SEVERANCE NEGOTIATION
Being terminated or laid off can be a sinking feeling, and one that leaves an employee with many questions about their future. Depending on the industry, how many years an employee has worked at a company, and the nature of an employee’s work, the employee may be offered severance pay. While severance pay can help to ease the blow of being let go from a job, it’s important that employees understand that they have a right to negotiate their severance packages. At the office of Coffman Legal, LLC, our Youngstown severance negotiation attorneys can help you to negotiate with your employer about your severance package. Call us today to learn more.
The details of a severance package will vary from employer-to-employer, employee-to-employee, but generally include some or all of the following: Lump-sum payment Opportunity for profit sharing Ongoing compensation for a set period Retirement benefits/compensation Continued health insurance Payment for unused sick and vacation days Assistance finding a new job
When you are offered a severance package, it may be accompanied by pressure to accept the package immediately. In reality, though, you do not have to accept a severance package initially; you have the right to negotiate the offer and the right to have legal representation throughout the process.
One thing that’s important to remember about a severance package is that they’re not always offered out of an employer’s goodwill; instead, they are often offered in exchange for something — namely, an employee releasing their right to any claims against the employer. This is important to consider, as you’ll need to weigh what you’re getting (benefits/payment) against what you’re giving up (any claims you have against the employer). If you had a claim against your employer for an employment law violation, ranging from a wage and hour complaint to a discrimination complaint and more, you should talk to an attorney before accepting any offer. Once you accept an offer, you will be releasing your right to claim, which means you no longer maintain legal grounds to bring a complaint forward.
Negotiating with your employer can be intimidating, especially as they’ll surely have their attorney in the room. At the office of Coffman Legal, LLC, our Youngstown severance negotiation attorney can help you by reviewing the details of the severance agreement; making a recommendation about how you should proceed and what your severance package should include; explaining to you your rights, including any rights that you’ll waive by signing the severance agreement, and potentially negotiating a more favorable result.
Whenever you’re in negotiations, especially those that have legal consequences, it’s smart to have an attorney by your side. At the office of Coffman Legal, LLC, our Youngstown severance negotiations lawyers are happy to sit down with you and review your case free of charge today, and then to represent you on a contingency fee basis. Call our law office directly today to get started.