If you were recently terminated or laid off by your employer, you may be offered severance pay or a severance package in exchange for signing an agreement. Severance packages can come in many different forms. For example, you may be offered a lump-sum payout, a temporary continuation of paychecks, or another type of financial benefit.
Before signing a severance agreement, you need to carefully consider your options. If you take a close look at your severance offer it will likely advise you to consult with an attorney or indicate that you have been informed that you should consult with an attorney. Do not ignore this advice. Severance agreements are mutually beneficial contracts. Your employer is offering you severance in exchange for something, and you need to be sure that you are receiving a fair offer.
At The Garner Firm, our Philadelphia severance agreements attorney Adam H. Garner has extensive experience reviewing severance agreements. If you were offered severance benefits, let us review your agreement to ensure that your legal rights and best interests are fully protected.
What are the Exact Terms of Your Severance Pay
First and foremost, you need to carefully consider the terms of your severance benefits. You should know exactly how much is being offered and what you have to do to receive that compensation.
How Your Earned, but Unpaid, Compensation is Affected
Your employer may still owe you sick time or other paid leave, as well as regular wages. You should inquire as to how those benefits will be affected by your severance agreement. As a general rule, signing a severance package does not eliminate your right to recover compensation you are already owed, but you should know the specific terms of the deal.
Are You Being Asked to Sign a Release of Claims
Generally, signing a release of claims means that you are agreeing not file a lawsuit against your employer. Before signing, please be sure that you find such an arrangement acceptable. If you have another employment law claim against the company, you need to speak to a qualified lawyer immediately.
What Non-Disparagement and Confidentiality Obligations Do You Have
Many severance agreements contain provisions that compel employees to keep certain information confidential and to refrain from disparaging the company. These terms may be included in your contract. You need to be sure that you fully understand your obligations under your severance agreement.
At The Garner Firm, we have extensive experience negotiating and reviewing severance agreements. To get legal assistance with your severance agreement, or if you believe your severance benefits were wrongly denied, please call our Philadelphia office today at (215) 645-5955. We offer initial legal consultations that are fully confidential and free of any charge.
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