In the NSW Supreme Court on Thursday, Justice Geoffrey Bellew described the murder as an abhorrent and heinous crime before jailing Medich for 39 years with a non-parole period of 30 years.
The 70-year-old millionaire was found guilty in April of the 2009 murder of Michael McGurk and intimidating his widow Kimberley McGurk almost a year later.
Mr McGurk, 45, was shot outside his home on Sydney's north shore after he and Medich became embroiled in legal battles involving millions of dollars.
Late last month, a Sydney court heard the contract killing involved a "wickedness" and callousness that warranted a life sentence.
On Monday, a fifth man was punished for crimes linked to the execution after pleading guilty to two counts of concealing a serious indictable offence.
But 50-year-old Bassam Safetli was spared time behind bars, instead sentenced to a suspended nine-month jail term and placed on a 12-month good behaviour bond.
