Severance Agreement Considerations

What are the relevant Severance Agreement Considerations? If you are facing termination of employment, our New York Severance Agreement Lawyers have advised countless employees and employers on severance packages, terminations and layoffs and have helped employees get more money, a longer employment period and delayed termination date, longer periods of paid health insurance coverage and other valuable benefits in severance agreements and severance packages. There are several factors that employees facing termination should consider.  While your top priority is probably obtaining as much money as possible, you should also consider other factors such as benefits and your transition to another job.  Below is a brief checklist of items to consider in evaluating your NY severance agreement.  But check this blog regularly, as we often address topics related to NY severance agreements.

Should I sign the severance agreement or sue?

Talk to one of our NY Severance Agreement Lawyers to determine whether or not you have a viable cause of action against your former employer.   But you should also think about whether you want to go through the time, hassle and uncertainty of litigation and whether you are financially able to potentially give up an immediate severance payment for a monetary outcome that cannot be guaranteed.

What are the essential terms in a severance agreement?

Assuming you decide to sign a severance agreement rather than litigate, there are several terms that should appear in your severance agreement.  First, you will want a confidentiality clause, requiring both you and your employer to keep the terms of your agreement and the termination of your employment confidential.  Second, make sure that your employer agrees to provide you with a neutral reference.  A neutral reference means that, when asked for a reference, the employer will only provide your term of employment and positions held – no information will be given about your performance or the termination of your employment.

What should I avoid in a severance agreement?

To be honest, most severance agreements are fair.  However, some agreements may omit important terms or may impose unreasonable restrictions.  Make sure that your severance agreement does not have a non-competition agreement.  Generally speaking, if your employer is letting you go, you should be free to ply your trade wherever you want.  Also, there are some less than reputable employers who try to force their employees to sign unreasonable or unfair severance agreements.  For this reason alone, you should have one of our NY severance agreement lawyers review your NY severance agreement.

How can I negotiate for more?

Every lawyer has a different tip for negotiating your severance agreement.  All of the advice can be reduced to four simple words:  ASK FOR MORE MONEY.  It’s as simple as that.  But you should talk to one of our NY severance agreement lawyers to find the leverage points that will present your case in the best light.  Additionally, our NY severance agreement lawyers can step in to negotiate for you.

Contact us for a free initial consultation to discuss your NY severance agreement or severance package.