New York Severance Package Lawyer and Severance Pay Negotiations Attorney
The economic climate is difficult, which means that a number of New York employers and corporations are laying off their employees. If you have been laid off, or you are experiencing work problems and are worried about your potential termination, a New York employment law attorney should be able to help.
Even if this is your first time receiving a severance agreement, lawyers are well experienced in the field of severance packages. These attorneys have been involved in the drafting and negotiating of thousands of severance packages. You should not sign for your severance package until you’ve reviewed your rights and maximized your compensation.
What Should Be Included in a Severance Agreement
When you receive a severance agreement, the following information should be part of the package:
- The amount of the payment or payments, along with any considerations about taxation
- The time period and payment method for the severance money
- Payment covering any unused sick, personal, and vacation time
- The official date of your termination
- Reference language
- Information about any extended coverage of your health insurance benefits
- Information about any non-disclosure, non-solicitation, and non-competition obligations
- Information about benefits for unemployment insurance
- In cases that apply, an application of computations made with a severance pay calculator
When you receive a severance package, you should take the opportunity to review it with an employment lawyer. Your lawyer will help you understand the legal jargon and obligations involved in the package. Some severance packages prohibit employees from filing lawsuits against the employers for sexual harassment, bonus payments owed, and employment discrimination. You must have a lawyer review the package so you know what you’re signing before you sign it.
What Does a Severance Review Involve?
First, your lawyer will go over your severance review paragraph by paragraph. They will explain the legal issues at play here. They’ll also help you understand the practical considerations of the agreement, along with any consequences you might face. An employment law attorney has spent years analyzing and understanding severance agreements. Their job is to protect you from being taken advantage of by your employer.
After your in-depth review, your lawyer will engage in an analysis of the legal and factual issues surrounding your termination. These include the strength and viability of the possible law claims you might be able to bring against your former employer. Your lawyer will tell you whether you have the grounds to bring a complaint or lawsuit against your employer through the Department of Labor or Division of Human Rights.
Third, your lawyer will explain the benefits available to you, along with the value of your severance pay.
Fourth, you’ll be told whether you’re available for COBRA coverage for health insurance, along with the cost of these benefits. Your lawyer will also verify whether you qualify for benefits from state unemployment insurance.
Your lawyer will provide an analysis of any non-solicitation and non-competition agreements you’re being asked to sign. You will be informed of the impact this will have on your professional life, including your opportunities for future employment and your ability to start your own business.
If you choose to retain the attorney, they can negotiate the severance package to make sure you get the best severance payment possible.
An employment law attorney can also help in a number of issues besides severance packages. If you need to make a claim about unpaid wages, discrimination, retaliation, non-competition agreements, or overtime pay, these lawyers should be your first resource as well. Oftentimes, these types of claims will also be wrapped up in a severance package.
It’s common for severance packages to include non-disclosure agreements and release of your rights. It’s also common for you to be asked to sign and receive the severance package benefits within a predetermined period of time. For these reasons, it’s important to get in touch with an attorney as soon as possible. Your attorney can help you understand your rights, what rights you’re being asked to give up, and what legal recourse you have going forward. They’re your first line of defense against a powerful corporation.