Severance Agreement Negotiations
Executives, professionals and employees leaving a company are subject to considerable risk when they lack an effective severance agreement or severance package. When income, reputation and your future career are involved, it is essential to have an experienced employment law attorney protecting your interests. Waldman Law Group, P.C. represents professionals, managers, corporate executives and employees with preexisting employment contracts during severance package negotiations.
Severance agreements usually evolve from one of three different circumstances:
- The employee has been fired and the employer offers a severance agreement
- The employee wants to resign and seeks to negotiate a severance agreement
- The employee has been fired and no severance agreement was given, but he now approaches the employer seeking one
We will meet with you to discuss your career ambitions and the circumstances of your employment’s termination. This enables our attorneys to anticipate any objections your employer may raise and be in the best position to negotiate the severance agreement accordingly. We then tailor our negotiations to address your concerns which may include:
- Severance pay or payment of deferred income
- Company paid COBRA insurance benefits
- Favorable employment references
- Favorable method of termination (resignation, not involuntary termination)
- Exercise of stock options
Just because a company offers a severance agreement does not mean that you should accept it without due consideration. Often, signing a severance agreement will almost always mean that you waive your rights to pursue legal recourse against your employer for your wrongful discharge.
For example, if you faced wrongful termination based on your employer’s illegally discriminating against you, you may be asked to waive your rights to challenge the wrongful termination. This may not be prudent if your right to sue the employer under a theory of wrongful discriminatory practices is potentially worth more than the severance agreement gives you for waiving the right to sue the employer.
Further, often, a severance agreement includes a non-compete clause which would present a challenge in the future to obtaining employment in your field and/or in the geographic area where you desire to work.
For these reasons, you should always have an employment lawyer review the severance agreement. Negotiating an advantageous severance package is central to protecting your rights. The attorneys at Waldman Law Group, P.C. know how to maximize the amount of a severance package through effective negotiations for fair severance agreements that protect our clients' rights and their future career options.
If you wish to leave or have left your employment, contact the attorneys at Waldman Law Group, P.C. by telephone or the contact sheet to schedule a consultation to discuss whether a severance agreement can be negotiated.
If you are in the process of separating from your employer or think that you are being forced out, contact us so that we can advise you of your rights and the possibility of obtaining a severance agreement.