Severance Agreements and Negotiations
Are you expecting to be terminated? Or, have you been terminated and feel your severance pay and benefits are unfair? Or, do you want to get out of a terrible employment situation? If you answered yes to any of these questions, the Booker Law Group, LLC can advise you on how to negotiate a severance package to get what you deserve or negotiate on your behalf to get the best possible severance agreement.
In discussing a severance agreement, it is important to note that it is a contract which the outgoing employee agrees to give up his/her legal rights, and not sue the employer for any legal claims, while the employer agrees to pay the employee money and/or benefits. Therefore, prior to signing any agreement, it is critical for an employee to evaluate his/her legal rights to determine if he/she can challenge the termination decision or the offer for a severance package. If you lack legal knowledge regarding your rights, you should contact an attorney prior to signing a release or waiver or other separation agreements. We can counsel you on your legal rights and potential legal claims which could provide you with more leverage to negotiate a better severance package.
What should you expect in a severance package? Employers are not required by law to offer their employees severance pay or benefits upon termination, however many companies do offer a variety of severance packages. These packages generally include one or more of the following:
(1) severance pay based on your wages that can be paid in a lump sum or over a time period
(2) continuation of health insurance and other benefits at the employer's expense
(3) payment for tuition reimbursement and
(4) out-placement services
In today's economic climate, it is important for employees to collect everything that is possible to protect themselves and their families during the employment transition period. If your employer has offered you a severance package, don't feel compelled to sign it and waive your rights immediately. Contact an attorney to find out your legal rights and strategies to negotiate a better severance package. Also, if you think you will be terminated soon or if you are in a bad employment situation that appears to be a dead end opportunity, contact an attorney to find out your legal rights and how to negotiate a severance package. A Chicago Employment lawyer at the Booker Law Group can counsel you behind the scenes on your steps to exit your company, including how to approach your employer and discuss many issues that can impact your severance pay & benefits.