After failing to avert Merrill Lynch & Co. Inc.’s headlong tumble into the subprime market, which led the bank to write down billions in losses, CEO E. Stanley O’Neal was fired in 2007. For that he can thank himself and the bursting housing bubble. To cushion his departure, O’Neal left with a retirement package worth $162 million. For that he can thank his lawyer, Joseph Bachelder.
Bachelder, Vedder Price Chairman Robert Stucker, and Proskauer Rose partner Michael Sirkin, the elite when it comes to representing executives in employment negotiations, built their careers representing clients for whom family use of the company jet is a boilerplate employee benefit. Bachelder, who runs a small, eponymous firm in New York, essentially invented the practice area in the early 1980s. Stucker is probably best known for helping Robert Nardelli walk away from The Home Depot Inc. with $210 million in 2007. Among Sirkin’s clients are the CEOs of The Boeing Co. and Motorola Inc.
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