When an employee is asked to leave a job against their will, they may be offered a severance package. This is especially true for salaried, benefited employees who have been with a company for many years. While receiving a severance package is certainly desirable, it’s important that an employee understands what they are giving up by accepting a severance package, as well as that an employee has a right to negotiate the severance package that they receive. At the law office of Coffman Legal, LLC, our Cleveland severance negotiation attorneys are available to represent you. Call us today for a free consultation.
Your attorney can help you to understand what elements of your severance package you should negotiate. Common elements of a severance package include: Lump-sum payment Profit-sharing in the company Payout for unused vacation time and sick leave Health insurance benefits Job placement assistance Retirement pension/ plan Stock options The above list isn’t complete; each company may differ in what it offers employees. It’s important that you enter a severance negotiation knowing what you want to get from it. If you’re unsure, meet with an attorney in advance.
Employers don’t normally offer severance packages just because they feel like being kind; they do so because they are getting something in exchange. In return for your severance package, you may be asked to sign: A confidentiality agreement stating that you won’t reveal any details of the severance package or any company trade secrets or practices; A non-compete clause that limits your ability to work for similar companies; and A release of claims document, which means that you are agreeing not to sue your employer for any wrongdoing they have committed.
Negotiating a severance package can be both intimidating and confusing, and you may not have a good understanding of what you’re getting or what you’re giving up. Our lawyers can help you by: Ensuring that your employer doesn’t pressure you to accept something before you’re ready. It’s common for employers to tell employees that they only have a limited amount of time to accept before the offer is off the table. Explaining to you all of the different pieces of a severance package. Making sure that you understand what you will be giving up — such as your right to bring forth a lawsuit against your employer — by accepting the severance package. Negotiating the details of the severance package on your behalf to improve the chances of you getting the most favorable deal possible.
Our lawyers are here to provide you with attentive legal support as you negotiate your severance package. For a free consultation, please call our Cleveland severance negotiations lawyers at the law office of Coffman Legal, LLC today. We are here to support you and always work on a contingency fee basis.