In battle over bonuses, why so many advisers lose it all in arbitration

Posted on April 12th, 2017 at 3:02 PM
In battle over bonuses, why so many advisers lose it all in arbitration

Jim Eccleston was recently mentioned an article published by Andrew Welsch on

The article pertained to legal battles between firms and advisors when advisors leave a firm or switch from one firm to another.

Jim was quoted in the article multiple times stating:

It's "the equivalent of Michael Jordan having a one-on-one with a third grader," says James Eccleston, a Chicago-based securities attorney of 30 years.

When discussing situations when advisors choose to skip hiring a lawyer and choose to represent themselves instead.

Jim also stated: 

"Most [promissory note] agreements will contain a clause to repay the firm that portion of the unpaid promissory note balance upon any kind of termination, whether that termination is for cause or not for cause or even wrongful," Eccleston says.

Eccleston and other attorneys say that the language is often ironclad, and the firms view these contracts as clear-cut. 


Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, James Eccleston, Eccleston Law LLC

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Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.


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