Maximizing Your Severance Pay Upon Employment Termination

When you get a new job or when you are interviewing for a new job, we all know that you can negotiate for the salary you want. But, what happens if the company decides to let you go? It depends on whether your termination is one that violates an employment contract or is one that is an illegal termination. (A few examples of illegal terminations are terminations that are based on disability, race, age, sex, and national origin.)

Federal and state labor laws do not require employers to give a severance payout upon the termination of employment. If you have been terminated for an illegal reason, you should contact the experienced attorneys at the Law Firm of Morgan Rooks PC. They will work with you to obtain a severance, to avoid litigation. Their attorneys will devise a well-thought-out negotiation strategy to maximize severance pay. Get the most out of your severance deal by following these expert tips from your New Jersey severance lawyers at the Law Firm of Morgan Rooks PC.

Seek Legal Help Immediately

Severance deals contain a lot of fine print and jargon that an average person might have difficulty understanding. Consulting an experienced severance agreement lawyer is worth your time and effort. Your attorney will sift through all of the paperwork, advise you if anything is missing, and help you make the most persuasive case possible.

Review the Original Employment Contract

If you have a written employment contract, always review it, along with any official severance policy your employer has available to you. This way you can make sure you are getting what you are entitled to. Contact the Camden County severance agreement lawyers at the Law Firm of Morgan Rooks PC, to see if you are entitled to a severance agreement in connection with your written employment contract.

Benefits Beyond Money

Severance packages sometimes are negotiated to include additional benefits beyond money, such as outplacement services, paid COBRA, extended stock options, educational benefits, and more. An attorney will work with you to determine what’s important to you and incorporate that into the severance agreement.

Don’t Negotiate on Your Own

If negotiating your own severance package doesn’t sound scary, it should. Employers do not provide severance agreements without asking for something in return. Severance agreements typically require the employee to waive the right to sue.  You could be giving away valuable rights.  It is important to make sure that the severance payment is commensurate with the value of the legal claims that you would be waving. An attorney can greatly impact the value of a severance agreement.

To learn more about how to maximize your severance pay, contact the employment attorneys at the Law Firm of Morgan Rooks PC, today!

Related Posts
  • Are you Misclassified? Read More
  • Rounding Down Adds Up Read More
  • Reasonable Accommodations in the Workplace Read More