Small finance firm I used to work at has been stringing me along for 3 weeks unpaid Need a gut check?
6 years experience in the industry. Have looked billions in transactions at institutional shops. Got laid off last year, took a short stint at another firm that didn't work out, and ended up back at a small commission-heavy firm I worked at right out of college.
First time around they paid me scraps in my early 20s. The CFO at the time who the CEO openly hates now clipped my PTO illegally on the way out. Classic California wage theft that I didn't fight because I was young and didn't know better.
5 people now compared to 25 when I started. CEO is in his 70s, egomaniac made a fortune in a previous era, now managing the last few assets on his way out. Conflict avoidant to his core, cannot make a single decision without running it by someone else first. Firm has been in the red since 2019.
I worked there early in my career. Two guys got hired after me. Both got treated significantly better, more responsibility, more comp, more respect. I made in the 40k. They both cleared $150K. Everyone who's come through this place has used it as a stepping stone and left. Including me. Until I came back.
I'm broke. I have debt. The job market is brutal right now. This was better than unemployment. The CEO called me back specifically to backfill the guy who's leaving. He heard from guy leaving I was on the market, their otherwise solution was hiring an intern and hoping for the best. The guy leaving and now me run everything from operations, pipeline, meetings, send out every email, basically run the firm because everyone else at the firm is geriatric and former has beens. I've been coming in every day since late April. No signed offer letter. No pay. Just showing up because I needed something and he needed someone. He also said I would get similar structure. I worked there in past so I know how dysfunctional it is.
The CEO's wife is now running HR and finances because the firm is falling apart. She has zero experience making comp decisions for a commission-heavy firm. She has never once spoken to me directly in three weeks. Instead she routes everything through the guy who's leaving, told him not to show me what she was drafting, and has been routing all my I-9 and W-4 paperwork through him instead of engaging me directly. She also coming in for a firm audit the day he's leaving for his help.
The guy leaving is secretly on my side. He showed me everything and hates them.
The offer letter they sent the guy leaving to review without coming to me
Start date: They falsified my start date, erasing over three weeks of work I actually performed. California wage law is clear — you cannot retroactively decide unpaid work doesn't count. A Pure discretionary structure. The actual language says the ceo may allocate to you a discretionary amount, if at all. . Meaning the CEO can legally pay me zero commission on every deal I work on forever and the document explicitly permits it. This is a commission-heavy firm where base salary is just survival money. The real comp is supposed to come from deals closing.
Title: Entry level title. Despite the CEO telling me verbally to use whatever title makes the company look better externally and telling me to take the same title as the guy leaving.
Benefits: Three month waiting period before PTO accrues. Insurance doesn't start until one full calendar month after the falsified start date — blowing past my special enrollment period window from my previous employer. The benefits section references a group health insurance plan but only specifically lists dental, vision, basic life and disability. Medical is never explicitly mentioned. Could be an oversight. Could be intentional.
90 day probationary period: They can fire me at day 89 before any benefits kick in.
No assignment protection. No pro-rata if removed from a deal before closing. No commission statement requirement. CEO cant close the deals without me either.
Indefinite non-compete as well not in previous offer letters.
The private conversation I wasn't supposed to see
The CEO accidentally left a printed copy of a text exchange between him and his wife where they reviewed my draft offer letter. My draft stated the firm's historical precedent on splits and that I was open to negotiation — even more firm friendly then last couple of guys
Wife: He is writing his own terms and I don't think he's earned it. Same mistake as others.
CEO: Claimed he said nothing directly contradicting verbal agreements he made with me the same day about bilateral commission splits defined at the start of each deal.
Wife: Fine with her if I can't call my own shots and leave.
CEO defended me slightly but ultimately deferred to her.
The guy leaving had an offer letter two years ago with vague commission language that ceo was forced to sign. He ended up making $180K. The wife wasn't involved then. Now she is and she's giving me worse baseline terms than he got — despite the fact that I have more experience than he did when he started.
The CEO verbally agreed to bilateral commission splits defined at the start of each deal. He also told me he's always been fair with people to clear the air despite almost everyone who ever worked for him hate him.
I need this job. My financial situation is dire. This is better than unemployment.
But I want a gut check. Are my three changes reasonable or am I overreaching? I think I'm asking for the exact same terms the last guy got. The ceo doesn’t think I can execute but told me I can’t run my own deals since he wont get paid and terrified of me getting autonomy.
TLDR**:** Worked three weeks unpaid at dying small finance firm. Got an offer letter with falsified start date erasing weeks of work, "if at all" discretionary commission language, possible medical insurance bait and switch, and a non-compete that wasn't in the previous employee's agreement. Made three minimal changes matching the previous employee's exact terms. Wife running HR has never spoken to me once and is routing everything through the departing employee who secretly showed me everything including their private texts. Need to know if I'm being reasonable or if I should just sign the original and move on. Or if I should just give them the middle finger.