When you are laid off from a job, life can be very stressful and your funds may be limited. You don’t know when you will find another job. A good severance package can help bridge the gap between your old job and your new job, and possibly more.
Hall & Lampros’ attorneys are experienced at reviewing severance agreements, advising our clients about the legal implications of each part of the proposed agreement, and negotiating better severance packages for our clients. Given what’s at stake when you sign a severance agreement, you want to know what your rights and liabilities are, and to make sure you’re getting the best deal you possibly can.
Severance packages typically include payment for wages for a certain period of time, which may or may not be commensurate with the value you contributed to the company, your loyalty and tenure, or other considerations. Severance packages can also include continued benefits or money set aside for you to make Consolidated Omnibus Budget Reconciliation Act (COBRA) payments, so that you can continue health insurance for you and your family under the employer’s group plan. Severance agreements may also provide for other compensation or benefits as well, such as bonuses to be paid out on particular business deals or projects once they come to fruition, or outplacement services to help you get a new job.
However, in exchange for offering continued wages or benefits, however, most severance agreements will require an employee to sign a release of all legal claims. They may also contain provisions prohibiting you from working for a competitor business or soliciting customers or clients of the company for a certain period of time. How these provisions combine to impact you, and whether price is right for you to release claims you may have and the right to work for whoever you want after leaving a company is critical. Experienced employment law attorneys at Hall & Lampros regularly advise clients on whether they are releasing legal claims in a severance agreement and the potential value of those claims. We also advise clients and help them analyze the impact of post-employment restrictive covenants like non-competes, non-solicitation provisions, and other restrictions.
And we help negotiate the best severance package for you. Just as when you take a job and you want to know that the compensation and benefits are worth the time and talent you’ll be giving to the employer, when you are leaving a company, you want to know that terms of your departure are worth the amount of money you are receiving. Call on Hall & Lampros to make sure you are treated fairly and get the best deal possible when negotiating a severance package. Contact us today at 404-876-8100 or submit a confidential inquiry online for a free consultation.