Severance Package Lawyers and Severance Pay Negotiations
Even the Fortune 500 companies speak with lawyers when it comes to severance packages, layoffs and plant closings, which only highlights the amount of value that you receive from representation like this. Lawyers have successfully represented former executives as well as certain classes of employees to obtain better compensation, longer periods with paid health insurance coverage and other invaluable benefits can be had from severance packages and severance agreements.
Never Sign an Agreement without Legal Representation
If you have been issued a severance agreement, you should never sign it until after you have learned your rights. You want to maximize your compensation and your benefits. A qualified legal representative will answer all the questions that you might have about the terms within the severance package, and they can explain the terms contained in the severance agreement. They will inform you of your legal rights, and if they see it as an unfair agreement, the lawyer will negotiate on your behalf so that you can maximize your severance agreement. They want you to receive the maximum level of compensation.
The Typical Severance Agreement Includes What?
Some of the things that you should find within the typical severance agreement include:
- Tax consideration and the amount of the severance payment
- The terms and payment methods used for the severance payment
- The terms for the payment of sick, vacation and personal time
- The termination date
- Language agreed on for the purpose of reference
- Health insurance with extended coverage benefits
- Disclosure obligations
- Scope of the non-competition obligation
Employees must review the terms of the severance package using a qualified and competent lawyer who understands how to read the terms within. This will help the employee to fully realize his or her benefits and the obligations that they could face. If there are terms unfavorable within the severance package, the lawyer will fight for you.
What Severance Agreements Can Do
When looking at a severance agreement, it has the possibility to bar employees from filing a future lawsuit against the employer based on a claim for sexual harassment, employment discrimination or payments owed like bonuses. You must review the terms to ensure that you haven’t agreed to unfavorable terms, and the best way that you can do this is through a lawyer. You also have to understand the terms of termination because this could help you to learn if any possible claims existed before you signed the agreement. Competent legal representation is essential when sitting in this position because you must understand your rights before you have agreed to released and waive all the possible claims against a past employer.
What Does a Legal Severance Review Have within It?
Lawyers who review your legal severance will look at the language within the terms paragraph by paragraph, and the will review the terms contained within it. A lawyer can help you to understand the specific legal issues to your case, and they will also look at the consequences and the considerations. Without understanding the laws, you could be taken for a ride. You need professional lawyers who have analyzed and reviewed hundreds of severance agreements because they will have a much better understanding of how yours might play out. This kind of experience protects you from signing away your rights when you still have plenty that could be done.
Getting a Qualified Valuation of Severance Pay and the Benefits That Come to You
A lawyer will look at what the actual cost of a health insurance program costs you, and they will also look at the eligibility from within your state. They will seek unemployment benefits for you in many cases. In addition, they will look for restrictive covenants that could bind you when you sign the severance package. Lawyers will also have the ability to seek out the other problems that could have an impact once you start to look for future employment opportunities. One employee talks about how he was crushed when he was fired, and he wasn’t sure how to proceed. Having a lawyer who can explain your severance agreement without the legal terms can save your family a bundle of money.
Not everyone will qualify for severance pay, and in fact, it depends on what the contract obligates the employer to do. Employers don’t always have to pay severance pay, which is why you should always seek a lawyer if you find yourself in this situation. Sometimes an employee might have a claim because of unpaid wage claims, non-competition claims and discimination claims. To better understand your situation, you need someone who specializes in this type of law. On the other hand, these lawyers can also be used to fight against baseless claims as well as overtime pay.