Never sign a severance agreement before you completely understand it. A severance agreement can impact your future opportunities, your earning potential, and even your overall career trajectory. Keep in mind, your severance agreement was written by and for your employer – not for you.
Most employees who are offered severance should hire an experienced severance attorney to conduct a thorough severance review for several reasons.
- Your agreement may create responsibilities that you are not aware of. Some agreements require an employee to be available to assist with transition or other duties as part of their severance.
- Your agreement might limit what you can do in the future. Some agreements impose restrictions on an employee’s ability to work for competitors, or solicit clients or co-workers.
- Your agreement might not properly compensate you to give up your rights. Your former employer is not paying you because it is nice. Your employer is paying you not to sue. But without a thorough understanding of your legal rights, you might not know what you are being asked to give up – let alone what the lawsuit you are agreeing not to file might be worth.
Severance review by an experienced attorney can help you avoid these and many other potential pitfalls. Yes, severance review costs money, but your career is worth it. If you have any questions, please feel free to contact us. An attorney will get back to you within 24 hours.