San Francisco, Seoul, Shanghai, Silicon Valley, Singapore, Tokyo and Washington, D.C. For more information on Latham & Watkins, please visit the website at www.lw.com.

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Jeffrey Lewis Joins Norton Rose Fulbright As Partner in the Global Law Firm’s New York Office

JW Michaels Compliance / Risk Management

Jeffrey LewisNorton Rose Fulbright on Tuesday announced that it has hired Jeffrey Lewis, a patent litigator and past president of the American Intellectual Property Law Association, as a partner in the global law firm’s New York office.

“Having grown into one of the 25 largest law firm offices in New York, we are becoming an even more attractive destination for world-class lawyers seeking a global platform. Jeff will bolster our IP practice and provide patent litigation capabilities that our clients desire,” Daryl Lansdale, U.S. managing partner of Norton Rose, said.

Click here to read full article.

About Norton Rose Fulbright


Norton Rose Fulbright is a global law firm that provides the world’s pre-eminent corporations and financial institutions with a full business law service. With more than 4,000 lawyers and other legal staff based in Europe, the United States, Canada, Latin America, Asia, Australia, Africa, the Middle East and Central Asia, Norton Rose Fulbright aims to provide the highest possible standard of legal service in each of our offices and to maintain that level of quality at every point of contact. To learn more about Norton Rose Fulbright, visit: www.lw.com.

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather
negative-feedback

5 Tips on Giving Negative Feedback

JW Michaels Practice Areas

Recruiters all face times they need to give negative feedback, but the goal is to deliver it effectively and constructively. No one likes to be the bearer of bad news, but it’s inevitable at certain stages of the recruiting process. For a recruiter, an interview can be seen as somewhat routine, but job candidates often view them as stressful situations. If a job candidate requires help in certain areas of the interview, delivering productive feedback can help them change the trajectory of their career and potentially land them a position in which they can thrive once they make the changes. Below are 5 tips on giving negative feedback where it’s needed.

Read More

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Jason Wachtel Discusses What’s Next For Former FBI Director James Comey with The New York Times

JW Michaels Compliance / Risk Management, Executive Search

james-comeyIn the recent NYTimes article titled What’s Next for Comey? Probably Not ‘a Normal Job’, by Matthew Goldstein and Alexandria Stevenson, Jason discussed what’s next for former FBI director James Comey. With a résumé that includes top federal prosecutor, chief lawyer for both the world’s largest defense contractor and the world’s biggest hedge fund, and most recently director of the Federal Bureau of Investigation, would a position at a large financial firm, corporation or law firm be big enough for him?

“He is so high profile now that just a normal job is way beneath him,” said Jason Wachtel, a managing partner at JW Michaels & Company, a recruitment firm that specializes in placing lawyers at hedge funds and private equity firms. “Most of the hedge funds aren’t going to be big enough for him.”

Read the entire article here: https://www.nytimes.com/2017/05/13/business/dealbook/whats-next-for-comey-probably-not-a-normal-job.html

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

Former Assistant US Attorney, Dan Dorsky, To Lead Anti-Corruption & Ethics Practice At CRC

Mary Kaufman Compliance / Risk Management

dan dorskyNEW YORK, Oct. 25, 2016 /PRNewswire/ — Expanding its scope of compliance specialties to Anti-Corruption and Foreign Corrupt Practices Act resolution, Compliance Risk Concepts LLC (CRC) today announced the hire of Daniel Dorsky as Principal of its Anti-Corruption and Ethics Practice.

“CRC is excited to expand its services to advise clients on best practices and solutions for the Anti-Corruption and Foreign Corrupt Practices Act, with the notable addition of Dan Dorsky,” said Mitch Avnet, CEO and Managing Partner of Compliance Risk Concepts.

Mr. Avnet continues, “His broad experience combines corporate compliance dealing with complex issues and service as a prosecutor. With an in-the-trenches perspective from both sides, Dan will prove invaluable in guiding clients during all stages — before the emergence of compliance violations, during a regulatory agency audit, and throughout the resolution of any issues.”
Read More

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather