New York And Connecticut Severance Agreement Lawyers
The employment attorneys at The Boyd Law Group, PLLC have extensive experience evaluating and negotiating severance agreements on behalf of employees and executives. Employers often offer severance packages to employees during company layoffs or when employees are terminated without cause. If you employer has asked you to sign a severance agreement it is important to evaluate whether the benefit of severance pay outweighs the consequences of giving up certain rights.
When your employment ends your employer often offer severance including continued medical coverage in exchange for your waiver and release of potential claims. You should consider the value of the claims you are waiving and any non-compete/solicit options that might impact your next job which will likely be referenced in the severance agreement. It is virtually always the case that severance agreements include a section prohibiting you from taking legal action against your employer.
The terms and conditions of these agreements are extremely important, to understand especially if you have been discriminated against, retaliated against, harassed, wrongfully terminated or denied earned wages. They are also important to be reviewed if stock or some ownership/equity interests are at play. If you are being presented a proposed severance agreement in association with the termination of your employment, you may benefit from securing the guidance of an employment attorney who may assist you in understanding your rights and whether the terms of the proposed severance agreement are equitable under the circumstances and in your best interests.What a Severance Package Might Include
A severance package might include or be negotiable as to:
- Lump Sum Payments Based on Tenure with the Company or Claims You Have
- A Reference – Neutral or Otherwise
- Continuation of Salary for a Period of Time
- Payment for Unused Sick Time or Vacation Days
- Extension of Medical Benefits
- Retirement Benefits
- Stock Options and / or Vested / Unvested Stock
- A Pro Rata Share of Your Bonus or Commissions
- A Cooperation Provision
- A Non-Compete/Solicit Provision
- Prior to accepting a position, employees in executive positions often negotiate an employment contract that includes a payment of severance to the employee in the event of any separation from employment as an inducement for the executive to join the company. These provisions vary substantially
- Severance pay for executives and management-level employees is larger than the payments offered to non-managerial employees. Whether the proposed separation pay is fair depends upon the potential value of the legal claims that the executive is being asked to release, as well as other considerations. An employment lawyer with The Boyd Law Group can help executives evaluate the severance agreement they have been asked to sign.
The employment lawyers at The Boyd Law Group can review your severance agreement, explain the terms, and answer your questions to ensure you are making an informed decision. We can help you identify your options, and we may be able to negotiate more favorable terms for you. The employment lawyers at The Boyd Law Group have advised many executives, professionals, and employees about their severance agreements. To schedule a review of your severance agreement, please call us at (800) 617-4254 or fill out our form on our Contact Us page.