Ensuring That You Get A Fair Severance Package
Long-term and highly compensated employees are frequently offered severance packages if they are fired or laid off from their job. However, the size of the severance package can vary greatly from employee to employee. Until they learn that they are being let go, many employees do not know what kind of compensation is included in their severance package.
I am attorney Ashok Bail. I have nearly 20 years of experience in employment law and have reviewed hundreds of severance packages for employees working in a wide range of industries. Many severance packages do not include the level of compensation appropriate for the employee being let go. At The Bail Law Firm, I can help you with your severance package negotiation to get the compensation you deserve.
Negotiating Severance Agreements To Maximize Your Severance Package
The first step is to evaluate the offer you were offered and any employment contracts that were signed (if any). Severance agreements are often complex and may include clauses restricting your ability to sue the company, limiting your future employment options or other stipulations. Chances are that there are potential claims against the employer that will increase the value of the package, especially if you are over the age of 55 or if the legality of the company’s actions is in question.
Factors That Influence Negotiating Your Severance Package
Severance packages are mostly reserved for high-salary employees, but not always. The size and profitability of the company at the time of your departure also play a role. Some of the other main factors that influence the degree to which you can negotiate include:
- Your current age
- The length of your employment
- The compensation you received in salary and other benefits
- Whether you filed a complaint
- If you were under contract or were asked to retire early
- Whether the package is contingent on signing a nondisclosure or noncompete agreement
Regardless of whether or not you think the severance agreement you were offered is fair, it is always worthwhile to have an experienced employment law attorney review the package. I offer free consultations, so you have nothing to lose.
Contact The Bail Law Firm Today
If you were offered a severance package to leave your job, I can review the offer and let you know if you are getting a fair deal. To set up a free initial consultation to discuss your severance package, call 832-616-7545 or fill out my online contact form.