Severance agreements can result in significant payouts, but they can also be fraught with tricky legal landmines. Everything relies on how much power your employer thinks you possess. By hiring a qualified attorney, you can examine the documentation, talk about whether the agreement is reasonable to you, and help prevent the repercussions of severance pay errors.
For instance, if your employer withholds payment of your wages till you sign the contract, speak with a lawyer today. They will assist you in avoiding errors as well as in negotiating and defending your right to fair compensation. Even after your termination, it is illegal for an employer to keep the wages that you have earned.
Reasons a lawyer could benefit you during a severance package negotiation
Verify if a Severance Agreement is Required
It may not be necessary for certain employees to sign a severance agreement in order to be paid. You most likely agreed upon an employment contract when you started your job, which you and your employer were obligated to uphold. You and your employer may have already decided on the amount of severance pay that you are entitled to, as some employment contracts do.
Thus, the answer to the question, “Should I have a lawyer examine my employment contract?” is in the affirmative. A lawyer can examine these documents to make sure signing an agreement is required.
Determine How Much You Are Due
The amount of your severance package doesn’t cover everything your employer owes you. For each year you have worked for the company, the majority of packages typically provide one to two weeks of pay. Nonetheless, individuals holding executive or managerial roles in a company might get paid more than this.
Your employer should pay your salary as well as any outstanding debts you have, such as any unused vacation time. Businesses might make an effort to provide as little as possible, but you are entitled to more. A knowledgeable attorney can assist in making sure there are no errors with severance pay and that you are paid appropriately.
Examine the Advantages You Will Get
“Should I accept a severance agreement without consulting a lawyer?” is a question you may be asking yourself. No, is the response. If your employer stops providing benefits, that can be a significant loss. You might be eligible to keep receiving some of your benefits in addition to the severance pay. This might already be included in your severance package, or you might want to ask to have it added. For instance, some people may have lost their health insurance when they were fired, but they might still be able to get it until they find new work.
